‘WEF hosting sends strong, positive messages about Jordan’s resilience’

AMMAN – Experts see hosting the World Economic Forum (WEF) on the eastern shores of the Dead Sea in the coming few days as an opportunity to send a message to global politicians, investors and tourists about Jordan's strengths and resilience.   

In separate interviews with The Jordan Times Monday, a senior official, representatives of the private sector and analysts described the gathering that will see the participation of hundreds of international politicians and business leaders as a platform to highlight the burdens the Kingdom is shouldering due to regional turmoil. 

Imad Fakhoury, minister of planning and international cooperation and chairperson of the King Abdullah II Fund for Development, which is co-organising the gathering, said the convening of WEF for the ninth time on the shores of the Dead Sea comes as a clear testimony to the critical role of Jordan at regional and international levels under the leadership of His Majesty King Abdullah.

“The forum represents a great opportunity for Jordan to present its economic agenda, development plans, reform efforts as well as investment opportunities,” he told The Jordan Times.

According to the official, the forum also constitutes an important platform to showcase Jordan’s future vision as demonstrated in the Jordan 2025 blueprint launched last week under Royal patronage.

It also gives the country the chance to contribute to shaping the debate on issues affecting the region, particularly in critical files that affect Jordan, he said.

President of the Amman Chamber of Commerce Issa Murad said the timing of the three-day event –– which runs May 21 through May 23 –– shows that Jordan enjoys the confidence of the international community and the business sector despite the years-long turmoil in the region. 

The Kingdom will be hosting WEF for the ninth time, including a 1995 event.  

The Kingdom has always showed resilience to regional and global challenges and will continue to be strong, stable and secure, Murad said, adding that economic indicators testify to this statement. 

“The economy is growing at a reasonable pace, the domestic currency is strong and the banking sector is sound,” he said, adding that in light of instability in the Middle East there are many international firms that are planning to make Jordan as their gateway to regional markets. 

“Our message to the world is that Jordan will remain an oasis of stability despite turbulence in surrounding countries,” Murad said, noting that key economic legislation, including investment, public-private partnership and income tax laws, was recently endorsed. The package, he said, is prone to boost investors’ confidence in the business environment in the country.   

Murad said that the private sector is pinning hopes on the upcoming WEF event as there are “huge” investment opportunities available in key strategic sectors such as energy, infrastructure, transportation and water. 

Former finance minister Mohammad Abu Hammour said the WEF meeting provides an outlook for Jordan on international expertise in various social and economic issues including investment, women, youth and violence.

“In order to maximise Jordan’s benefits from proposed projects and investments, we must present a clear financial plan that specifies when and where investments should go, especially in crucial sectors like electricity, water and energy,” he told The Jordan Times.

As Jordan is hosting the forum for the ninth time, evaluation of previous editions is crucial for building on successes and avoiding mistakes, he said. 

The forum could also be a venue to address challenges facing investments as well as industry, trade, tourism and housing, and means of setting more investment-encouraging legislation and facilitating administrative procedures.

Meanwhile, economist Hossam Ayesh highlighted the political message Jordan sends through WEF, as a country in a region of turmoil that fully plays its role in spreading safety and peace, on the one hand, and works to improve the living conditions of its citizens, on the other.

As Jordan hosts a large number of Syrian refugees, a matter that affected the Kingdom’s vital sectors, its message is that it is an “international responsibility” to assist the country in addressing such a burden.

Issam Qadamani, an economic analyst at Al Rai daily, said organising the WEF in Jordan for the 9th time carries a strong message that the Kingdom is not only a stable country, but also a source of trust for international companies.

The event gives Jordan the opportunity to further enhance the confidence of global investors in its investment-friendly environment, Qadamani added.

“The forum is a great event for Jordanian businesspeople to meet with their international counterparts,” the analyst said.

Holding the forum is vital to promote Jordan internationally and to brief investors on investment regulations and incentives, the columnist added.

The WEF meetings represent a major indicator for the Kingdom’s security and stability as unrest is hitting other regional countries, Yousef Damra, head of the business department and a columnist at Al Ghad daily, told The Jordan Times.

“The event is an excellent opportunity for Jordan to attract investments that are worth hundreds of millions and to promote tourism, as there will be wide international media coverage,” Damra noted.

The economist added that Jordan can also benefit from renewable energy investments to help address its energy problems, adding that the Kingdom enjoys the qualified manpower for such schemes.