Jordan’s investment conditions ‘ripe’ for investors seeking financial stability, says Finance minister

AMMAN — Conditions are “ripe” to attract investments that seek financial stability, Finance Minister Mohamad Al-Ississ said on Wednesday, highlighting the Kingdom's “serious steps” taken to ease the investment process and maintain a stable legal environment for businesses.

On the sidelines of the 2023 World Economic Forum (WEF) annual meeting in Davos, Switzerland, Al-Ississ said that investment “tops the agenda” of the Jordanian delegation. 

As the world experiences instability, the forum is an opportunity for Jordan to attract investors seeking financial and monetary stability, the minister said.

The government has submitted a budget that increased capital spending in order to stimulate investment in the Kingdom, all the while maintaining a commitment to not raise taxes, Al-Ississ said.

The government has allocated JD1.6 billion in capital expenditure, he added, highlighting efforts to cut the 2022 estimated deficit from 3.4 per cent to 2.9 per cent in 2023. 

The public debt to GDP ratio will decrease for the third year in a row, he said, stressing the government's committed stance against introducing any new taxes or fees.

Al-Ississ also highlighted the seven-year, $ 1.450 billion agreement that Jordan recently signed with the US.