Jordan seeks investments in free zones 
           

14.01.2008
Libyaninvestment.com

Jordan Times) Arab free zones will be looking for investments from individuals, public and private corporations as well as joint ventures, when a forum convenes here in May to highlight the potential of such areas.

The Free Zones Investment Forum, scheduled for May 28-29, 2008, aims at creating a practical business climate in the Arab free zones in order to attract different types of investments from all over the world, Mahmoud Qteishat, director general of the Free Zones Corporation (FZC), told a press conference on Sunday.

According to Qteishat, the free zones of Dubai , Sharjah , Egypt , Lebanon , Tunisia , Algeria , Morocco , Oman , Iraq , Palestine , Kuwait , Bahrain , Qatar , Saudi Arabia and Libya will be represented at the forum, in addition to investors from Arab and foreign countries like Britain and the United States .

He indicated that ministers and senior Arab officials representing the public and private sectors, along with chief executive officers of large corporations in the region, will also participate in the forum. Various developers expected to attend will study investment opportunities and means to support and cooperate with such projects in Jordan .

"The forum seeks to emphasise the importance and advantages of investing in Jordanian free zones and to promote the Kingdom's attractive investment environment at a period of record expansion and economic growth accompanied by rapid development marked by construction and big projects in all sectors," the FZC chief said.

Qteishat added that over two days, participants will discuss a number of working papers on investment in free zones and future trends as well as developing the investment environment.

"Free zones have played a major and important role in creating an investment climate, attracting foreign and Arab capital, developing local industries and creating employment opportunities," he elaborated

Noting the impact on world trade, the director general pointed out that the number of free zones in the world has risen to more than 5,000 while total volume of trade through these zones amounted to more than $400 billion.

In the Arab world, the number of free zones is still on the increase, Qteishat remarked, telling journalists that there are five public and 38 private free zones in the Kingdom.

An important step at the forum will be an announcement reviving the "Arab Union of Arab Free Zones", he said noting the support and participation of the Arab Organisation for Administrative Development in this regard.

Companies investing in various Arab free zones will display their products at an exhibition to be held on the sidelines of the forum.
Also on the sidelines, working sessions will be held to discuss obstacles hindering investment in Arab free zones and in Jordan .

Besides examining Jordanian potential and aspirations, Arab participants will provide an overview of investment climate in their countries and the services provided to promote investment and attract direct foreign capital.

Opportunities in Jordan and the Arab free zones also will be highlighted within the framework of fundamentals and development trends in addition to the experiences and successful projects that were implemented.

Other topics include law of industrial investment in the free zones, aspects of commercial investment and impact of free zones on Arab economies.

Free zones have played a major and important role in creating an investment climate and attracting foreign and Arab capital as well as in developing local industries, creating employment opportunities in addition to its impact on world trade. The number of free zones in the world has risen to more than 5,000 while the total volume of trade through these zones amounted to more than 400 billion dollars. In the Arab world, the number of free zones is still on the increase.

Maen Nsour, chief executive officer of the Jordan Investment Board (JIB), spoke about economic progress achieved in terms of higher rankings that Jordan has attained as calculated by UNCTAD and other international bodies.

He said that to improve the business environment and to enhance Jordan's position as a gateway to other markets, the JIB is working on a new modern investment law as well as other related legislations such as rules regulating investments of non-Jordanians.

According to the JIB chief, the investment map that includes 75 projects is near completion and work has started on a national investment strategy in cooperation with government departments and leading private sector representatives.

Nsour declined to give details about achievements in 2007 but revealed that the JIB has readied an ambitious promotional plan covering 17 countries.

Mufleh Aqel, president of the Investment Unit of the Social Security Corporation outlined the two major development projects in Mafraq and Irbid.

He rejected the notion that one will be competing with the other stressing that Irbid enjoys the infrastructure for health, education and technology whereas Mafraq needs the small- and medium-size industries and services to provide much needed jobs there.

Aqel expected the first stage for developing the Mafraq zone to take three years.

Speaking at the press conference on Sunday were Taha Ahmad Zboun, the administrative and financial commissioner at the Aqaba Special Economic Zone Authority (ASEZA), and Nabil Rumman, the president of the association of investors in free zones.

Zboun boasted the remarkable accomplishments in Aqaba over the past few years and Rumman spoke about the successes and viability of free zones in Jordan .

[menafn.com]