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Ammon News -

Minister of Labor and Minister of State for Investment Affairs, Ma'an Qatamin, voiced the government's support to efforts aimed to enhance and revive investment in the Amman Stock Exchange (ASE), and back efforts made by Jordan's capital market institutions to enhance the investment climate in the stock market sector and implement its strategic plans.

Speaking during a meeting on Sunday, with heads of Jordan's capital market institutions, the minister said mechanisms will soon be launched to achieve this ambitious plan, in cooperation with all relevant stock market parties, and work to take the necessary measures to overcome the obstacles aimed to enhance the stock activities.

Promoting investment in all its forms and types is a priority that the government is working to achieve within a "clear" strategy and vision, in a way that helps overcome the difficult conditions created by the Covid-19 crisis and other regional hardships, in a way that achieves the desired goals, according to the minister.

Highlighting opportunities and challenges facing market institutions, with focus on the ASE, the minister discussed the most "important" proposals that contribute to facing these obstacles and reviving Jordan's capital market as one of the "most important" economic sectors that works to provide liquidity, provide funding for economic projects, in the public and private sectors, which would lead to the promotion of sustainable economic growth.

On future steps, Qatamin announced the coming days will witness a "realistic" translation of this government's interest to support the stock bodies to enhance market's competitiveness, attract investments, boost investor confidence in the legislative and investment environment, and overcome the challenges facing the stock sector, due to its significant role in boosting economic growth and investment.

The minister pointed to the importance of implementing the strategic plans to develop the legislative and technical frameworks in accordance with the latest international standards and practices within a measurable timetable and implementation framework, which would lead to strengthening the development process for the stock market and achieve its goals.

The launch of the Electronic Disclosure System (XBRL) by the Jordan Securities Commission (JSC) and its integration as an exclusive mechanism for disclosures and services for entities subject to the JSC's supervision, represents an "important" step in to promote e-transformation, he pointed out.

The XBRL integration also comes in line with the government's intention to implement E-government, improve performance and services, especially to the local and foreign investors, in both Arabic and English languages, which reflects progress towards achieving stronger market confidence, enhancing its role in the national economy and achieving economic development, according to the minister.

To overcome obstacles, Qatamin said the Prime Minister tasked him to prepare a comprehensive study on the investment conditions in the stock market sector, adding accordingly market institutions and their representatives were assigned to prepare integrated proposals detailing solutions.