Investment Law beneficiary projects value JD288.46m as of Q1 2023

AMMAN — Projects that have benefitted from the Investment Law in the first quarter of 2023 have an aggregate value of JD288.46 million, marking an increase of 49.1 per cent from the JD193.5 million recorded in the same period of 2022, the Ministry of Investment announced on Wednesday.

Ninety-one investment projects, expected to create about 3,000 job opportunities, have been registered with the ministry to benefit from the law, the Jordan News Agency, Petra, reported. 

The industrial sector accounted for the highest share of overall investments, at JD165.6 million, or 57 per cent. Investments in the services sector reached JD100 million, or 35 per cent, followed by the tourism sector with JD17.5 million, or 6 per cent of investments in the Kingdom.

Hospitals, medical centres, research and development and ICT projects accounted for 2 per cent of the total investments.

During the first quarter of the year, 72 projects were implemented outside development zones with an investment volume of about JD269.46 million, or 93.4 per cent of the overall investments, according to the ministry.

Inside development zones, 19 projects were conducted with an investment volume of some JD19 million, measuring 6.6 per cent of overall investments.

The increased investments demonstrate the Jordan’s investment-friendly environment, which encourages expansion in the business community and enhances investor confidence, the ministry said.  

In addition to enabling and promoting the expansion of existing investments, the ministry seeks to attract new investments in target sectors, especially those in line with the Economic Modernisation Vision. This includes the ICT, tourism, pharmaceutical, healthcare, food industries, clothing and textiles, agriculture, logistics, chemical and fertiliser and film industries.