Fakhoury says ministerial panel preparing economic incentive package

AMMAN — Minister of Planning and International Cooperation Imad Fakhoury held a meeting with private sector representatives in the National Council for Competitiveness and Innovation to discuss procedures to quicken the pace of economic growth, the ministry said on Saturday.

The meeting is “within the context of institutionalising public-private partnership and taking [the] private sector’s feedback and views into consideration in drawing economic policies”, the ministry statement said.

Fakhoury told attendees that the government, under the directives of the prime minister, formed a ministerial committee to draw up an executive plan that includes a package of incentives for the economy.

The committee is focusing on the latest incentive package issued by the Investment Council; the recommendations of the Jordan 2025 document; the recommendations of the nine technical committees stemming from the National Council for Competitiveness and Innovation; and the relevant national initiatives detailed in the executive development programme 2016-2018.

Fakhoury said the meeting aims at “enlarging the circle of consultations” with the private sector, and taking recommendations and proposals that can be promptly implemented to have a great economic impact, stimulate performance and improve the business and investment climate.

The minister said all suggestions by the private sector will be collected, drafted and submitted for discussion at the National Council for Competitiveness and Innovation to take the appropriate decisions regarding them.

Private sector representatives praised the government’s steps and presented recommendations that they believe would motivate economic growth and improve the business and investment environment, the statement said.

The National Council for Competitiveness and Innovation consists of representatives of all economic sectors in Jordan.

The ministerial committee, chaired by Fakhoury, is due to convene on Sunday to discuss the government and private sector representatives’ recommendations, which will be submitted later to the prime minister for endorsement and implementation, according to the statement.