Trade and Industry Minister Dr Rob Davies
Photo by: Duane Daws
A fact-finding mission to Jordan by the Department of Trade and Industry (DTI) has revealed that the Middle Eastern country is “teeming” with a range of investment opportunities into which South African companies can tap.
The department said on Thursday that most opportunities were in the infrastructure, renewable energy, pharmaceuticals and information communication technology (ICT) sectors, and were identified during engagements with the Jordanian Chamber of Commerce (JCC), the Aqaba special economic zone and several other strategic government institutions.
Trade and Industry Minister Dr Rob Davies said South Africa enjoyed full diplomatic relations with Jordan.
“Despite these relations, trade between the two countries remains small, with the transport of products and people identified as the biggest obstacle,” he said, adding that the mission had also identified healthcare as a focus of potential bilateral cooperation.
Davies further noted that the country’s tariffs were competitive, with [import] duties on par with other World Trade Organisation members and no restrictions on imports.
He added that South African businesses looking to potentially trade with Jordan should opt for joint venture structures, as recommended by the JCC.
“Among the factors that make Jordan an attractive investment destination is the fact that it has a number of free trade agreements that South African companies can take advantage of, including a preferential trade agreement with the European Union, Turkey, Canada, Singapore, the US and the General Arab Free Trade Area. Goods exported from Jordan to these countries enjoy zero tariffs,” Davies said.
The JCC was looking at furthering discussions with South Africa with the aim of eliminating all barriers that had, thus far, kept trading between the two countries at a low.