Jordan Times
Monday, April 18, 2005
Modern investment law to be
ready this year — Zu'bi
AMMAN (Petra) — The investment structure and the legislations regulating it will
be rexamined based on concepts and suggestions submitted by economic sectors,
Industry and Trade Minister Sharif Zu'bi said Sunday.
The reconsideration will also rely on the experiences and experiments of others,
the minister added during a meeting with Industrial Estates Corporation Director
General Amer Majali and the Society of Investors at King Abdullah Industrial
Estate.
Zu'bi expected a modern investment law that would emphasise institutionalisation
and support for economic activation, to be completed this year.
The minister said quick measures would be taken to address problems faced by the
private sector and by companies in the Qualifying Industrial Zones such as
transport, skilled labour and training programmes in cooperation and
coordination with concerned parties after identifying the needs and
requirements.
According to Zu'bi, interior Minister Awni Yarvas will visit the Karameh border
post soon to study the problems and the obstacles standing in the way of trading
with Iraq and to find solutions to the difficulties in order to facilitate the
flow of national exports to Iraq.
Majali reviewed the corporation's services and the incentives it offers to
investors noting that the industrial sector is involved in measures to develop
industrial estates.
According to Majali, investments by 483 companies in the industrial estates
amount to JD1.2 billion. Exports of these companies , which employ around 40,000
workers, totalled JD624 million last year.
He remarked that 80 per cent of the workers are Jordanians.
Majali said the corporation is planning to set up technological industrial
estate and a centre for designing and producing ready-made garments at the Al
Hassan Industrial Estate near the northern town of Ramtha.
He suggested that the government offer incentives for investors establishing
their businesses and factories in the underdeveloped areas outside Amman.
Mahmoud Abu Khazneh, head of the Society of Investors at King Abdullah
Industrial Estate, presented a list of demands asking for a reduction in the
current high cost of transporting goods to Iraq and the high number of public
holidays and feasts.
Abu Khazneh also demanded a government policy to protect the national products.
He said the government should treat the estates in terms of incentives and
exemptions on equal footing with the Qualifying Industrial Zones and create an
industrial court to deal with industry-related cases.