His Majesty King Abdullah on Thursday urged the private and public sectors to join efforts to define the priorities of the 10-year economic plan he asked the government to draft.

During a meeting with representatives of the various economic sectors at Al Husseiniya Palace, which was attended by Prime Minister Abdullah Ensour, King Abdullah said Jordan is currently facing various challenges, mainly those related to the economy and the regional situation.

“Today, we are facing enormous challenges on more than one front, foremost of which are the economic challenges,” the King told the attendees.

His Majesty noted that regional turmoil has brought about pressures that have heavily weighed on Jordan’s limited resources, adversely affecting the private sector and increasing the burdens on the Treasury.

During the meeting that was held to hear out various views on the economic plan for the next 10 years, with which the King entrusted the government its preparation in partnership with the various economic entities, His Majesty said economic conditions, with the issues of poverty and unemployment, are the prime concern.

Regarding regional challenges, the King expressed his confidence in the Jordan Armed Forces, the various security bodies and state institutions and their ability to deal with these challenges, noting that Jordan’s main problem that should be solved is the economic situation.  

His Majesty underlined the issue of the Syrian refugees and the ensuing pressures on the Kingdom, which, he said, are increasing and aggravating the problems of poverty and unemployment, along with other economic difficulties.

“There are Jordanian efforts coordinated with the various stakeholders and world countries to assist the Kingdom in shouldering the burdens resulting from hosting Syrian refugees which have adversely affected the country’s infrastructure and institutional services,” the King told the meeting.

His Majesty noted that the crises witnessed in some neighbouring countries affected the volume of foreign trade between the Kingdom and world countries, especially European countries, urging the government and the private sector to work out alternatives and other ways to boost the country’s exports.

The King urged the public and private sectors to cooperate in drawing up the economic priorities and tackle economic challenges through serious, transparent and diligent efforts, adding that he fully expects the economic plan will develop the economy and deal with the challenges at hand, mainly the budget deficit.

Meanwhile, His Majesty called on the government and concerned institutions to encourage Arab and foreign businessmen to invest in the Kingdom, highlighting its security and stability, as a plus for the investment environment, in addition to the presence of different investment opportunities.

Despite the challenges, the King emphasised the availability of economic opportunities that should be tapped, stressing the need for speedy efforts to finalise the economic plan, decide on its priorities and revisit relevant legislation, in a manner that eliminates investment obstacles and allows the private sector to have broader opportunities.

Stressing the importance of joint efforts to resolve problems, which he said are clear to everybody, His Majesty urged all to carry out their duties.

“We realise that regional turmoil has created a growing refugee crisis, affected main trade routes, closed exporting markets that Jordan has relied on to a large extent, increased energy costs, imposed unprecedented challenges on the Jordanian people, the private sector and the government and reflected negatively on the living conditions of citizens.”

Expressing optimism about the economy’s future and several countries’ interest in assisting Jordan, the King said: “In order for the 10-year plan to succeed… our people have to believe in it first,” reiterating the importance of collective efforts and the need to tap existing opportunities.

The economic sector representatives called for ensuring the stability of laws and regulations, and joining the efforts of the public and private sectors to increase productivity and create more job opportunities.

Laws regulating the economy should be compatible with the 10-year economic blueprint and should take the private sector’s feedback into account, they said.

Senior officials, lawmakers and economists attended the meeting.