Following strategic initiatives to boost industrial growth and modernization, Jordan’s industrial sector has significantly bolstered the economy, accounting for 21.7% of the GDP in Q1 2024.

Industrial production surged to around $14.724 billion, showcasing the impact of the Executive Program for the Economic Modernization Vision, which plays a key role in enhancing Jordan’s industrial capabilities.

A critical element of this initiative is the Industrial Support Fund, which aims to provide targeted assistance to various industrial projects. Now in its second phase, the fund has attracted 938 applications, with results anticipated by the end of the year.

In tandem with industrial growth, Jordan’s pharmaceutical sector has also made strides, marked by the approval of the 2024 Drug Testing Regulation, which is expected to enhance the global competitiveness of the country’s pharmaceutical products.

The textiles sector, too, is witnessing development. A collaboration between the International Finance Corporation (IFC) and the Chamber of Industry has led to the initiation of a feasibility study to assess the sector’s needs and potential. Concurrently, efforts are being made to integrate vocational training into educational and industrial programs, aligning workforce skills with market demands.

The Industrial Observatory is progressing into its second phase, focusing on developing a comprehensive database for various manufacturing sectors. This initiative involves close collaboration with the Ministry of Digital Economy and Entrepreneurship and the Department of Statistics to ensure the thorough integration of data.

Similarly, Jordan’s trade sector is advancing toward greater transparency and efficiency. The government has successfully linked the price observatory for goods and services with the Customs Department’s database and is working on further integration with the Department of Statistics.

Moreover, the country is moving forward with e-commerce regulations. A draft e-commerce law has been prepared, and the National Executive Committee for the E-commerce Strategy is actively engaged in discussions to update and refine related regulations.

Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.