Jordan Times
Tuesday, January 29, 2008
High value-added projects to
be focal point of National Investment Strategy
By Samir Ghawi
AMMAN - High value-added industries and services that utilise Jordan’s competent
human capital will be the focal point of the National Investment Strategy that
was announced on Monday.
“T-shirts made in Sri Lanka can be on sale in the United States for $10 each
while suits can be in Italy for $1,000 each,” Jordan Investment Board (JIB)
Chief Executive Officer Maen Nsour told journalists to explain that Jordan seeks
a higher niche even in the textile industry.
Addressing a press conference, he stressed that the priority of the JIB is to
encourage industries and services that have the potential to export.
Nsour said JIB will formulate the strategy in cooperation with an alliance
between the US company PA Consulting and the local firm Business Insights.
He added that the National Investment Strategy will consolidate the policies,
guidelines and procedures regulating investments noting that the challenges were
both in amending legislations and coming up with new approaches.
“Exemptions and financial incentives are not enough,” Nsour said stressing the
importance of an environment that embraces investments.
Taking into consideration an estimated $3 billion savings gap in Jordan and the
cash surplus in neighbouring countries, the JIB chief mentioned the attractive
investment climate and the distinguished political ties as the two pillars that
count in Jordanian development.
According to Nsour, the strategy will involve wide-ranging consultations with
all concerned parties and will take into account plans that were prepared by
vital sectors in the Kingdom and the investment map that the JIB has readied.
Industry and Trade Minister Amer Hadidi said the JIB will be submitting a
monthly report about the progress of work on the strategy to the prime minister
until it is completed early June.
Hadidi, also JIB chairman, deputised for the prime minister in launching the
National Investment Strategy.
The minister underlined the importance of cooperation between all institutions
of public and private sectors to ensure the successful completion of the
strategy.
He mentioned an evaluation of the present national policies regarding investment
and the formulation of recommendations to modify these policies and raise their
efficiency as part of the work to be done.
Other tasks include specifying the priority economic sectors which are targeted
for additional investments especially those that carry higher value-added input.
“The JIB will study the legislation in countries of the region which were
successful in attracting investments,” the minister said pointing out the
strategy will direct and ready investment programmes for the coming 5-10 years.
Nsour reminded the audience that the JIB has selected 16 countries from which
investments will be targeted and that 75 feasible projects have been pinpointed
for interested investors.
The JIB chief concluded by reiterating the determination to lower costs for
establishing new investments, besides administrative simplicity, accountability,
transparency and speed to develop a sound business environment based on solid
footing.