Jordan is absolutely committed to a liberalised, free trade environment designed to encourage investor partnerships, King Abdullah II told an audience of more than 300 regional businessmen at a conference in Dubai recently.
The Jordan Invest Conference examined key national infrastructure projects in Jordan and pointed to a number of sector-classified opportunities brought on by new initiatives and legal moves for opening Jordan's market to Foreign Direct Investment (FDI). A panel of experts that addressed the conference said the highly successful investments by foreign organisations in Jordan should inspire other investors. Present was General Shaikh Mohamed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister.
"Thanks to His Majesty's vision, we have changed laws to allow free access to Jordanian markets, we have changed our education system to create a vibrant labour pool. We have built free trade zones and free trade agreements to make Jordan the most open country for business environment in our region," said Dr. Khaled Al Wazani, director of the economic and development division of Jordan's Royal Hashemite Court.
Delegates heard that foreign investment in Jordan was already a major economic growth area. From companies working to extract potash through to key investments by major organisations, including Saudi Arabia's Kingdom Holdings, in hotels and tourism, Jordan's leadership has pursued a consistent policy of open markets, competitive environment and free trade.
Jordanian Minister of Planning Dr Bassem Awadallah, who opened the conference, said: "We have taken a leadership role in acceding to the WTO; we enjoy the benefits of the US Free Trade Agreement."
High-profile investments in Jordan's ICT sector include the acquisition of a 40 per cent stake in Jordan Telecom by France Telecom, investments in Jordanian technology companies by overseas organisations including Bahrain's Batelco and Microsoft of the US and acquisitions including the recent buy-out of Orascom's stake in Jordanian GSM company Fastlink by Kuwait's MTC.
Dr Fawaz Al Zu'bi, Jordan's Minister of Information and Communications Technology, said overseas partners such as France Telecom, Batelco and Orascom had fast-growing, profitable business ventures in Jordan. He said such co-operation was a model for other sectors.
With WTO membership, free zones, free trade agreements with 16 other Arab countries as well as the USA, legislative support for trade and a vibrant labour pool, Jordan has become a market access point for investors and a unique trading location for global access. In addition, Jordan offers privileged access to European markets thanks to its European Partnership Agreement, which offers free trade access to the European Community.
