In a stride towards reforming the investment landscape in Jordan, Investment Minister Kholoud Saqqaf announced the digitization of 95% of the ministry’s investment services, aiming to augment investor convenience. This transition has been instrumental in slashing service delivery times drastically from 15 to 7 working days. The minister made these remarks at the “A Year on Modernization” forum, a celebration of the first anniversary of the unveiling of the government’s economic modernization vision and the public sector modernization roadmap. Elucidating further, Saqqaf mentioned the new investment environment law, urging ministries and official institutions to align their protocols with this new legal framework. This year has been monumental for the investment sector, with the green-lighting of the investment environment regulation system and the ensuing guidelines, such as those for investment funds. Highlighting the ministry’s proactive approach, Saqqaf unveiled an interactive investment map that showcases 21 viable investment opportunities, which collectively account for an estimated investment volume of a staggering one billion dinars. These span diverse sectors: from tourism, healthcare, and food industries to textiles, real estate, and the burgeoning film industry. Another feather in the ministry’s cap is the approval of the investment promotion strategy by the Investment Council, and the subsequent development of an all-encompassing guide detailing the licensing and registration procedures for economic activities – a resource now available on the Ministry’s official website. Saqqaf proudly highlighted that the ministry now processes 100% of investment project requests via its digital platform, with a record 3,221 requests logged. Moreover, the investment environment law has borne fruit, with the volume of total investments witnessing a surge of 47.6% in the first half of this year. However, the road to modernization isn’t devoid of challenges. Saqqaf shed light on hurdles like the dearth of well-researched investment opportunities, the competition from neighboring countries, and the electronic readiness gap in many official authorities. In tandem with the ministry’s efforts, Hussein Safadi, the CEO of the Aqaba Development Company, shared insights on ambitious projects lined up for the Aqaba Special Economic Zone. From the establishment of the International Exhibition Center to the creation of world-class attractions like the Royal Aircraft Museum and a top-tier race track, the zone is poised to be a magnet for tourism and investments alike. Chiming in on the discourse, Engineer Fathi Jaghbir, the head of the Jordan and Amman Chambers of Industry, emphasized the robust partnership between the industrial sector and the government. Labeling the current epoch a “golden age,” he passionately spoke about the industrial sector’s potential to catalyze exports, generate employment, and address prevailing challenges in the national economy.
Source: Jordan News Agency