Gov’t realises 82% of EMV’s Executive Programme priorities in 2023 — minister

AMMAN — Investment Minister Kholoud Saqqaf announced on Monday that the ministry has successfully achieved 82 per cent of the priorities of the Economic Modernisation Vision (EMV)'s Executive Programme for the investment sector in 2023.

Saqqaf also noted that the government has implemented a series of economic reforms to align with the demands of global economic growth, the Jordan News Agency, Petra, reported.

She also said that the ministry has finalised the executive plan for the investment promotion strategy and launched the “Invest in Jordan” promotional investment platform, showcasing 36 investment opportunities with a total value of JD1.4 billion.

The ministry has also prepared 17 profile files for various investment economic sectors and completed the automation of all comprehensive investment services, she added. 

Saqqaf also emphasised that the EMV serves as a ten-year roadmap aiming to unlock the potential of the Jordanian economy to achieve an annual economic growth rate of 5.6 per cent and the creation of one million new job opportunities.

She also highlighted the positive economic indicators of 2023, including a 2.7 per cent growth in the GDP during the first three quarters and a 10 per cent decrease in the trade deficit, bringing it down to JD9.3 billion, adding that the ministry attracted foreign direct investment worth JD673 million. 

The minister also said, "Despite a decline in credit ratings in several regional countries, the Kingdom has maintained its credit rating, underscoring the resilience of the Jordanian economy and its effective response to challenges and developments."

Saqqaf pointed out that the Investment Environment Law has, for the first time, permitted the establishment of investment funds, with the first investment fund being registered as the largest Jordanian investment fund in the Kingdom in terms of authorised capital, amounting to JD275 million, fully owned by Jordanian banks. 

Saqqaf said that the total volume of investments benefitting from the law in 2023 exceeded JD1 billion. The trade sector saw an investment of approximately JD184.5 million, accounting for 17 per cent of the total. Investments in the tourism, hospitals, and medical centres sectors reached JD 59.8 million and JD59.7 million respectively, each accounting for 6 per cent. The remaining sectors and economic activities constituted 9 per cent of the total investment volume.