Investment minister highlights robust reforms, surge in investment activity

The meeting, held at Irbid Chamber of Industry, was attended by Irbid Governor Radwan Al Otoum, President of the Jordan Chamber of Industry (JCI) Fathi Jaghbeer, President of the Irbid Chamber of Industry Hani Abu Hassan and CEO of the Jordan Industrial Estate Company (JIEC) Omar Jwaid.

The meeting highlighted the ministry’s efforts toward key reforms, including finalising business environment regulations, issuing the Investment Environment Law and related regulations, approving the general investment policy, and releasing the Public-Private Partnership Law, according to the Jordan News Agency, Petra. 

Saqqaf pointed out that the Investment Environment Law and its related regulations offer attractive benefits to investors within and outside development and free zones leading to 34 per cent increase in investments, reaching JD878.5 million in the first nine months of 2023, compared with JD656.9 million during the same period in 2022.

She also highlighted that the law paved the way for the establishment of investment funds, leading to the registration of the first and largest Jordanian investment fund in the Kingdom, with a capital of JD100 million, fully owned by Jordanian banks.

The meeting also showcased the launch of the “Invest in Jordan” platform, designed to familiarise investors with incentives and opportunities, as well as the automation of 94 services in the first phase of the digitalisation project. 

Abu Hassan highlighted the industrial sector’s key role in economic growth and attracting investment, historically accounting for more than 80 per cent of total foreign investment flows. 

Highlighting the flourishing industrial investments in Irbid over the past two decades, he said that working capital in the northern governorate approaching JD1 billion, with exports exceeding $1.2 billion to more than 85 countries.

During her tour Saqqaf visited various factories in Al Hassan Industrial Estate gaining insights into their productivity, economic contributions and challenges. Non-Jordanian investors particularly emphasised the need for streamlined movement through border crossings and sought solutions for industrial waste, especially solid waste from textiles and leather, and liquid waste from food and supply industries.