Khaberni - Minister of Investment Tareq Abu Ghazaleh, on Monday, said that Jordan is progressing in implementing the economic modernization vision in its ten-year plan, pointing out that the vision allows each government to build on the achievements of the previous one to enhance integration and benefit from achievements and continue efforts within a steady goal for each sector and the economy.
He added during a high-level dialogue session to highlight the investment environment and advantages in Jordan at the European Commission headquarters in Brussels, that Jordan "will take off with new foundations" in which it enhances the role of the private sector further through partnership, facilitating business practices, and offering rewarding incentives to ensure successful and profitable investments.
Abu Ghazaleh explained that the vision is based on eight growth drivers, and among the main drivers is "Invest in Jordan," noting that the investment proposal highlights angles of openness, operation, and opportunity, then presents general sectoral opportunities at a high level that will be launched this year.
The minister stated that Jordan's strategic location is a fundamental element, not only as a market in itself but also as a gateway to other markets, explaining that Jordan has extensive trade agreements that cover it and connect it to large and attractive markets.
He mentioned that Jordan has eight major free trade agreements allowing access to 140 countries, in addition to 49 bilateral agreements for the protection and encouragement of investment with specific countries, linked to 39 agreements to avoid double taxation, explaining that recently, amendments were made to the investment law and the environment law, providing more flexibility and a quicker ability for the government to meet the needs of the private sector.
He added that foreign direct investment has been rising at a steady pace, recording a 30% increase compared to the previous year, and that the foreign reserves are close to 26 billion dollars, reflecting the robustness of the "central bank and monetary policy" system, contributing to a gross domestic product of approximately 57 billion dollars.
Abu Ghazaleh affirmed that Jordan looks forward to the future and sustainability, and advances as a leader in the region in renewable energy, explaining that many projects established at the start of the millennium are currently producing outputs, and that Jordan seeks to double its percentage in renewable energy.
He added that there are indicators, numbers, and good initial outputs from exploring the Risha area in eastern Jordan, and that the Risha gas field is still open for private investment and exploration.
He explained that energy storage in the future, whether through batteries or hydropower energy storage, represents a major station, noting that two main projects will be announced and tendered this year, in addition to expanding wind energy generation.
Abu Ghazaleh said that Jordan continues to advance in green hydrogen production as a major direction for energy, noting that Jordan has 14 memorandums of understanding with several countries around the world, and that the shared-use infrastructure represents an open business opportunity to support these future investments.
He indicated that Jordan has heavily invested in providing good infrastructure for private businesses, and that it has specialized sites for conducting business including developmental zones, free zones or special economic zones.
Abu Ghazaleh said that the map of areas shows about 20 major developmental areas geographically dispersed, many specialized in specific sectors, considering that Jordan's strategy is based on enhancing the strength of specialization in each area and ensuring the integration of both backward and forward supply chains, which reduces the cost of investment and business practices, and makes the cost of manufactured goods very competitive.
He pointed out that Jordan owns some minerals, explaining that it has the fifth-largest reserve of phosphates, and regarding potash, Jordan is the seventh-largest producer in the world, considering this creates an opportunity especially in fertilizer manufacturing and food security not only for the Middle East but also for Europe.
He highlighted that Jordan hosts a number of multinational brands that are successfully growing and serve as main drivers of employment, noting that their success is not limited to Jordan but extends beyond to the Middle East, and that many companies serve the world through their back offices in Jordan.
In the transport sector, Abu Ghazaleh said that Jordan is working on using a toll-road system, light rail, and a dry port to provide good infrastructure to support logistics and mobility.
He also mentioned opportunities in mining from uranium to silica and basalt and other elements, and in agriculture to support Jordan's food security, as well as in water covering all its aspects including system flexibility, non-revenue water, and wastewater treatment.
In the urban development axis, he said Jordan is looking forward to establishing a new city to accommodate the pressure in current population centers, describing it as a major achievement beginning to be established, and that the first phase will include four major projects over the next three years.
