Economists say Jordan favoured investment destination

Economists are positive Jordan is capable of luring more investments and highlighted the national efforts to make the Jordanian economy a global one by signing international agreements.

They told Petra the banking system in Jordan enjoys a billions worth of deposits, a stability in the JOD exchange rate and a strong investment infrastructure.

Chairman of the Board Chamber of Commerce Nael Kabariti said the free trade agreements Jordan is signatory to, the industrial and development zones and the good infrastructure are factors to lure in investments that could contribute to boosting a country’s economy.

He added that Jordan needs stability in legislation and regulations, in addition to “dwarfing” the bureaucracy and giving more freedom to investors. He highlighted the government investment regulations lack “simplicity and clarity,” adding more attention must be given to existing investments rather than new ones.

Chairman of the National Portfolio Securities Plc. Mohammad Belbeisi said the private sector’s deposits in local banks are well over JOD35 billion, while unemployment rates are more than 25 percent, emphasising the concerns of businessmen to invest their money.

He said the most prominent challenges facing investors would be the high interest rates, the high taxes and energy costs, and the increase in the social security deductions. He also stressed the issue of changing regulations and rules and the government’s hesitance to offer facilities to investors.

Source: Jordan News Agency

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