Revitalizing Jordan’s economy through local investment

By : Nedal Malo Alein

Jordan Daily – FIn the face of global economic challenges and unpredictable conditions, it seems the optimal solution for our economy today lies in redirecting our investment compass inward and focusing on supporting national projects. European experiences, particularly those of the UK, provide us with a model to emulate. These strong economies are fundamentally built on small and medium-sized enterprises and local industries, including traditional markets and tourism.

If we draw inspiration from these models and apply similar principles in Jordan, we’ll discover that we possess all the necessary resources to develop our economy based on simple industries and local ventures. From pharmaceuticals to apparel and engineering, many Jordanian factories have already paved their way to the global stage, thanks to the success they first achieved in the local market.

Here, it’s essential to point out that local creativity can reach the international arena when it centers around national identity. For instance, the renowned writer Naguib Mahfouz gained international acclaim by writing about the popular culture of Egypt, which led to his works being translated worldwide and ultimately winning the Nobel Prize in Literature. Similarly, Jordan’s economy can achieve significant milestones by building on and developing its local capabilities.

In this context, I urge Prime Minister Jaafar Hassan’s government to realign economic policies toward the domestic market, particularly by supporting start-ups and traditional enterprises. When economies face stagnation or inflation, the solution often lies in creating new projects to stimulate economic activity. This requires a strong partnership between the public and private sectors. The government needs to facilitate the necessary licenses and incentives, while the private sector takes on the role of investment and development.

Furthermore, it is crucial that we focus on community-based economies, which rely on supporting individuals and local communities. This type of economy can provide substantial opportunities for Jordanian communities by utilizing available resources and directing national investments toward achieving sustainable development. While the current geopolitical landscape may seem complex, it also offers development opportunities that can be leveraged if managed wisely.

In this period of “economic quiet,” we need to reorganize our priorities and concentrate on balanced national economic growth. This moment presents an opportunity to plan for the future and to build a resilient economy for Jordan’s second century. Today, the economic compass points inward—toward provinces and regions—where we can rely on available resources such as tourism, human capital, and information technology.

Enhancing tourism infrastructure and establishing new centers and markets will stimulate the local economy, help tackle poverty and unemployment, and empower both youth and women. Additionally, we must work to market Jordan as a unique economic brand on the global stage, effectively utilizing media and social platforms.

In conclusion, the national economy urgently needs to stimulate small and medium-sized enterprises (SMEs) and foster entrepreneurship, as these are the backbone of the local economy. Special support programs should be established for these projects, as they deserve comprehensive support to achieve their goals and contribute to the broader economic revival of the country.

The opinions expressed in this article are those of the writer and do not necessarily reflect the views or positions of the Jordan Daily.