Jordan Times
Sunday, March 7, 2004
Instability in Iraq and Palestine delaying decisions by potential investors — Badran
AMMAN (Petra) — Potential investors are delaying decisions to implement many projects in Jordan because of the instability in Iraq and Palestine, Jordan Investment Board (JIB) Chief Executive Officer Reem Badran said Saturday.Badran indicated that due to the unfavourable political developments in the region, the volume of investment does not correspond with the number of legislative amendments and trade agreements related to encouraging investments.
She stressed that additional and more intensive efforts are needed to overcome this situation and improve the investment environment noting that the visits of His Majesty King Abdullah to world countries have greatly contributed in improving and attracting foreign investments.
Referring to recent discussions with Prime Minister Faisal Fayez on improving the investment climate, Badran said the premier instructed the JIB to submit to the Council of Ministers a draft legislation aimed at removing obstacles standing in the way of investment so that the government can take the appropriate action.
“Under present procedures, routine work is still in place and approval of investment projects is consuming a lot of time and effort,” she pointed out, calling on concerned authorities to take decentralised decisions in order to simplify and accelerate the process.
Providing statistics about investment, Badran indicated that in the past two months 54 projects worth JD47 million benefitted from the Investment Promotion Law. Industry accounted for JD40 million of those projects followed by JD5 million for hospitals and JD2 million for hotels.
The JIB is planning to issue a guidebook for investors containing information about the required documents and official papers needed for licensing new investment schemes, according to Badran who said the JIB is organising meetings with the private sector to orient potential investors on the incentives and tax exemptions available under the Jordan Investment Promotion Law.
Badran disclosed plans to organise trade fairs and to travel abroad to market Jordanian products like pharmaceuticals, information technology, Dead Sea products, textile and food products.
Referring to her last month's trip to Egypt, Badran said she sought to attract Egyptian investors urging the country's private sector businesses to benefit from Jordan's legislation and its free trade agreements with the US and Europe, free customs duty, free money transfer and other incentives.
The JIB will launch a media campaign to highlight its tasks and operations as well as the available opportunities for investment in the Kingdom.