The first Israel and Jordan joint venture is announced as an ambitious trade zone that will create a multicultural Jordanian and Israeli trade zone.
Israel has announced plans to green-light the construction of a previously-approved multimillion-dollar joint industrial park with Jordan, along the shared border of the two countries.
The decision for the project, dubbed the “Jordan Gateway”, came during an Israeli government cabinet meeting on Sunday.
Israel and Jordan joint venture
Although some Arab countries have economic ties with Israel. This is the first joint venture by the Israeli and Arab nations.
According to an Israeli statement, the idea was first proposed in 1994 when the two countries normalised ties, but the “final details” were agreed upon during a meeting last week between Jordan’s King Abdullah II and acting Israeli Prime Minister Yair Lapid in Amman.
“Twenty-eight years since the peace agreement with Jordan, we are taking the good neighbourly relations between our two countries another step forward,” Lapid said on Sunday.
“This breakthrough will contribute greatly to developing and strengthening the region.”
Jordan Gateway will give landlocked Jordan access to Israeli ports
Israel said on Sunday it “will allow Israeli and Jordanian entrepreneurs and businesspeople to communicate directly” and “will produce joint initiatives in trade, technology and local industry”.
It will include Israeli and Jordanian factories on the Jordanian side of the park, while a logistics wing and a base will be built on the Israeli side for transferring goods out of Israeli ports on the Mediterranean Sea, as Jordan is landlocked.
It is located just above the northeastern part of the Israeli-occupied West Bank, close to the Israeli city of Beit She’an, formerly called Beisan prior to the expulsion of its Palestinian residents in 1948 when Israel was established.