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Royal Hashemite Court (Jordan)

King Urges Arab Private Sector to Develop their Local Communities
Amman, 23 June 2003

His Majesty King Abdullah II has urged the private sector representatives in the Arab world to contribute to developing their local communities and hep them surmount the impending economic challenges.

During a meeting with members of the newly born Arab Business Council, King Abdullah said uniting efforts of both the private and the public sectors is a basic mainstay for a true development.

The King stressed the necessity to develop human resources and civil societies in the Arab countries.

Jordan has accomplished wide strides in developing its competitive abilities in various fields, King Abdullah said during the meeting, which was attended by HRH Prince Faisal Bin Al Hussein, Bharaini Heir Apparent Sheikh Salman Bin Hamad Al Khalifeh, WEF Founder and President Klaus Schwab and U.S. Trade Representative Robert Zoellik.

The King hoped that the Jordanian model would help reform plans in other countries. Outlining overall reform programs in Jordan, King Abdullah said Jordan started with basic steps to give a greater role to the private sector and so far about 55 government-owned organizations have been privatized.

Economic reform plans have enabled Jordan to achieve a 4.9 economic growth rate last year and Jordan's rose by 15.7% during the first quarter of this year, King Abdullah said.

Besides, Jordan's exports to the U.S. market stood at $400 million last year, the King added. Participants during the meeting discussed issues related to the role of Arab Business Council in enhancing inter-Arab trade ties and trade relations with the world countries.