New Delhi, June 7 (Agency) With a focus on countries in the WANA (West Asian and North African) region, the 43rd edition of EEPC India’s flagship overseas trade expo Indian Engineering Exhibition (INDEE) has begun in Jordan’s capital Amman. The five-day event to showcase Indian engineering goods was inaugurated by Eng. Maher Hamdi Abuelsamen, Minister of Public Works & Housing and Transport, Government of Jordan and Anwar Haleem, India’s Ambassador to Jordan. This was the largest-ever delegation of Indian companies to Jordan. Apart from small medium enterprises, some of the big brand names such as Birla Cable, Finolex Cables, Ravin Group, Okaya, Luminous Power etc displayed their product at the exhibition Speaking on the occasion, Haleem said that India has a comprehensive export basket to Jordan which in addition to engineering goods includes mineral fuels, mineral oil & products of their distillation, cereals, meat & edible meat offal, organic chemicals, ceramic products, coffee/tea, spices, sugar & sugar confectionary.
“India’s engineering exports to Jordan stood at $136.4 million in 2022-23 which was 33% higher over the set target of $102.9 million. From 2018-19 to 2022-23, the bilateral trade between India and Jordan has grown by 161% as it stands at $4.425 billion. India’s overall exports to Jordan value $ 2,135 million in 2022-23, a phenomenal increase of 269% over the 2018-19 figures. Over 15 garment companies owned by NRIs contribute significantly in the total export of finished garment products to US and EU markets valuing more than $1.7 billion,” said the Ambassador. “In the last financial year 2022-23, Jordan was India’s 4th largest trade partner in the WANA region and in terms of percentage growth in bilateral trade with India , Jordan ranked 1st in the WANA region,” he added. During the inauguration, EEPC India Chairman Arun Kumar Garodia noted that Jordan is strategically located in the Western Asian region at the crossroads of Asia, Africa, and Europe. He said that India and Jordan share a vibrant social, economic and business ties with an expanding trade and investment.
“India’s engineering trade with Jordan also reached an all-time high of USD 170 million with 12.6 percent CAGR while engineering exports to Jordan reached a record high of USD 136.4 million in 2022-23 with a CAGR of 14.5% during the last five fiscal years,” said Garodia. He observed that despite reaching an all-time high in exports, ample scope is left for enhancing bilateral trade as India’s share in Jordan’s global engineering exports is yet to cross 2 percent. Garodia stated that India has also been playing a role in the economic development of Jordan as the volume of Indian investments in Jordanian market has reached more than $1.3 billion spread across various important sectors. “India offers immense opportunities for the world both in trade and investments. India is one of the prominent nations to shrug off the ill effects of the pandemic driven by efficient policy-making of the incumbent government and the economy has started moving along the path of restoration of socio-economic activities after a short-lasting recession. “The visionary government under the leadership of Prime Minister Narendra Modi executed an exemplary initiative called ‘Atmanirbhar Bharat Abhiyaan’ to provide all necessary support to the domestic economy with an aim to restore economic activities to the pre-Covid level,” he said.
It was pointed out that Jordan has a free trade agreement with the USA and as a result most products being exported from Jordan to the USA attract zero customs duty. It is therefore beneficial for the Indian companies to export to the USA via Jordan besides exporting to neighbouring countries of Syria, Lebanon, Iraq, Israel etc, he added. India in order to become more competitive in this part of the world must have a free trade agreement with Jordan, Israel and neighbouring nations so that a level playing field could be given to Indian manufacturers in terms of lower customs duties.