Investment Council approves 2023-2026 general investment policy, promotion strategy

AMMAN — The Investment Council on Thursday approved the Kingdom’s general investment policy and investment promotion strategy for the years 2023-2026.

Prime Minister Bisher Khasawneh, who chaired the meeting, emphasised the need for the approved policy and strategy to align with targets set by the Economic Modernisation Vision, and to reinforce the general direction of unifying investment references, providing legislative stability and creating an environment that attracts additional investments and empowers existing ones.

He also emphasised the necessity of networking with the private sector, describing it as “a vital partner” in promoting investment and identifying the highest priority sectors.

The philosophy behind the current composition of the Investment Council is to provide representation for the industrial, tourism, commercial, agricultural and service sectors, he said, stressing the importance of continuous communication with these sectors to identify investment priorities.

During the session, the prime minister was briefed on the latest developments regarding the electronic platform (invest.jo) which will be launched as a gateway for investor communication, helping to facilitate investor operations and provide relevant information about Jordan’s investment environment.

During the session, Minister of Investment Kholoud Saqqaf acquainted the gathering with the Kingdom's public investment policy, emphasising the ministry’s goal of building long-term relationships with both local and foreign investors.

She pointed out that both the policy and investment promotion strategy for 2023-2026 stay in harmony with the goals set by the Economic Modernisation Vision, government programmes and executive plans aimed at increasing the quality and volume of investments.

The council also reviewed statistics provided by Saqqaf, which showed that the total amount of investments benefiting from the Investment Environment Law in Jordan increased by 49.1 per cent during the first quarter of 2023, reaching JD288.5 million compared with JD193.5 million in the same quarter of the previous year.

Ninety-one investment projects are currently benefiting from the Investment Environment Law and according to studies presented by investors, the projects are expected to provide 3,200 job opportunities, the minister revealed.

The industrial sector received the largest share of investments, accounting for about 57 per cent of total investments, with an investment volume of JD165.6 million. The services sector followed with a share of 35 per cent and an investment volume of JD100 million. The tourism sector accounted for 6 per cent of total investments with an investment quantity of JD17.5 million. Remaining industries and businesses, such as hospitals, medical centres, IT and research and development, constituted 2 per cent of total investments during this period.