Jordan Times
Thursday, July 1, 2004
Committee discusses ways to encourage flow of investments to projects in MENA region
AMMAN (Petra) — A committee charged with steering
investment projects in the Middle East and North Africa convened on Wednesday to
discuss ways for increasing the flow of investment and improving economic growth
in the region.
Representatives from the private and public sectors of different Arab and
international countries, including Jordan as well as members of international
institutions, are participating in the committee's meetings, organised by the
Jordan Investment Board (JIB) and the Organisation for Economic Cooperation and
Development (OECD).
Finance Minister and Acting Minister of Industry and Trade Mohammad Abu Hammour
opened the meetings by highlighting the Kingdom's investment promotion programme.
“Jordan's economic reform programmes in cooperation with the international
community has focused on arriving at an environment conducive for investment and
updating related-legislation,” he said.
Abu Hammour added that Jordan is taking large strides in the fields of judicial
and financial reforms, property rights, transparency and the implementation of
fiscal policies towards the market economy, in addition to its joining the World
Trade Organisation and signing several regional, Arab and international
agreements.
The minister also stressed Jordan's commitment to ameliorate the living standard
by attracting new investment projects to expedite the economic growth rates and
create more job opportunities.
JIB Chief Executive Officer Reem Badran underlined the significance of promoting
the region's investment strategies to help draw foreign investments and boost
regional economies, enabling them to deal with the challenges of unemployment.
Badran also stressed the need for further coordination between the region's
countries and the OECD, particularly in terms of the exchange of technical,
financial and administrative expertise.
OECD Deputy Secretary General Richard Hecklinger said the organisation seeks to
increase the flow of investment, help countries achieve higher growth rates and
improve the living standard.
The OECD, in cooperation with the countries of the region, achieved success by
improving their investment environment, management techniques and information
technology adopted solutions, Hecklinger said.
He also explained that the organisation is trying to develop an operation
steered by the region's countries and based on plans and initiatives to improve
investment opportunities.
Over two days, the participants will deal with issues on transparency in
implementing investment policies, financial incentives and related-customs and
tax exemptions.
The meetings will provide the participants with the chance to benefit from the
experiences of developed countries in this regard.
The OECD, with its headquarters in France, groups 30 developed member states
that work on encouraging investments.