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Ammon News - Projects worth JD1.1 billion have leveraged the Investment Law in 2022, signaling an increase of 79.3 percent from the JD621 million reported in 2021, according to the Ministry of Investment.

In a statement on Tuesday, the ministry pointed out that a total of 434 investment projects, which were expected to create about 21,000 job opportunities, have registered with the ministry to benefit from the law, with the industry sector taking the lion's share of overall investments with JD648.6 million, or 58.3 percent, followed by the tourism sector with JD233 million, or 21 percent, the hospitals and medical centers sector with JD136 million, or 12.3 percent, the information technology sector with JD55.5 million, or 5 percent, and the agriculture sector with JD37.8 million, or 3.4 percent.

On domestic and foreign investment in the last year, the ministry indicated that domestic investments have spiked by 79.9 percent to reach JD976.3 million, while foreign investments have hiked by a whopping 98.3 percent amounting to JD137 million.

On the distribution of investments outside and within the development zones, the ministry said that 363 projects were implemented outside development zones with an investment volume of about JD1.1 billion, or 94.4 percent of the overall investments, while 71 projects were carried out inside development zones with an investment volume of about JD62 million, or 5.6 percent of the overall investments.

The ministry described the increase in investments as an indicator of economic recovery, adding that the law came in response to government measures to create an investment-friendly environment to encourage the business community to expand investment and production activities, in addition to enhancing the investor's trust in the investment environment in Jordan.

The statement also pointed to the recent Investment Environment Law no. 21 for the year 2022, which, the ministry noted, falls under international best standards and practices, guaranteeing a set of incentives, benefits, and exemptions that encourage investment in the Kingdom, in addition to preserving the acquired rights of investors, and reducing red-tape that hinder carrying out business, economic activities, and efforts to attract investments.