Investments should cover governorates and sectors — experts

Economic Modernization Vision
(File photo: Jordan News)
AMMAN — Economists called on the government to find an attractive investment environment, through transparent and comprehensive plans that would jumpstart the economic wheel nationwide and create megaprojects that involve all sectors.اضافة اعلان

The Ministry of Investment announced on Tuesday the launch of a comprehensive investment map for the Kingdom, which identifies competitive investment sectors, priority economic activities, and productive enterprises generating jobs.

The map is in line with the Ministry of Investment’s Vision for Economic Modernization and Investment Promotion Strategy for 2023–2026, and the investment opportunities envisioned by the ministry’s partners in the public and private sectors.

The ministry stressed that the Kingdom has abundant investment opportunities in diverse sectors, such as ICT, healthcare, pharmaceutical industries, tourism and therapeutic tourism, education, logistics, and other key sectors related to sustainable development.

Economist Adli Qndah told Jordan News that “the investment map is premature, and each governorate must have an investment map suitable for it.”

He explained that the plans “must cover all sectors, and these sectors should conform to the economic modernization plan that highlighted critical sectors, which will play a significant role in economic growth”.

“They must also be updated periodically and continuously,” he insisted.

“Sectors must be linked to the competitive advantage of each governorate,” he said. “In Petra, the focus should be on tourism and hotels, but in Ajloun the focus should be on farming.”

“We need to specify the characteristics of each governorate, and thus, we can attract the appropriate investments,” he noted.

He explained that “within the economic vision, feasible projects must be identified for Jordan, Jordanians, and investors as well. The interdependence of projects, regions, and sectors is preferable.”

 “Tourism intersects with transport and public transport, which means that any potential project must focus on all various sectors at the same time,” he maintained.

Economist Fahmi Al-Katout told Jordan News that “there is a need to reconsider investment policies in the country, especially with regard to the prevailing tax policy in the country, such as indirect taxes, which constitute a major barrier to investment.”

He said that Jordanian investment “is no longer competitive due to the high costs that result from the high sales tax and the other taxes imposed on fuel, and electricity, among others”.

Another obstacle to investment, Katout maintained, “is the high cost of financing and the high interest, which alienate and drive investors away.”

“Recently, we have seen many investors departing Jordan, abandoning their investments,” he said.

He added: “We must have legislative stability, given that every day we get a new law which abolishes the foundations upon which investors were encouraged to set up a business in Jordan.”

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