Saqaf: Jordan has provided the best climate to encourage and attract investments

Alanbat - Maysara Alshoubaki

 Minister of Investment Kholoud Al-Saqaf affirmed that Jordan has made many economic reforms that are in line with the Economic Update Vision, to provide the best investment climate that enhances the Kingdom's competitiveness in the region.

 She pointed out that the most prominent reforms were represented by the establishment of the Ministry of Investment to be the main reference for investment in the Kingdom, and the approval of the Investment Environment Law and the regulations and instructions issued under it, in addition to the Law of Public-Private Partnership Projects, with the aim of attracting investments, enabling them, and integrating into the regional and global markets.

 During the first session of the Eighth Conference of Jordanian Businessmen and Investors, which opened on Saturday, Al-Saqaf affirmed that the Ministry of Investment is keen to implement the principles of the Economic Update Vision 2033, to provide an attractive investment environment by following up on investment projects and identifying the needs of investors and providing scientific and practical solutions to any obstacles that may face investors, and that its doors are open to investors; in order to enable them and provide solutions that help the continuity of the investment process and increase its competitiveness.

 Al-Saqaf referred to the most important achievements of the Ministry to improve the reality of the investment environment, such as launching the "Invest in Jordan" platform (invest.jo), which is considered the first interactive promotional electronic platform in the Kingdom for investors, with the aim of attracting investment and enhancing confidence in the investment environment, completing all the regulatory legislation of the investment environment and approving the investment promotion strategy for the years 2023-2026, in addition to activating the comprehensive investment service platform and completing the automation of 95 services related to licenses and practicing economic activities, in addition to the subsequent follow-up of investment projects, in order to enable them and help them expand.

 During the session, which came under the title "The reality of the investment environment ... Opportunities and potentials" from the perspective of the Economic Update Vision, she indicated that the reforms that have been made have contributed to an increase in the total value of investments benefiting from the Investment Environment Law in Jordan during the first half of the current year, by 47.6% to reach 598 million dinars, compared to 405 million dinars during the first half of 2022.

 Regarding the "Invest in Jordan" platform (invest.jo), Al-Saqaf said that the promotional platform is considered the first for investment in Jordan and contains 21 successful and competitive investment opportunities for investors, and there are preliminary feasibility studies for it, and the launch of the platform came with the aim of facilitating communication with investors locally and globally, and enabling them to get to know the business environment in the Kingdom.

 During the meeting, which was attended by a number of ministers, the most important advantages of the Investment Environment Law were reviewed. These include the definition of the principles on which the general investment policy in the Kingdom is based, the definition of the rights and privileges of investors, and the most important incentives and exemptions that the law has approved and granted to investment projects, whether within the development, free or outside areas.

 For his part, Faris Brizzat, Chairman of Namaa for Strategic Investment, said that Jordan has promising opportunities through the Economic Modernization Vision, which aims to achieve economic growth rates, attract more investments and create jobs.

 He stressed that the solution to the unemployment problem can only be achieved through more employment in the private sector, pointing out that the Economic Modernization Vision has set clear frameworks for dealing with the challenges facing investment, especially with regard to energy costs, land costs, financing costs and bureaucracy.

 He pointed out that the tourism sector is one of the most promising sectors in attracting investments and creating jobs for Jordanians, stressing the importance of the Public-Private Partnership Law in having a management of tourist and archaeological sites.

 He said that we have a golden opportunity in the tourism sector in light of the need for many tourist and archaeological sites for hotels and restaurants to revitalize and promote tourism in the Kingdom, pointing out that the establishment of one hotel contributes on average to providing 37 job opportunities, while the tourist restaurant contributes to providing 17 job opportunities.

 Brizzat stressed that any project in the tourism sector has a direct impact on the development of the local community and the creation of jobs, stressing the need to link the Islamic and Christian religious tourist sites with each other in promotional operations.

 For her part, Nesreen Barakat, Executive Director of the Jordanian Strategy Forum, said that the Forum launched a working paper on investment in the Kingdom, in order to know the investment trends and the most important countries from which it comes, pointing to an encouraging increase in investments, especially in the industrial sector, which is considered one of the job-generating sectors.

 She indicated that the Economic Modernization Vision has set clear goals in order to achieve economic growth and job opportunities, and we cannot achieve that except through investment and the orientation towards the job-generating sectors, stressing the need to provide all support to the Ministry of Investment in order to enable it to play its role and promote business and attract investments.

 She pointed out that 50 percent of investments come from existing investments, and therefore it is necessary to focus on local investment, and support the local investor who is always seeking to expand his business and investments and diversify them.

 She explained that the process of attracting investments is an interconnected process that requires the concerted efforts of everyone, pointing out that the government has taken important steps to provide an incentive investment environment, in terms of developing the legislative environment, providing databases and introducing technology, which is considered one of the most important components of updating the public sector.

 Michel Nazzal, a member of the board of directors of the Jordanian Businessmen Association, said that tourism investments are the main driver of other economic sectors, in addition to creating more jobs.

 He pointed out that Jordan has many advantages that enable it to establish major manufacturing industries, which requires focusing on the establishment of major public shareholding companies, in addition to encouraging small and medium-sized enterprises.

 He drew attention to success stories for economic projects that were established in many sites and archaeological and tourist areas, and the impact of their effects on the local community and economic sectors.

 Nazzal, who also serves as chairman of the board of directors of Mina Hotels and Tourism Investments Company, stressed the need to establish tourism investments in the northern regions of the Kingdom, which is rich in many tourist-attracting sites, especially from the Gulf Arab countries.

 It is worth mentioning that the conference is organized by the Jordanian Businessmen Association, in partnership with the Ministries of Foreign Affairs and Expatriate Affairs and Investment, and it will last for two days under the slogan "Investing for the Future in the Centennial of Modernization."

 The conference will be attended by Jordanian investors living in Bahrain, the United Arab Emirates, Ukraine, Qatar, China, Turkey, Germany, Kuwait, Oman, Indonesia, Saudi Arabia, Australia, Lebanon, Italy, and Iraq.

 The conference targets many sectors, including financial and banking, telecommunications, information technology, tourism, industry, healthcare, energy, and renewable energy.