Market Update: ‘India On Course To Become Third-Largest Economy’: PM Modi During India-Jordan Business Forum | Economy News – Full Analysis

Prime Minister Narendra Modi delivers speech at the Indian-Jordanian Business Forum in Amman, Jordan.

Prime Minister Narendra Modi on Tuesday said India remains the fastest-growing major economy and is on course to become the third largest economy in the world. He also proposed doubling bilateral trade with Jordan to $5 billion over the next five years.

Alluding to the over 8% growth of the Indian economy, he underscored that this was a result of productivity-driven governance, and innovation-driven policies.

PM Modi and His Majesty King Abdullah II on December 16 addressed the India-Jordan Business Forum in Amman. The Forum was also attended by HRH Crown Prince Hussein and Jordan Minister of Trade and Industry and Minister of Investment.

PM Modi and Abdullah II acknowledged the importance of increasing business-to-business ties between the two countries and called upon the industry captains from both sides to convert the potential and opportunities into growth and prosperity. The Jordan’s king noted that Jordan’s free-trade agreements and India’s economic power could be combined to create an economic corridor between South Asia and West Asia and beyond.

Addressing the Forum, Prime Minister noted that Jordan and India share a vibrant contemporary partnership, built on the strong edifice of their close civilizational ties. He appreciated the leadership of His Majesty under whom Jordan has become a bridge that connects markets and regions, and is fostering business and growth. Prime Minister proposed doubling bilateral trade with Jordan to US$ 5 billion over the next 5 years.

The prime minister invited Jordanian companies to partner India and reap the benefits of its 1.4 billion consumer market, its strong manufacturing base, and its stable, transparent, and predictable policy environment. Prime Minister said that both countries can join hands to become trusted supply chain partners for the world.

Prime Minister also highlighted opportunities for India-Jordan business collaboration in the fields of Digital Public Infrastructure, IT, Fintech, Health-tech and Agri-tech and invited start-ups from both nations to join hands in these areas. He noted that India’s strength in pharma and medical devices sectors and Jordan’s geographical advantage could complement each other and make Jordan a reliable hub for West Asia and Africa in these fields.

He also highlighted business opportunities for the two sides in the areas of agriculture, cold chain, food parks, fertilisers, infrastructure, automobile, green mobility and heritage and cultural tourism. Speaking about India’s green initiatives, Prime Minister suggested greater India-Jordan business collaboration in the fields of renewable energy, green financing, desalination and water recycling.

The Forum witnessed the participation of business leaders from both countries in the fields of infrastructure, health, pharma, fertilizer, agriculture, renewable energy, textile, logistics, automobile, energy, defense, and manufacturing. The delegation also comprised representatives of FICCI and Jordan Chamber of Commerce, who have an existing MoU to promote trade and economic cooperation between the two countries.