Jordan: Investment in industrial sector ‘backbone of national economy’

Jordan: Investment in industrial sector ‘backbone of national economy’

AMMAN - Investment in the industrial sector is the “backbone of the national economy”, Investment Minister Kholoud Saqqaf said on Tuesday.

She noted that industrial investments diversify exports, reduce imports and increase the value of exports for domestic development.

The minister’s remarks came during a meeting with the president of the Jordan and Amman chambers of industry, which featured representatives of other chambers of industry along with investors.

Saqqaf said that the industrial sector accounted for the “lion’s share” of investment, according to a ministry statement.

In this regard, she cited a report by the ministry showing that the sector's investment volume benefiting from the 2022 Investment Law totalled JD648.6 million, or 58.3 per cent of the total registered investments.

Due to the importance of investment and its role in the development and revitalisation of the national economy, several economic reforms were undertaken, the minister said.

Saqqaf added that the Investment Environment Law of 2022 was endorsed in order to provide a supportive environment for existing investments as well as to attract further investments.

She noted that the Investment Environment Law and its bylaw have many attractive benefits for investors, adding that the concerned official institutions are obliged to complete transactions related to the comprehensive investment service