Jordan Times
Wednesday, December 13, 2006
King emphasises drive to promote new special development zones
AMMAN (JT) — His Majesty King Abdullah on Tuesday
urged further cooperation between the private and public sectors to meet various
economic challenges facing the country, the Jordan News Agency, Petra, reported.
At a meeting with ministers, top officials and prominent local businessmen held
at the Royal Court, the King called for stronger partnership between the two
sectors, stressing the need to build on the economic reforms realised over the
past years and to enhance an investment-friendly climate in the country.
He stressed the drive to promote the new special development zones planned in
various underdeveloped districts. The King last month launched a plan to build
the Mafraq Special Development Zone, a nine-square-kilometre estate that is
envisioned to serve as a transport, logistic and industrial hub serving not only
Jordan, but also neighbours like Saudi Arabia, Syria and Iraq.
The King asked the business leaders to set their own priority scale of economic
reform laws, regulations and government measures that authorities should attend
to.
He said a similar meeting will be held with the business sector to discuses
hurdles they might be facing.
Deputy Prime Minister and Minister of Finance Ziyad Fariz outlined steps the
government plans to simplify procedures for local and foreign investors,
stressing that the government is open to ideas and suggestions from the private
sector.
In his presentation, Director of the Economic Division at the Royal Court Maher
Matalqa outlined economic priorities that should be handled to create a better
investment climate in the country.
Businessmen took turn to present the meeting with problems they are facing in
establishing and running their businesses.
According to the Jordan Investment Board (JIB), Jordan attracted foreign
investments worth $600 million in 2004. The figure went up to $1 billion last
year. And by August this year, it jumped to more than $2.2 billion of which
foreign direct investments totalled $1.18 billion, exceeding local investments
which amounted to $1.127 billion.
JIB officials have recently said 67 per cent of the total investments Jordan
attracted under the Investment Promotion Law were in the industrial sector. The
law offers a flat income tax of 20 per cent and 5 per cent sales tax and customs
exemptions.