Lower House, JCC address economic challenges, foster strategic partnerships

AMMAN — The Lower House’s Investment and Economy Committee and the Jordan Chamber of Commerce (JCC) on Tuesday discussed several challenges facing the national economy and the importance of enhancing partnerships between the public and private sectors.

The meeting, held at the JCC headquarters, went over the economic repercussions of the Israeli aggression on Gaza, the crisis in the Bab Al Mandab strait and its impacts on the commercial and service sectors, and the investment portfolio, the Jordan News Agency, Petra, reported.

Members of the committee endorsed JCC recommendations aimed at bolstering the national economy amid the current exceptional regional circumstances. These recommendations included a cap on freight costs and sales tax when calculating customs duties. 

The committee also endorsed the chamber›s proposal to establish a trilateral committee comprising representatives from the public and private sectors, the Lower House and the Senate to visit some Arab countries to promote investment opportunities in the Kingdom and attract investors.

Other recommendations included devising government-backed funding solutions to finance essential imports and ensure adequate stocks of essential materials. The formation of a crisis cell to monitor developments resulting from Israel’s aggression on Gaza and the Red Sea cargo movement was also highlighted. 

The JCC also stressed the need to delay repaying loans of the commercial and service sectors and those affected by the consequences of Israel’s aggression against Gaza, especially in the tourism sector.

The chamber also stressed the need for the Aqaba Container Terminal Company to play a more active role and implement measures to alleviate additional costs to importers and exporters resulting from the Red Sea shipping crisis.

MP Omar Naber, head of the committee, said that the committee is aware of the challenges facing the national economy, stressing readiness to address sector-specific issues and hold monthly meetings with the JCC.

JCC President Khalil Haj Tawfiq said that the current situation is exceptional, which requires collective efforts under the prevailing crisis whose repercussions are deemed “more dangerous than those of the COVID-19 pandemic”.

He added that what is happening today in the Red Sea, specifically in the Bab Al Mandeb Strait, is an international crisis, impacting not only Jordan but the entire world.

The JCC president pointed out that securing food and raw materials requires an exceptional effort and the distribution of roles among all to ensure the delivery of goods to citizens, stressing the role of the private sector in securing alternatives to certain goods, especially with the approach of Ramadan.