Investments up by 29% as of September — ministry

AMMAN — The volume of the investments that are benefitting from the Investment Law grew by 29 per cent in the first nine months of 2022, reaching JD657 million, compared with the same period of 2021 which saw an investment volume of JD511 million, the Investment Ministry announced on Monday.

The ministry said that it attracted 312 projects during the January-September period of 2022, which are expected to generate 13,400 jobs, according to a ministry statement.

Local investments accounted for 83.3 per cent, with a total investment volume of JD547 million. Foreign investments comprised 16.7 per cent, with an investment volume of JD109.8 million.

Investments outside development zones constituted 91.9 per cent, with an investment volume of JD603.6 million, while investments inside development zones accounted for 8.1 per cent, at an investment volume of JD53.3 million.

As for sector distribution, the industrial sector accounted for 57.8 per cent with an investment volume of JD379.6 million, the tourism sector made up 29.8 per cent with a value of JD195.5 million, hospitals and medical centres made up 6 per cent at JD39.1 million, agriculture comprised 3.7 per cent at JD24.2 million, while other sectors constituted 2.8 per cent.

The statement added that the government had adopted several priorities in the organisational and institutional fields to enhance the competitiveness of the national economy and develop the business and investment environment in the Kingdom through unifying investment references via establishing the Investment Ministry as the institution charged with administrating investment affairs.  

The ministry is also responsible for attracting foreign investments, stimulating local investments, organising public-private partnership projects, and facilitating procedures that could develop the investment environment in the Kingdom.

The statement added that the 2022 law for regulating Investment Environment, which was issued on the Official Gazette on Sunday, identifies the legislative and organisational framework for investment in Jordan in "a clear manner" through the Investment Ministry, that it came in line with the best international practices, identifying the rights, procedures abd duties of investors, as well as facilitate the procedures to boost economic activities.