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Jordan exceeds investment target, eyes $3 billion

By Omar Obeidat - Nov 14,2012 - Last updated at Nov 14,2012

AMMAN –– Jordan is now eyeing to attract $3 billion worth of investments this year, after exceeding the $2 billion target in the first three quarters.

Jordan Investment Board (JIB) acting CEO Awni Rushoud told The Jordan Times on Tuesday that the volume of foreign and domestic investments that received incentives under the Investment Promotion Law during the first nine months of this year reached $2.15 billion, an 81 per cent increase over the figures recorded during the same period of 2011.

“Our target now is to attract an investment influx worth $3 billion as there are several projects in the pipeline,” Rushoud noted.

He added that the volume of foreign investments during the January-September period rose by 78 per cent, while the value of projects to be carried out by Jordanian investors went up by 82 per cent when compared to the investment influx registered during the first three quarters of last year.

The JIB chief explained that manufacturing attracted more investments than other sectors, followed by tourism and the medical sector.

Rushoud indicted that 15,000 jobs will be created within three years of the implementation of these investments into projects.

He attributed the rise in the investment influx, despite the ongoing turmoil in the region, to the economic and political stability and security the Kingdom boasts.

The strategic geographical location of Jordan — a gateway to other regional markets such as Iraq — and the skilled human resources also played a major role in attracting businesspeople to the Kingdom, according to the JIB chief.

Rushoud remarked that his agency, which is responsible for promoting investment opportunities in the Kingdom, has intensified its efforts to target investors from Gulf countries and other international businesses.

Arab and foreign investors are interested in the energy, industrial and hospitality sectors, he added.

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