Jordan has designed its investment attraction strategies with a variety of legislative and administrative tools to create a modern and advanced business environment capable of regional competition and luring and stimulating investments.
The national economy, which is resilient in the face of many challenges imposed by exceptional local, regional, and international circumstances, needs a surge of high-quality domestic and foreign investments to help the country tackle unemployment and poverty head-on through public-private partnerships.
Investment opportunities with high potential returns can be found across a wide range of sectors in the Kingdom, including the IT and telecom industries, logistics services, tourism, manufacturing, agriculture, healthcare, and public-private partnerships.
A total of JD 41 billion in investments and funding must be attracted if the Economic Modernization Vision (EMV) is to succeed in creating one million job opportunities for Jordanians over the next ten years. The private sector, foreign direct investments, or public-private partnerships are anticipated to produce the majority of these jobs.
The Investment Environment Law, which provides investors with incentives and exemptions subject to certain conditions, is the country’s crowning achievement in bolstering the comprehensive reform process.
The law mandates the use of technology to streamline administrative and procedural hurdles, boost funding for new businesses, and level the playing field for SMEs.
This week saw the rollout of the first set of electronic investment services from the Ministry of Investment, all of which are tied to the licensing of economic activities and are required by the Investment Environment Law for 2022.
The new e-services, according to the ministry, are a component of a service automation project that aims to streamline and automate procedures for investors.
A statement from the ministry said that the new e-services included applications for registration, licensing, incentives, and exemptions as well as the issuance of investor cards, visas, and citizenship certificates.
To realize the vision’s 10-year plan, the government will launch major projects with a combined budget of JD10.470 billion and initiatives aimed at boosting the investment sector, as outlined in the EMV’s executive program.
Khair Abu Sa’ilek, the chairman of the Jordan Economic Forum, believes that the investment ministry’s restructuring was driven by a desire to increase investments in the Kingdom as a result of the extensive legal authority it had attained as an independent ministerial entity prior to becoming a government body.
He explained to the Jordan News Agency (Petra) that Article (7) of the Investment Environment Law mandated that the Investment Ministry create a map outlining opportunities in various sectors and governorates in order to stimulate investment.
According to MP Abu Sa’ilek, the law was approved to group investment references under a single heading, reduce interventions, streamline processes, and approve electronic services.
All authorities need to commit to working closely with the ministry, and the ministry needs to hire qualified staff, he said.
Iyad Abu Haltam, the president of the East Amman Industrial Investors Association, stated that in order to attract new investments to the Kingdom both domestic and foreign computerized systems and a digital transformation are necessary. These advancements will enable licenses to be granted quickly and wisely, as well as quickly for plans, budgets, and approvals, he noted.
He emphasized the importance of using economic diplomacy, the Internet, and constant communication with business owners and investors from outside the Kingdom through exhibitions, diplomatic missions, international economic forums, and conferences in order to promote investment opportunities available in the Kingdom.
Source: Jordan News Agency