Business Profile
Economy: Jordan's agricultural sector has never recovered from the loss of the West Bank after the 1967 Middle East war, which deprived Jordan of 80 per cent of its fruit-growing area and a proportionate amount of export revenue. Tomatoes, citrus fruit, cucumbers, watermelons, aubergines and wheat are the principal commodities grown in the remaining, mostly desert area. Phosphate mining and potash extraction from the Dead Sea area are the longest established industries; to these have since been added oil refining, chemical manufacturing, food processing, and the production of metals and minerals. Other commercial enterprises include paints, plastics and cement production. The ongoing search for exploitable oil deposits, unsuccessful thus far, continues and attempts have been made to develop alternative sources of power.
The largest part of the Jordanian economy, which provides two-thirds of the country's GDP, is the service sector: wholesale and retail trading; finance; transport; and -the fastest growing part of the economy in recent years -tourism. Remittances from Jordanian workers overseas are also an essential means of support for many families.
Jordan is a member of various pan-Arab economic bodies, notably the Council of Arab Economic Co-operation and the Arab Monetary Fund. UN sanctions against Iraq have had a serious effect on the Jordanian economy. Structural reforms effected during the last years of King Hussein's rule brought rampant inflation under control but did little to dent the country's high unemployment and faltering output. This pattern has continued under his successor, King Abdallah, who has set the government on a course of deregulation and privatisation of the economy's large state sector. Jordan joined the World Trade Organisation in 2000. Apart from other Arab states, some of which also provide significant financial aid, other major trading partners include Germany, India, Saudi Arabia and the USA.
Business: English is widely spoken in business circles. Avoid Friday appointments. A good supply of visiting cards is essential. Formality in dress is important and for men a suit and tie should be worn for business meetings. Office hours: Sat, Wed &Thurs 0900-1800 (with one- or two-hour lunch breaks). Government office hours: Sat-Thurs 0800-1400. During the month of Ramadan, working hours are greatly reduced (see Public Holidays section).
Commercial Information: The following organisation can offer advice: Amman Chamber of Industry (ACI), Second Circle, Amman (tel: (6) 464 3001; fax: (6) 464 7852; e-mail: aci@aci.org.jo; website: www.aci.org.jo); or Federation of Jordanian Chambers of Commerce (FJCC), PO Box 7029, Amman 11118 (tel: (6) 566 5492 or 567 4495; fax: (6) 568 5997; e-mail: fjcc@net.com.jo; website: www.fjcc.com).
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