Saudi envoy sees steady legislation giving Jordan added investment clout

AMMAN — Despite the Kingdom's attractive economic climate, the business environment requires more stability in terms of laws governing taxes, Saudi Ambassador to Jordan Sami Al Saleh said on Saturday during a meeting with Planning and International Cooperation Minister Imad Fakhouri.

The diplomat underlined the importance of giving investors in Jordan the confidence in terms of  economic legislation to  ensure  their business  sustainability, according to a statement received by The Jordan Times. 

Saleh stressed the need to identify investment opportunities for Saudi investors, especially that Saudi Arabia is "aspiring for further economic and investment cooperation with Jordan". 

The diplomat also voiced his country's commitment to support Jordan's efforts to prepare the Jordan Response Plan 2015 (JRP) that seeks to address the repercussions of the Syrian crisis on the Kingdom.

Fakhouri noted that JRP measures Jordan's financial needs to alleviate the impact of the Syrian crisis on the country this year, which stands at $2.9 billion. 

He expressed Jordan's appreciation for Saudi Arabia's continuous support to the Kingdom, citing its contribution to the Gulf Cooperation Council's grant to Jordan by $1.25 billion and the Saudi grant to renovate the Zarqa-Azraq-Omari border road. 

Separately, economic experts and officials called during a gathering organised by the Amman Chamber of Commerce (ACC), for eliminating obstacles hindering the flow of commodities between Jordan and Saudi Arabia and activating the joint businesses council to improve the role of businesspeople in fostering bilateral economic cooperation.   

They also called for facilitating measures that allow Saudi patients to come to Jordan for treatment. 

ACC President Issa Murad noted that Saudi investments in Jordan reached around $10 billion through 800 companies or partnerships, while Jordanian investments in the Gulf country stand at $3 billion.

Industry, Trade and Supply Minister Maha Ali underlined the importance of attracting foreign investments, especially from Saudi Arabia, as a top priority to Jordan.

Jordan's exports of cattle amounted to 200,350 tonnes in 2014, according to Agriculture Minister
Akef Zu'bi.