Amman: Economists have advocated for developing a comprehensive promotional and marketing strategy to showcase Jordan’s appealing business environment and incentives to potential business owners.
They emphasized the significance of bolstering support for local investors and facilitating their growth within the country, while also revamping the approach to engaging with foreign investors.
In interviews with the Jordan News Agency (Petra), they emphasized the importance of investment as the key to improving the country’s economic landscape. They also underscored the need for targeted efforts to attract major foreign investors while establishing strong connections with local investors involved in significant projects. It was noted that investment is vital for economic sustainability, promoting growth, and generating fresh job prospects.
During a recent meeting with stakeholders, His Majesty King Abdullah II expressed optimism about achieving better results in attracting foreign investments to Jordan and empha
sized the importance of expediting the implementation of the government’s economic modernization vision for 2023. The King stressed the significance of prioritizing major projects and preparing the workforce to capitalize on the opportunities they present.
Economists highlighted the necessity of changing the mechanism for dealing with investors, noting that investment now plays a fundamental role in the economy. They indicated that attracting local and foreign investment requires a collective effort to overcome obstacles and enhance Jordan’s competitiveness in the region.
Hamdi Tabbaa, President of the Jordanian Businessmen Association (JBA), emphasized the need to attract more foreign investments to improve the economic reality and stimulate industrial development. He advocated for a greater role for the private sector in major projects and ongoing legislative improvements to foster a favorable business environment.
Furthermore, he cited the establishment of the National Arab Company for Manufacturing Ind
ustries, a venture involving local and foreign investors, as an example of translating the economic modernization vision’s priorities in the energy and mining sectors.
Hamza Olayani, the Commissioner of Infrastructure and Investment at Petra Development and Tourism Region Authority (PDTRA) shed cast on Jordan’s global appeal for foreign investments. He credited the Kingdom’s economic and legislative reforms aimed at attracting more foreign direct investment.
Olayani emphasized that His Majesty King Abdullah II places significant emphasis on investment attraction, as reflected in the economic modernization vision and the “Invest in Jordan” platform.
He underscored the necessity of developing measures to enhance the business environment, such as reducing the cost of starting a business, improving business systems and tax rates, and streamlining contract enforcement and insolvency procedures.
Additionally, he advocated for increased institutional support for small and medium enterprises and the establishment
of investment funds in partnership between the public and private sectors.
He further underlined the need for a comprehensive promotional and marketing plan that effectively communicates Jordan’s advantages and incentives to investors. These include the country’s stable legislative framework, safety, and motivating factors such as export incentives and cost reduction.
Iyad Abu Haltam, Chairman of the East Amman Industrial Investors Association (EAIIA), indicated that the clear directive from His Majesty the King to enhance the attraction of foreign investments, recognizing their crucial role in supporting the national economy.
A significant 60 percent of foreign investment inflows in the Kingdom are directed toward the industrial sector, prompting Abu Haltam to emphasize the necessity of a comprehensive plan involving both the public and private sectors, aimed at accelerating the process of luring investments.
He proposed that the plan be based on promoting opportunities and positioning Jordan as a gatewa
y to the regional market. This strategy would focus on attracting major companies, facilitating knowledge and technology transfer, and simplifying procedures for investors.
Furthermore, he noted the strategic location of the Kingdom, its connection to free trade agreements, and the presence of human capital, as well as the recently enacted investment environment regulation law, which aims to streamline procedures.
To maximize the benefits, Abu Haltam called for promoting the comparative advantages of investment in each governorate, considering factors such as available resources, industries, and competencies. He emphasized achieving vertical integration in industries, particularly in the mining sector.
Furthermore, Abu Haltam urged the establishment of embassies, commercial offices, and economic annexes in various countries worldwide. These diplomatic missions would serve as centers for attracting high-value investments while emphasizing the importance of targeting specific major investors and fostering co
nnections between them and local investors involved in significant projects.
Abdel Fattah Al Kayed, CEO of the Jordan Enterprise Development Corporation (JEDCO), highlighted the specific goals outlined in the economic modernization vision, particularly in terms of attracting investments, stressing the need for intensified efforts from all relevant institutions and ministries to achieve these goals.
Al-Kayed noted that the government has developed an action plan that has already yielded positive results over the past two-thirds of the year. He called for the expansion and intensification of investment promotion opportunities through collaboration between public and private institutions.
Additionally, he underlined the importance of attracting foreign investors to Jordan by providing them with feasible, effective, transparent, and achievable opportunities on the ground. He emphasized the need to continuously work towards encouraging and facilitating foreign investments in the country.
Source: Jordan News A
gency