An agreement was signed on Sunday, April 25th, to officially open a Jordan trade promotion centre in Kazakhstan in a bid to enable local companies to penetrate central Asian markets.
The agreement, signed between Jordan Enterprises Development Corporation (JEDCO) and Kazakh company Jordan Gate, seeks to increase commercial exchange between Jordan and Kazakhstan and to promote Jordanian products there.
Describing trade figures between Jordan and Kazakhstan as “modest”, JEDCO Chief Executive Officer Yarub Qudah said the corporation is working to open new markets for the Kingdom’s small and medium enterprises (SMEs).
The centre seeks to increase Jordanian exports to the central Asian country and links local businesspeople with their peers in Kazakhstan, he added, stating the 300 square-metres-centre will include a permanent exhibition hall with a capacity of displaying products for 35 companies.
Ahmad Dawoudia, director general of Jordan Gate, which is the strategic partner with JEDCO in establishing the centre, expected the project to achieve positive results in the coming months as it will also work on facilitating registration of Jordanian products.
“The main reason behind this project is that Kazakhstan is adopting an open economy approach and it is the gate for the central Asian markets,” said the businessman who has investments in Russia and other former Soviet Union countries for the past 20 years.
He indicated that there are large opportunities for Jordanian SMEs and industrialists in the Kazakh market as the country depends on imports to meet its market needs and its industrial sector is still in the process of development.
According to official figures, trade volume between the two countries reached around $14 million which was in favour of Kazakhstan as Jordanian exports stood at $500,000 only, mainly pharmaceutical products.
Industry and Trade Minister Amer Hadidi indicated that Jordan and Kazakhstan are studying the possibility of positioning the Kingdom as a regional centre for distributing Kazakh grains in the region, noting that he will head a business delegation to the former Soviet Union country soon to discuss cooperation and enhance trade ties.
Dawoudia told The Jordan Times that local companies in the fields of pharmaceutical products, services and construction can carry out large businesses in the “rapidly growing country”.