Ministry of Investment launches Jordan Foreign Direct Investment Qualities Review

[23-06-2022 09:41 AM]

Ammon News - The Ministry of Investment on Wednesday launched Foreign Direct Investment (FDI) Qualities Review of Jordan (Strengthening Sustainable Investment), in cooperation with the Organization for Economic Cooperation and Development (OECD) and with the participation of the public and private sectors.

The report, which was launched in the presence of the ministry's Secretary-General, Zaher Qatarneh, OECD Deputy Secretary-General, Yoshiki Takeuchi, aims to measure contribution of foreign investment to Jordan's sustainable development and define policies to optimize positive effects in this regard, according to a ministry statement.

In addition, the report provides a set of recommendations and outcomes that can be viewed a "strategic" guideline to support the government and decision-makers when implementing state foreign investment policies and directing its effects in achieving development goals, the statement added.

Qatarneh said the report is a reassessment of the current FDI situation, after Covid-19 pandemic, in a way that helps improve quality of foreign investment in achieving Jordan's sustainable development goals and aligning with global practices.

The report, he noted, provides indicators on the FDI effects and finds a policy toolkit on defining the "best" institutional preparation practices and the necessary policies to offer an opportunity to achieve sustainable investment development benefits.

The government, he said, is currently working on a new investment environment draft law, aimed to creating a "qualitative addition and a positive impact" on Jordan's investment environment in Jordan.

The ministry, he added, is also outlining its strategy 2023-2027, which would turn the government's investment priorities into strategic objectives, projects and programs with a clear and direct impact that contributes to achieving Jordan's aspirations for a better future.

On future plans, Qatarneh noted the ministry, in cooperation with the Central Bank of Jordan (CBJ) and the Department of Statistics (DoS), is developing a framework for building a modern, accurate and comprehensive database.

This project would help policy and decision makers to identify foreign investment status in Jordan's various economic sectors and its distribution according to economic activity and the investing countries, he pointed out.

For his part, Takeshi said OECD seeks to support Jordan in its plans for economic recovery by boosting investments in the sensitive post-Covid-19 pandemic period, in light of of the Russian-Ukrainian war, which powered confidence in recovery from Covid-19 impacts.

Representative of the European Union Commission said importance of this FDI report comes simultaneous with Jordanian government's launch of new Economic Modernization Vision.

The document also stresses the need to review FDI qualities in Jordan and find ways to support this investment in achieving development goals, especially in relation to to the four development dimensions: Productivity and innovation, Skills Development, Gender Equality, Carbon Emission Reduction, the EU official pointed out.

Jordan Strategy Forum's CEO, Nesreen Barakat, said Jordan's sustainability programs were a "major" pillar of Economic Modernization Vision, which focus on activating the Kingdom's pursuit for sustainable development goals and complying with the global policies to achieve a green future.

These programs also seek to stimulate investments in Jordan's sustainable projects and support investments in the most environmentally friendly projects, in addition to providing decent and sustainable jobs for young people, Barakat added.

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