Investment in phosphate could be ‘most successful’, says economist

(Photo: Jordan News)
AMMAN — Economist and energy expert Hashem Aqel called on the Ministry of Energy and the Ministry of Investment to seize the chance and invest in Jordanian phosphate industry amid the global shortage of fertilizers, according to Ammon News. اضافة اعلان

Aqel said that Jordan should promote its phosphate and build new plants to produce fertilizers, in cooperation with international specialized companies, seeing that there is lack of fertilizers around the world.

He also pointed out that Jordan lacks the regulating legislation and a marketing plan to launch this project, expressing hope that a modern and attractive investment law will be drawn up to eliminate all previous obstacles and speed up the decision-making process.

Aqel said that the hike in the prices of fertilizers, the sanctions imposed on Russia, which could last for a long time, and the complexities that have occurred along the supply chains led to a shortage in fertilizers and increased their prices, as well as the prices of some chemicals that are made using phosphate.

Western countries resort to markets where the mining sites have adequate infrastructure and manpower, he said, stressing that Jordan is at the forefront of these countries and in competition with other such countries, such as Tunisia and Morocco.

According to Aqel, Jordan needs mega investment projects to solve part of the unemployment issue and generate revenues for the Treasury, indicating that investment in phosphate could be one of the most successful projects in Jordan since all the elements needed for production are available, including the raw material, manpower, and infrastructure.

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