Jordan’s economic landscape witnessed a notable upswing during the first half of 2023 as the Investment Environment Law proved instrumental in attracting robust investments. According to data released by the Ministry of Investment on Sunday, the total investments benefiting from the law soared by an impressive 47.6%, reaching JD598.2 million, compared to JD405.3 million recorded during the same period in 2022. During the initial six months of the year, 236 investment projects tapped into the advantages offered by the Investment Environment Law. These projects are forecast to create a substantial workforce, estimated at approximately 15,200 job opportunities, based on studies presented by the investors. Noteworthy in the report was the remarkable growth witnessed in expansion projects that reaped the benefits of the Investment Environment Law. Their collective investment volume amounted to JD307 million, reflecting a substantial 51% share of the total investments during H1 2023. Furthermore, these projects are poised to generate nearly 10,600 job opportunities. Concurrently, newly initiated investments supported by the law amounted to approximately JD291.1 million, forming 49% of the total investments during the period. These fresh investments are anticipated to provide around 4,600 job opportunities. The distribution of investments across diverse economic sectors showcased an evident prominence of the industrial domain, garnering a lion’s share of approximately 71% of the total investments. Within this sector, investments amounted to JD422.1 million. Following closely, the trade sector secured 17% of the investments, translating to a substantial JD100 million. The tourism sector, holding significant promise, garnered 5.5% of the investments, amounting to JD34.4 million. The remaining sectors and economic activities, encompassing services, artistic production, agriculture, information technology, hospitals, medical centers, research, and development, collectively constituted approximately 6.5% of the total investments. The Ministry of Investment asserted its commitment to fostering an investment-friendly climate and implementing strategic plans to attract fresh investments while bolstering existing ones. The ministry’s collaboration with both the public and private sectors stands in alignment with the Economic Modernization Vision 2033, further enhancing Jordan’s economic prospects. In pursuit of efficient investment promotion and goal attainment, the ministry introduced various promotional and marketing tools. One notable achievement is the launch of the pioneering platform Invest.Jo in Jordan. This digital platform serves as a repository of valuable information for investors, featuring 21 investment opportunities valued at around JD1 billion. Additionally, the platform highlights eight priority investment sectors. Regarding the distribution of investments benefiting from the Investment Environment Law during the first half of 2023, it was confirmed that the investments outside the development zones amounted to a total of JD555.9 million, constituting 92.9% of the total investments, with 206 investment projects. Meanwhile, investments within the development zones reached JD42.3 million, accounting for 7.1% of the total investments, with 30 investment projects. The ministry’s endeavors to streamline processes and facilitate investors’ experience materialized through the full automation of 95 services pertaining to economic activities licenses. This initiative aims to expedite procedures, ensuring swift and efficient service delivery. As Jordan sets its sights on continued economic growth, the Ministry of Investment remains steadfast in its mission to empower existing investments, encourage expansion, and attract fresh investments across key sectors, including information technology, medical tourism, pharmaceuticals, life sciences, healthcare services, food industries, textiles and apparel, agriculture, logistics services, chemicals and fertilizers, and the film industry. With such initiatives in place, Jordan’s economy stands well-positioned for sustainable growth and prosperity.
Source: Jordan News Agency