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AMMAN — A debate held earlier this week examined the impact of foreign investments on Jordan's economy, and whether they do more harm than good.
In the debate, organised by Diwanieh and held at Haya Cultural Centre, senators Taher Kanaan and Mohammad Halaiqa argued for and against the statement "foreign investments do not serve Jordan's economy".
Halaiqa, a former trade minister, argued that foreign investments are very important to the growth of Jordan's economy and can create job opportunities for Jordanians "despite the fact that 60 per cent of jobs in the country come from local companies".
"If Jordan doesn't take advantage of its security and political stability, we will be missing out on great opportunities," he added.
Kanaan, a several-time minister, argued that the reason why foreign investments are opening in Jordan is not to target the local market but the region in general, since Jordan is a small market compared to countries like Egypt and Saudi Arabia.
"Foreign investors and companies are taking Jordan as a hub to export to the rest of the region; this is why we need to take care of the quality of investments we are receiving," he said.
The former planning minister also said that what makes a country attractive for foreign investors is the "cost of doing business".
Saturday's debate also included polling the audience about whether they agree or disagree with the statement before and after the debate.
Prior to the debate, 19 per cent of the audience voted as being with the statement, 25 per cent voted against and 56 per cent were neutral.
“All the governments in the world encourage and compete for foreign investments but without allowing local ones to fail or go under,” Halaiqa said.
After the debate, 25 per cent voted with the statement, 33 per cent against it and 45 per cent were neutral.
Sami Hourani, director and founder of Diwanieh, told The Jordan Times that the issue is important because of the government’s interest in attracting foreign investments "without supporting local ones".
“The urgency of the topic due to this growing trend is what pushed us to debate it,” Hourani said.