Minister of State for Investment Muhannad Shehadeh confirmed the existence of plans of the Investment commission to promote national exports and to match the reality of the region, and is actively seeking to support the Jordanian industries in the search for non-traditional markets.
He explained during a meeting organized by the Jordanian Businessmen Association at its headquarters on Saturday 19/8/2017 that these plans will help expand the export base of Jordanian companies, stressing that the Jordanian market is open to one billion consumers through agreements that entitle the Jordanian product to enter many markets.
Shehadeh, who is also head of the Investment commission, said that the measures taken by the Investment commission came within the royal directives to stimulate the business and investment environment in the Kingdom and promote vital economic sectors.
He added that since the launch of the fast lane service, which aims to grant approvals for investment projects within a period of not more than seven days, 26 investment projects have been granted the licenses and approvals necessary for the establishment of investment projects with a size of investment of 141 million dinars.
He said that improving the investment reality in the Kingdom, creating an attractive and suitable climate for investment, and finding solutions to the challenges facing investors are priorities of the government and under the royal directives, especially in light of the decline of national exports due to the difficult security conditions in the region.
The Minister of State for Investment pointed out that the commission has completed the preparation of a new investment map for the Kingdom including 240 opportunities and investment projects small, medium and large, including many economic sectors, and will be launched in cooperation with the Ministry of Planning and International Cooperation on the tenth of September, For 120 investment projects have been published on the website of the Commission.
He pointed out that the investment map of the governorates will support the efforts of the Investment commission and in cooperation with the partners in the investment process, to attract both local and foreign investments by identifying vital sectors and identifying promising opportunities and projects for each sector in the different governorates of the Kingdom, so that the map becomes the reference for investors and businessmen.
Shehadeh also stressed the need to focus on quality, non-traditional, value added investment projects such as energy storage projects generated by renewable energy projects, and to develop and encourage the information technology industry, which is a key engine for boosting economic growth in the Kingdom.
He pointed to the need to focus on promising and advanced investment opportunities in the tourism sector, especially the tourism of the international film industry which contribute and encourage filming more movies in Jordan, which help in promoting the Kingdom as a global tourism destination in addition to the benefits to the national economy directly and indirectly.
Shehadeh stressed the need to focus in the next phase on the reconstruction projects near the Kingdom, and to emphasize that Jordan will be the broader portal for the reconstruction of Syria and Iraq, calling on the private sector to prepare itself for this role. He also mentioned the importance of regular meetings with businessmen and investors in order to identify their opinions and suggestions, which benefit the investment process in the Kingdom.
The Chairman of the Jordanian Businessmen Association Hamdi Al-Tabba’a said that since the approval of the investment law, and the association cant see this law the best in motivating and attracting investments to the Kingdom, adding that the stage requires us to come out with a new or amended investment law that meets the needs of investors and drives development and accelerate economic growth, which in turn contributes directly to creating new jobs for Jordanians. He pointed out that the investor in the Kingdom suffers from several challenges, the most important bureaucracy or the conditions and instructions may be unrealistic in some cases and directly affect the attract and stimulate investment.
He pointed out that Jordan, under the directives of King Abdullah II, is fully committed to a set of clear and consistent aims and objectives in terms of promoting investment in Jordan, with the aim of achieving comprehensive and sustainable economic development, access to international markets, enhancing competitiveness, creating high value added jobs, and financing development projects.
The Association has contributed to the revision and amendment of the Jordanian Investment Law No. (30) For the year 2014, where it has raised its recommendations regarding this law, the most important of which is the reference to Jordan's suffering from tax distortions in the broaden of development areas that vary in incentives and privileges. The Jordanian Businessmen Association prepared a study with a recommendation to turn Jordan into a comprehensive development area.
The recommendations also include job inflation in the public sector which is a burden on the national economy, in addition to the high cost of domestic production especially water and electricity which amounts to about 70% of the cost of production in general, compared to the surroundings countries and the dependency of domestic industry on the import of raw materials for weak interdependence and industrial integration.
It also include To strengthen ties with expatriates and Jordanian businessmen abroad through the work of Jordanian embassies abroad, and to provide information about the investment opportunities available in the country and encourage them to invest their savings in projects that benefit them and the national economy.