China promises major investments in Jordan 

(MENAFN - Jordan Times) AMMAN — China's Ambassador to Jordan Gong Xiaosheng on Monday said his country is committed to supporting the Kingdom's development process, adding that 2007 would witness major investment initiatives.

In a meeting marking three decades of Sino-Jordanian relations, Gong told the media yesterday that various initiatives will take place in the coming months to further foster relations between the two countries.

"Numerous developments have taken place on both sides in various fields as a result of the long-standing and exceptional relations between Jordan and China," said Gong.

"These relations have paved the way for increased bilateral cooperation and we are keen on building further on these initiatives with particular focus on the IT and investment fields," he added.

With a population of nearly 1.3 billion and economic growth estimated to reach a staggering 10 per cent in 2007, China has become increasingly engaged over recent years in key aspects of Jordan's economy.

The Asian giant's technical and financial support has helped see through the implementation of priority projects in the fields of water, health, science and information technology, as well as commercial and trade activity.

In an effort to further boost economic ties, Gong said China will be holding a business conference here in June.

"The second Arab-Chinese Businessmen Conference, taking place in the region for the first time, is going to be an important platform for investors and businessmen," said Gong.

"Around 400 Chinese businessmen are expected to attend and network with their Jordanian counterparts to explore potential for investment and joint ventures," he added.

The conference comes partly as a result of efforts by His Majesty King Abdullah to enhance commercial trade and investment.

The King, who has visited China seven times since his accession to the Throne, has overseen several agreements between the two countries, with a focus on bilateral trade and culture, education and tourism cooperation.

China currently runs some 22 garment factories in the country's Qualified Industrial Zones, which employ some 22,000 workers producing products for export. Half of these workers are Jordanians.

China is also supporting the development of an industrial city in the impoverished southern Governorate of Maan, including upgrading infrastructure facilities for investment in the area.

In 2005, Chinese appliance manufacturer Haier opened a 50,000-square-metre assembly plant in Amman in a joint venture with Jordan, which produces and exports electrical appliances to the wider region, Africa, the European Union and the United States.

Haier owns a 28 per cent stake in the project while the Kingdom holds the remaining 72 per cent. The plant has provided jobs for over 850 Jordanian workers, with the potential to employ over 1,000 as assembly lines expand.

Gong said such successful joint enterprises serve as a model for the future.

China is currently the third largest foreign trade partner with Jordan, with commercial exchange between the two countries reaching one billion dollars last year. The trade balance, however, remains firmly in favour of China.

The total trade volume for 2006 stood at $1.03 billion, with the Kingdom importing $987 million worth of Chinese products.

The ambassador said yesterday that Jordan has the ability to increase its exports, particularly in olive oil and potash.

China is currently stepping up it support to the Kingdom in the field of informational technology as well as lending technical expertise to exploit the country's shale oil reserves as an alternative energy source.

In the field of tourism, Gong said greater marketing and promotional techniques are required to make Jordan an attractive destination.

"The Chinese still do not know much about Jordan and may also have misconceptions regarding its stability from both its position in the troubled region and what they see in the media," said Gong.

"There is, however, an initiative to help boost Chinese travel to the region, with suggestions for group packaged tours that include Turkey and Egypt," he added.