Experts assert 'enormous' potential for investment in Jordan

His Majesty's address was attended by His Highness General Sheikh Mohamed Bin Rashed Al Maktoum.

The Conference examined key national infrastructure projects in Jordan and pointed to a number of sectoral opportunities that have been brought by new initiatives and legal moves that open Jordan's market to Foreign Direct Investment (FDI).

The highly successful investments by foreign organizations in Jordan point the way for others according to the panel of experts assembled to address the conference. "Thanks to His Majesty's vision, we have changed laws to allow free access to Jordanian markets, we have changed our education system to create a vibrant labour pool. We have built free trade zones and free trade agreements to make Jordan the most open for business environment in our region," said Dr. Khaled Al Wazani, director of the economic and development division of Jordan's Royal Hashemite Court. "This event is intended to showcase what that means for investors in our region today."

Delegates at the conference heard that foreign investment in Jordan is already a major economic growth area. From companies working to extract potash through to key investments by major organisations, including Saudi Arabia's Kingdom Holdings, in hotels and tourism, Jordan's leadership has pursued a consistent policy of open markets, competitive environments and free trade.

Jordanian Minister of Planning, Dr. Bassem Awadallah, who opened the Jordan Invest conference, said: "We have taken a leadership role in acceding to WTO, we enjoy the benefits of the US Free Trade Agreement. Together with a commitment to free trade legislation and a competitive and open trading environment, we have an unbeatable proposition for investors."

High profile investments in Jordan's ICT sector include the acquisition of a 40% stake in Jordan Telecom by France Telecom, investments in Jordanian technology companies by overseas organisations including Bahrain's Batelco and Microsoft of the US and acquisitions including the recent buy-out of Orascom's stake in Jordanian GSM company Fastlink by Kuwait's MTC.

"If you look at sectors such as telecommunications, we have seen highly successful investments that have enhanced our national infrastructure and created significant new opportunities for Jordanians," said Dr. Fawaz Al Zu'bi, Jordan's Minister of Information and Communications Technology. "At the same time, overseas partners such as France Telecom, Batelco and Orascom have enjoyed fast-growing, profitable business ventures in Jordan. We believe that this co-operation is a model for other sectors."

With WTO membership, free zones, free trade agreements with 16 other Arab countries as well as the USA, legislative support for trade and a vibrant labour pool, Jordan has become a market access point for investors and a unique trading location for global access. In addition, Jordan offers privileged access to European markets thanks to its European Partnership Agreement, which offers free trade access to the European Community. "Today's message is clear," said Al Wazani. "Jordan is open for business."

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