Jordan Times
Wednesday, October 13, 2004
King reiterates support
for Arab private sector, investors at QIZs
AMMAN (Petra) — His Majesty King Abdullah on Tuesday reiterated his support for
the Arab private sector to assume its role and contribute to building a modern
nation, but cautioned, however, that major challenges still face businessmen in
their drive for development and progress.
At a meeting with board members of the Federation of Arab Businessmen and heads
of Arab delegations participating in the 8th Forum of Arab Businessmen being
held in Amman, King Abdullah said that the Arab private sector represents a
strategic partner in the drive towards achieving comprehensive development.
The Monarch also underlined the governments' role to provide the private sector
with a conducive environment to bolster its participation in the economic drive.
During the meeting, attended by Royal Court Minister Samir Rifai and King's
Adviser Akel Biltaji, King Abdullah added that the private sector's ventures
should provide opportunities for the youth to become involved in the development
process.
Noting that the pan-Arab trade volume is still modest and should be increased,
he emphasised the vital role that the private sector can play through providing
initiatives that enhance cooperation and bolster joint economic action among the
Arab countries.
The King indicated that most of the projects established in the Kingdom lately
were the outcome of initiatives made by the private sector.
Arab businessmen present at the meeting lauded the Kingdom's conducive
investment environment and highlighted the economic and fiscal stability.
They also praised the country's modern legislation that is in harmony with the
openness on the global economy, and which provides appropriate and stimulating
grounds for attracting Arab and foreign investment.
The 8th businessmen forum, held under the slogan “Towards a Conducive and
Competitive Investment Environment in the Arab Countries” commenced its
activities here on Monday.
The event, organised by the Jordan Businessmen Association, highlights the need
to enhance Arab economic integration and joint Arab action in all fields.
Also on Tuesday, King Abdullah met with a delegation comprising investors at the
Kingdom's Qualifying Industrial Zones (QIZs).
During the meeting, the King was briefed on the challenges facing investment
projects launched at the Kingdom's different QIZs. He exchanged views with the
industrialists on the best ways to overcome such challenges.
The King reiterated his support to the Kingdom's QIZs, which represent a main
pillar of economic growth and stepping grounds leading to world's markets.
He also underlined the need to upgrade the QIZs and increase their productivity
through arriving at appropriate mechanisms to overcome challenges facing the
investment sector.
During the meeting, attended by Deputy Prime Minister and Minister of Industry
and Trade Mohammad Halaiqa, Jordan Investment Board Chief Executive Officer Reem
Badran and head of the Royal Court Economic Department Mohammad Rawashdeh, King
Abdullah underlined the need to provide the QIZs with qualified and trained
Jordanian labourers that enjoy high work ethics.
The Kingdom presently houses eleven QIZs, carrying an investment volume of over
$200 million and providing over 21,000 job opportunities.
QIZs exports to the US markets reached $650 million last year.