Officials showcase Jordan’s investment opportunities at China forum

YINCHUAN, China – President of the Jordan Investment Commission (JIC) Montaser Oqlah on Saturday urged Chinese businesspeople to change their attitude towards Jordan and the Middle East from a consuming market to a centre for investments to achieve economic integration and ensure access to international markets. 

"The region has something to offer to Chinese investors and manufacturers and Jordan has a lot to offer," he told a gathering of businesspeople in Yinchuan, the capital of Ningxia Hui autonomous region, on the sidelines of the 2015 China-Arab States Expo  that will conclude Sunday. 

His Majesty King Abdullah attended the inauguration of the event and open the Jordanian pavilion at the four-day business event, during which Chinese investments in Jordan worth around $7 billion were announced. 

Speaking at a special session on business opportunities titled “Invest in Jordan,”the JIC chief said that Jordan can offer Chinese investors who choose to start from the Kingdom access to around 1 billion consumers in international markets, thanks to free trade agreements with several countries such as the US, Canada and the Europe. 

“You may ask why Jordan. Here are some answers. By establishing industrial projects in Jordan, Chinese firms can overcome tariffs and non-tariff trade barriers they face when trying to access international markets,” he said, adding that the Kingdom’s strategic location in the heart of the Middle East and North Africa is another advantage for incoming businesses. 

Jordan can also offer qualified human resources,a strong and growing economy, an attractive business environment, modern infrastructure, rule of law and a new investment law with many incentives among other advantages, Oqlah said. 

He cited some of the key sectors that would be attractive to Chinese firms such as the energy, ICT, transportation, railways, health and tourism. 

During the session, representatives from  the public and private sectors gave presentations on available investment opportunities and incentives for investors. 

Jordan Industrial Estates Corporation Chief Executive Ali Madadha said there are five industrial cities in Jordan with plans to build other five within five years at a cost of JD51 million, adding investments enjoy a 5 per cent income tax for income generated from all economic activities undertaken in the zones, export tax exemptions on goods and services, zero sales tax for goods and services used by the enterprise and for business purposes and customs duties exemptions. 

On available opportunities, Madadha said the corporation is seeking renewable energy projects to cut energy costs on industries in addition to investments in the fields of food processing and pharmaceuticals.   

He noted that there are 743 industrial establishments in the zones with an investment value of around $3 billion. 

Mohammad Nawafleh, chief commissioner of the Petra Development and Tourism Region Authority (PDTRA), briefed the audience, who represented the spectra of Chinese businesses, on the opportunities available in Petra as a unique tourist destination and one of the World’s Seven Wonders. 

He said that over 3.2 million tourists have visited Petra over the past five years, adding that PDTRA is seeking to build large- and medium-sized enterprises in the coming years that include Petra Land, which, he said, is a Disney Land themed project, teleferic, a golf playground, a water park and luxury complexes. 

Calling on Chinese investors to explore the opportunities, Nawafleh said the cost of these schemes is estimated at JD220 million, adding that the authority is seeking through them to increase the number of tourists to the ancient city to 2-2.5 million a year.

Taha Zboun, chief executive officer of the Dead Sea Development Zone Company, urged businesspeople attending the event to see the available opportunities of the Dead Sea, which, he said, is only a three-to-four hour flight for tourist coming from Europe and oil-rich Gulf countries. 

Over the past four years, the company attracted investments worth over $1 billion, according to Zboun. 

Officials at the Ministry of Energy and Mineral Resources also presented investment prospects in the sector including renewable energy and mining involving gold, silica sand and basalt. 

The healthcare sector was among the highlights of the session. Abdullah Hindawi, director of the Jordan Private Hospitals Association, told the gathering that the sector is still in need for more investments as the Kingdom’s health facilities have become the primary destination for patients in the region. 

In 2014, Jordanian medical facilities provided treatment to over 250,000 patients from 46 countries, Hindawi said, adding that revenues exceeded JD1.2 billion. 

Jordan is the first regional country in medical tourism and the fifth internationally, he said, citing figures released by the World Bank.    

Peter Marji, from the Aqaba Special Economic Zone Authority, said that investments valued at more than $20 billion from investors from 70 nationalities have come to Aqaba since it was transformed into a special economic zone in 2001.