Jordan’s investment volume hit JD598.2m in H1 2023

AMMAN — Jordan's investment project landscape witnessed remarkable growth in the first half of 2023, with a substantial 47.6 per cent increase compared with the same period last year, under the guidance of the Investment Environment Law. 

This increase pushed the total investment figure to JD598.2 million, surpassing the JD405.3 million recorded in the first half of 2022, according to an Investment Ministry statement released on Sunday. 

A total of 236 investment projects flourished under the Investment Environment Law during the January-June period of 2023, creating approximately 15,200 job opportunities, according to the ministry data.

New investment projects accounted for 49 per cent of the total investment volume of approximately JD291.1 million, expecting to create about 4,600 job opportunities. 

Meanwhile, expansion initiatives also thrived reaching JD307 million, taking 51 per cent of the total investment volume share, and are expected to create about 10,600 jobs.

Various sectors benefitted from the Investment Environment Law in the first half of 2023, the foremost being the industrial sector securing a lion's share of 71 per cent of total investments, amounting to JD422.1 million. 

The trade sector accounted for 17 per cent of investments, with a total value of JD100 million, followed by the tourism sector with JD34.4 million, representing 5.5 per cent of investments. Other important sectors such as services, artistic production, agriculture, IT, hospitals, medical centres, transport, research and development together contributed 6.5 per cent to the total investment volume.

Geographically, investments outside the development zones dominated the investment scene with a staggering 206 projects, accounting for a significant 92.9 per cent share of total investments. These projects amounted to JD555.9 million.

Meanwhile, the 30 investment projects in development zones accounted for 7.1 per cent of total investments, reaching JD42.3 million.

The Ministry of Investment has been actively pursuing initiatives with both public and private sectors, aimed at attracting new investments and strengthening existing ones, pursuant to the Economic Modernisation Vision. 

The ministry used a range of promotional and marketing tools, most notably the investor-tailored Invest.jo platform that highlights the Kingdom's desirable investment climate. The platform showcased 21 investment opportunities worth nearly JD1 billion and attached priority to eight sectors.

To expedite services and facilitate the ministry automated 95 economic activity licensing processes, ensuring a smooth workflow for investors.