Egypt has invited Jordan to set up a four-way free trade zone that would also include Tunisia and Morocco, Jordanian Trade and Industry Minister Wassef Azar said Sunday.
"We have received an invitation from Egypt to form a free trade zone between Jordan, Egypt, Tunisia and Morocco," Azar was quoted as saying by the Jordan Times newspaper.
He said the scheme would bolster each country's economic position and increase investments between them as well as strengthen their ties with the European Union, noting that Egypt, Jordan, Tunisia and Morocco are each bound by a "partnership" agreement with Europe.
Azar was speaking on the sidelines of an Egyptian-Jordanian investment conference in Amman during which businessmen explored means of boosting joint ventures in several fields, namely technology and pharmaceuticals, said the paper.
The meeting, grouping business representatives from the IT, pharmaceutical and food industries and investment promoters from both countries, is trying to boost joint ventures and trade links between the two nations.
Both Reem Badran, head of the Jordan Investment Board, and Mohammad Ghamrawi, chairman of the Egyptian General Authority for Investment, highlighted the business opportunities in the two countries, each trying to attract investment, said the Jordan Times.
Official figures show Jordanian investment in Egypt amounting to nearly one billion dollars by the end of 2000, placed by 222 enterprises, while Egyptian investment was at $500-600 million, concentrated in the telecommunications, IT and tourism sectors, said the paper.
Ghamrawi voiced hope two-way trade will jump to $150 million by the end of 2003.
"Jordanians are accustomed to importing goods from foreign countries while similar goods are available in the Egyptian market at half-price and equal quality," said Ghamrawi, arguing it is illogical to import from abroad when Egypt is only kilometers away – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
