Jordan Times
Wednesday, August 31, 2005
Badran stresses determination to eliminate all forms of administrative bureaucracy
AMMAN (Petra) — The government is determined to
eliminate all form of administrative bureaucracy that face the private sector
and investors, Prime Minister Adnan Badran stressed on Tuesday. Speaking to
members of the American Chamber of Commerce in Jordan (JABA), Badran said the
government will introduce amendments to laws and regulations in a way that
guarantee the growth of investment.
He indicated that US investments constituted less than two per cent of foreign
investment in the Kingdom this year but noted that local exports to the US
increased fivefold since 2001 due to the Free Trade Agreement signed between the
two countries and the Qualifying Industrial Zones.
The premier highlighted several positive indicators in the national economy such
as achieving 7.7 per cent growth in the gross domestic product and increasing
local exports by 45 per cent last year.
He also noted that foreign currency reserves at the Central Bank of Jordan have
reached $5 billion.
Badran described the budget deficit, caused by the international rise in fuel
prices, as the most pressing challenge facing the national economy. World oil
prices topped $70 a barrel and such an increase would cost the budget JD1
billion annually in oil subsidy.
He said the government has started this year with a three-year plan to
liberalise the energy sector, noting a plan to restructure the public sector
towards utilising natural gas which the Kingdom will import at a fixed price
over the next 15 years.
The premier told JABA members that unemployment was a major challenge facing the
Kingdom, saying that 50,000 job opportunities must be made available annually in
order to maintain the current unemployment rate.
He added that several measures have been adopted to train Jordanians to replace
foreign workers.
JABA President Azzam Shuwaihat said the US tops the list of importers from
Jordan and that the US is the fourth biggest exporter to the Kingdom's imports.
He said trade volume between the two countries reached $1.62 billion last year.