Three-year project to boost private sector’s contribution to Jordan’s economy

AMMAN — The Jordanian Action for the Development of Enterprises (JADE) on Sunday signed a Memorandum of Understanding (MoU) with six business associations and five start-up incubators across the Kingdom, aiming to support the development of an “inclusive and innovative” private sector capable of leading to further economic growth in Jordan. 

Co-funded by the EU, JADE is a three-year project targeting 100 small and medium enterprises (SMEs) and 60 innovative startups, providing them with development opportunities focused on increasing exporting, maximising productivity and creating new employment opportunities. 

To achieve its objectives, the project will work with various public and private sector stakeholders including the Jordanian government, the chambers of industry and commerce, local business development service providers and incubators.

Around 80 representatives from governmental agencies, SMEs, universities, entrepreneurs, incubators and civil society organisations attended the signing ceremony, held under the patronage of Industry Minister Yarub Qudah, Tourism Minister Lina Annab and EU Ambassador to Jordan Andrea Matteo Fontana. 

Fontana said: “Today’s event demonstrates the EU’s continuous support to the Jordanian private sector,” stressing that the EU “wants to make sure that companies grow, new jobs are created and Jordanian products gain more access to the world’s most competitive markets”.

For her part, Annab noted that the Ministry of Tourism is “optimistic” about the JADE project, explaining that “through its partnerships with all the champions in the public and private sector, it will support the tourism sector in the areas of sustainable and local tourism — which will have a direct impact on local communities”.

In a speech read on his behalf during the signing ceremony, Qudah stressed the importance of harnessing the potential of business associations and incubators, noting that “the JADE project is supporting ongoing initiatives and governmental plans aimed at stimulating the economy, increasing the levels of real economic growth on a sustained basis and creating new job opportunities for Jordanians”. 

In addition, the minister stressed that “SMEs employ 75 per cent of the Jordanian labour force and they have proven their ability to overcome challenges”, adding that “however, more needs to be done in order to enhance their competitiveness and enable them to become exporters to foreign markets”.

“With the beginning of our partnership with Jordan’s business associations and incubators — which are strategically located in all regions of the Kingdom — we are well poised to enhance the ability of small-and medium-sized Jordanian businesses to grow and export” JADE Project Manager Hamzeh Shamaileh said, expressing gratefulness “for the support of the EU in enhancing the Jordanian economy, and all our partners’ commitment to empowering and improving the economic conditions of the Kingdom”.