Book on history of Jordan’s investment sector published

AMMAN — Acknowledging the importance of investments in overcoming Jordan’s economic challenges, an expert has published the second version of his book reviewing the history and current situation of the investment sector's development in the Kingdom.

Speaking at the book launch, held at The Arab Thought Forum (ATF) on Sunday, author Akram Karmool, president of the National Association for Investors Protection (NAIP), said that the book outlined the various development stages of investment in the country’s production, trade, and service sectors.

Mohammad Abu Hamour, ATF’s secretary general, expressed his concerns about economic challenges and "worrying" economic indicators.

As unemployment rates have reached the highest level in the history of Jordan — with unemployment sitting at 18.5 per cent, poverty and population growth rates doubling, economic growth rates retreating, and a trade balance deficit — creative solutions are needed, he said. 

Abu Hamour added that an analysis of investment and investor-related issues throughout the history of the Kingdom would help in finding solutions to the sector's problems.

“We are seeking to create an attractive investment environment to replace one which has become unfriendly to investors,” Karmool noted. 

Bureaucracy, unqualified workers in the public sector, high production costs and poor coordination between different institutions concerned with developing investment in Jordan, such as the Jordan Investment Commission and NAIP, are the main factors weakening investment, he said. 

Karmool added that multi-sourced and inconsistent information about various economic sectors are major concerns for investors, urging for the establishment of a data bank easily accessible to investors. 

MP Kheirallah Abu Saalik, Lower House Economy and Investment Committee Chairman, said the book was "comprehensive and suitable" as an academic source for economy students due to its historical review of the rise and fall of investment sectors.

Karmool's first version of the book, “The Development of Economic Investment Sectors in Jordanian History”, was published in 2008 and data are updated every three years to ensure it remains an economic reference for students and researchers.