Israel-Jordan-EU project could make electric vehicles

Under the QIZ agreement, Jordanian companies can export to the US tax-free, provided that 35% of the product is jointly Jordanian and Israeli, and that the Israeli component constitutes at least 8%.

By MATTHEW KRIEGER
May 21, 2007 07:48
1 minute read.

Minister of Industry, Trade and Labor Eli Yishai and Vice Premier Shimon Peres met with King Abdullah of Jordan at the World Economic Forum on Sunday with hopes of launching a joint Israeli-Jordanian-European Union project to produce electric-powered vehicles. If the project becomes a reality, Yishai predicted it could add tens of thousands of jobs in both Israel and Jordan, and it also will allow Israel to strengthen its standing in alternative-energy production, a critical measuring stick in today's world, he noted. Additionally, Yishai met with Jordan's Minister of Industry, Trade and Labor, Sa'alam Rizallah to review the progress of the nations' Qualified Industrial Zone Agreement Under the QIZ agreement, Jordanian companies can export to the US tax-free, provided that 35 percent of the product is jointly Jordanian and Israeli, and that the Israeli component constitutes at least 8%. Under the framework of the agreement, supervision of products is required on a quarterly basis. Yishai hopes to increase the amount of products that the two countries export to the US and announced that Israel and Jordan will begin exploring the possibility of signing a QIZ agreement with Canada. He also invited Rizallah to be his guest at the Prime Minister's International Conference on Trade, to be held in Tel Aviv in November.


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