Jordan Times
Tuesday, February 1, 2005
Jordan emerging among
'winners' in modern economy — US charge d'affaires
By Rami Abdelrahman
AMMAN — Unlike other countries that respond to globalisation with resistance or
minimal acceptance, Jordan sees the opportunities at work in a globalised
economy and embraces the need for adaptation and change with enthusiasm, a
senior US diplomat said on Monday.
Speaking to members of the business community and the press, US Charge
d'Affaires David Hale indicated that countries like Jordan, accepting global
economic integration, are emerging as “winners” in modern economy.
“They act quickly to make the legal, regulatory, or institutional reforms needed
to remain competitive, and in the process transform their economies and
societies,” Hale said during an executive lunch organised by the American
Chamber of Commerce in Jordan (AmCham - JABA).
AmCham Jordan Chairman Azzam Shweihat described Jordan now as the Middle Eastern
hub for US trade and investments.
According to Hale, Jordan didn't have a large stake in the status quo before
globalisation, as it was lacking abundant natural resources for export and long
dependence on foreign reemittance and outside assistance.
“Jordan had a limited economic horizon, but also little to lose,” he remarked.
“This meant that as changes realigned the world economy, Jordan had new
opportunities, and could shift rapidly,” the US charge d'affaires said. “It was
an opportunity to position Jordan so that its geography might become an asset
rather than a liability. And it was an opportunity to move from aid to trade.”
In an address that aimed to highlight US trade policy in the Middle East and
US-Jordanian economic relations, Hale added: “Jordan embarked on a process of
rapid change and adaptation. In just a few years, Jordan have attained some
remarkable achievements in integrating its economy regionally and globally.” He
stressed that the US supports the initiatives and “bold” thinking of the
Jordanian government as it manages “this historic and sometimes dislocating
transformation.”
“We have lent help where we could and have provided some advice... we have also
listened and worked to develop a partnership built on respect and common
interest. And we have bought our fair share of Jordanian goods, too,” Hale
elaborated.
Highlighting several indications of current and future success in the
government's “bold” steps, the US charge d'affaires pointed to surging exports
and transit trade as well as strong growth in the capital market.
“More and more international investors are looking at regional operations and
capital markets; more and more international investors are looking at
manufacturing opportunities here; a youthful IT industry; a competitive banking
system; and the list goes on,” he continued.
Noting the achievements of the Kingdom despite regional turmoil, the US diplomat
saw “tremendous” future gains for Jordan once the region stabilises.
“President Bush has articulated his vision to encourage greater economic
integration in this region. It includes an aggressive programme to negotiate
bilateral free trade agreements where feasible. It also envisions the eventual
formation of a wider Free Trade Area, sometimes referred to as MEFTA,” Hale
said.
“As MEFTA moves forward we hope to see Jordan at the centre of this growing
community. It can be a standard bearer for open markets and economic reform,
promoting regional and global integration,” he added.
“Countries like Jordan that take the bold steps beyond rhetoric and theory face
a myriad of difficulties and challenges. But they also stand to reap tremendous
gains,” he asserted.
Hale earlier described globalisation as a historic trend that continues to bring
nations, economies and communities around the world closer together.
“Like death and taxes, in Ronald Reagan's famous words, some things are
unavoidable. We might add globalisation to that list.”