Investment Ministry unveils plan to simplify procedures, enhance industrial competitiveness

AMMAN — Minister of Investment Muthanna Gharaibeh on Wednesday announced that the ministry is implementing an integrated plan to streamline procedures for investors in coordination with the ministries of industry, trade and supply, planning and international cooperation, digital economy and entrepreneurship, and the chambers of industry.

Speaking at a meeting organised by the Irbid Chamber of Industry and the Al Hassan Industrial City Investors Association, Gharaibeh underscored that legislation serves as the foundation for managing investment policies, highlighting upcoming tangible steps, particularly in digital transformation and procedural simplification, to address investor concerns.

He stressed that Article 43 of the Investment Law mandates all ministries to amend their regulations to align with investment promotion objectives. 

Gharaibeh added that the ministry is actively engaging with relevant ministries to ensure necessary legislative revisions that foster a more attractive investment climate.

The minister noted that the Economic Modernisation Vision supports the industrial sector and bolsters its global competitiveness, citing "successful" Jordanian enterprises that have achieved international recognition.

Head of the Lower House's Economy and Investment Committee MP Khaled Abu Hassan stressed the need to empower the private sector to address regional and global challenges. 

Abu Hassan highlighted the importance of streamlining procedures, providing targeted investment incentives across governorates, and reducing production costs, calling for a transition to alternative energy sources and more adaptable financing solutions, particularly given rising interest rates, while exploring the potential benefits of cryptocurrencies in the economy.

Abu Hassan commended the government’s "swift" decision-making in issuing economic policies that serve the business community and the public, describing them as "positive, ambitious, and conducive" to economic stimulation.

President of the Jordan and Amman chambers of industry Fathi Jaghbir reiterated that His Majesty King Abdullah’s directives to support the industrial sector serve as a driving force for its development. 

He said that the Jordan Chamber of Industry continues to coordinate with government bodies and industrialists to implement tangible improvements that align with His Majesty’s vision for a robust and resilient industrial sector.

President of the Irbid Chamber of Industry Hani Abu Hassan pointed out that the meeting aimed to convey industrial sector challenges directly to decision-makers to ensure the implementation of effective and supportive measures. 

He stressed the need for more flexible and expedited investment facilitation processes, particularly through expanded digital transformation and automation to enhance efficiency.

President of the Irbid Chamber of Commerce Muhammad Shuha highlighted the importance of maintaining stable investment-related legislation to create a more predictable and investor-friendly environment. 

He noted that certain ministerial circulars impact the commercial and industrial sectors' flexibility, calling for a reassessment of these measures to enhance investment appeal.

President of the Ramtha Chamber of Commerce Mukhlis Dayeh called for broader investment opportunities beyond designated industrial zones, advocating for a more equitable distribution of economic initiatives to drive inclusive development across all regions.

Chairman of the Al Hassan Industrial City Investors Association Imad Naddaf highlighted that ongoing dialogues between industrialists and policymakers are essential for bridging perspectives and directly addressing challenges. 

He noted that such engagement plays a pivotal role in developing practical and swift solutions to the obstacles facing the industrial sector.