Big projects await Jordanians end of next year — MP

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AMMAN — The head of the Lower House Economy and Investment Committee, Khair Abu Sailik, announced the government’s intention to establish major projects next year, including a railway project extending from Aqaba through Amman to the Iraqi capital, Baghdad, and a university hospital project on Airport Road in partnership with the Saudi Investment Fund, at a cost not less than for JD150 million, as well as a plant to generate hydrogen as an alternative energy.اضافة اعلان

He added, during a consultative meeting organized by the Jordan Chamber of Commerce on Tuesday that 23 draft laws are placed on the committee’s agenda during the coming period that will help the private sector.

Abu Sailik said that “the investment environment at the end of next year will be different, as there are new procedures for control, inspection and approval granted to the investor," noting that the new investment law will not cancel any gains that investors have obtained from the law in force.

In turn, President of the Jordan Chamber of Commerce Nael Kabariti referred to a number of issues and challenges facing the private sector, including challenges in securing goods at acceptable costs, the difficulty of logistical procedures in light of supply and supply chain disruptions, and the scarcity of cash.

Kabariti said that the lack of liquidity is an important issue that calls for reconsidering bank interests in terms of lending benefits, not deposit interests, pointing out the need to consult concerned parties to implement any decision when taken.

He called for a review of the Jordanian tax brackets, which exceed many other countries, and the unification of the supervisory and inspection bodies, and the instructions and regulations emanating from the Investment Promotion Law, in a manner that clearly shows the investor what he is entitled to, and the benefits he will receive.

Kabariti indicated that the private sector employs 1.2 million citizens, 456,000 of whom are in the commercial and service sector, calling for cooperation and thinking about opening new markets, transit movement, and the issue of labor replacement.

He pointed out that the commercial sector contributes to the gross domestic product by 59.5 percent, while imports constitute about 85 percent of citizens' spending.

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