Brussels: Minister of Investment Tareq Abu Ghazaleh announced that Jordan is steadfastly implementing its Economic Modernization Vision through a comprehensive ten-year plan, designed to allow each successive government to build upon the achievements of its predecessor. This initiative aims to enhance sectoral integration and secure the sustainability of economic accomplishments.
According to Jordan News Agency, Abu Ghazaleh articulated these intentions during a high-level dialogue session organized by the European Commission in Brussels. The session aimed to showcase Jordan's investment environment and its competitive advantages. Abu Ghazaleh emphasized that Jordan is set to "move forward with new foundations," with a strategic focus on bolstering the private sector through partnerships, streamlining business operations, and offering attractive incentives to ensure successful and sustainable investments.
Abu Ghazaleh detailed that the vision hinges on eight growth drivers, prominently featuring the "Invest in Jordan" initiative. This pillar underscores investment and employment opportunities, economic openness, and the launch of high-level sectoral opportunities within the current year. Jordan's strategic geographical position serves as a significant asset, acting as a gateway to global markets, supported by broad trade agreements with 140 countries and 49 bilateral agreements to protect and promote investment, alongside 39 agreements aimed at avoiding double taxation.
The minister highlighted recent legal amendments enhancing investment and environmental flexibility, resulting in a 30% rise in foreign direct investment over the previous year. He reported that foreign reserves have reached approximately $26 billion, with the GDP estimated at around $57 billion.
Abu Ghazaleh reiterated Jordan's commitment to sustainability and renewable energy. He noted that projects initiated in the early 2000s are showing promising results, with the Kingdom aiming to double its involvement in the sector. He mentioned ongoing exploration in the Risha natural gas area and the openness to private investment in this domain.
The minister elaborated on Jordan's advancements in energy storage, particularly through batteries and pumped hydro storage, with two major projects launched this year. Additionally, efforts to expand wind power generation and produce green hydrogen in collaboration with 14 countries are underway.
In terms of business infrastructure, Abu Ghazaleh pointed out the existence of approximately 20 major developmental zones, both geographically and sectorally specialized. These zones support supply chain integration, reduce investment costs, and enhance the competitiveness of manufactured products.
He emphasized Jordan's rich natural resources, including phosphate and potash, and the presence of numerous multinational companies that contribute to employment and serve both regional and international markets from their offices within the Kingdom.
Within the transport and logistics sector, Abu Ghazaleh highlighted initiatives such as the development of a toll road system, light rail, and inland port to enhance infrastructure and mobility. Investment opportunities abound in mining, agriculture, and water sectors to bolster food security and sustainability.
On the urban development front, the minister noted Jordan's plan to construct a new city to alleviate population pressure, with the first phase comprising four major projects scheduled over the next three years.