FDIs flow into Kingdom, says minister

31-01-2023 04:17 PM

Ammon News - Minister of Investment Kholoud Saqqaf on Tuesday said that foreign direct investments (FDI) continue to flow into the Kingdom and that the country's industrial sector has plenty of room for more foreign capital.

According to statistics, FDIs benefiting from the investment law increased to JD137 million in 2022 against JD69 million in 2021, an increase of 98.3 percent.

The total value of projects seeking to utilize the investment law rose to JD1.1 billion in 2022, up from JD621 million the year before.

During a meeting hosted by the Jordan Chamber of Industry, Saqqaf stressed that her ministry is committed to working with the private sector, empowering local and foreign investors, and attracting more foreign investment.

She explained that industrial investment is crucial to the Kingdom's economic growth because it helps diversify exports, reduces reliance on costly imports, and boosts the value of exports, all of which are necessary for sustainable local development.

The minister discussed the various incentives and tax breaks that the investment law provides to current and potential investors.

The minister noted that a investor may hire up to 25 percent non-Jordanian staff in managerial and technical positions that call for special education or experience. Also, the investor may employ foreign nationals, up to a maximum of 40 percent of the total workforce, if qualified Jordanian workers are not available to fill the specialized positions.

Fathi Jaghbir, president of the Jordan and Amman Chambers of Industry, said that the industrial sector's contribution to the country's GDP is more than 45 percent, demonstrating the sector's central and strategic importance. He also mentioned that the industrial sector employs over 268,000 people (most of whom are Jordanians) and accounts for more than 94 percent of the country's total exports.

He elaborated that in 2022, industrial projects generated an average of 53 new jobs per project, while the rate for all other sectors was above 43.

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