India, a major importer of rock phosphates, potash and finished fertilisers from Jordan, targets to more than double trade with the country in West Asia in the coming decade.
Currently, trade and investments between the two nations hover at around $2 billion. With New Delhi and Amman engaging to expand ties in education, IT, renewable energy and research, trade is expected to touch $5 billion by 2025.
“Trade and economic relations constitute the bedrock of our bilateral relations. Our bilateral trade volume reached $2.3 billion in 2013-14 and the two sides which met under the Joint Trade and Economic Committee in March, 2015, has discussed in detail how to provide further impetus to our economic relations, especially in areas such as renewable energy, IT, transport, education, health and pharmaceuticals,” India’s ambassador to Jordan Anil Trigunayat told FE.
The Indian diplomat was in New Delhi recently to invite major businesses from here to avail opportunities that are available in Jordan. The two sides are considering growing businesses under Prime Minister Narendra Modi’s flagship Make in India initiative.
“Even though the conditions look bleak in the region, Jordan is stable. If we position ourselves now, when things get better we can get into the regional markets and especially Iraq. Education and research are two new areas of common interest. During President Pranab Mukherjee’s visit to Jordan, leading Indian universities and institutions had inked MoUs for cooperation and collaboration with their Jordanian counterparts,” the envoy added.
Textiles are a very important sector for the Arab kingdom; some 20 textile mills in Jordan are owned by Indians who have invested about $300 million. Jordan is seeking greater Indian investment and representatives of the Tata group have scouted for investment opportunities.
An Indo-Jordan Business Forum has been formed that has 24 top industry honchos who will be meeting soon, looking for projects where the two countries can work together. India is the fourth largest business partner of Jordan; with the trade in India’s favor, the country is willing to bridge the trade deficit through mutual cooperation.
It is true the trade volume has shifted in favour of India since 2013. But India remains a major importer of rock phosphates, potash and finished fertilisers.