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    JBA chief calls on addressing investment obstacles

    November 30, 2020

    Amman, Nov. 29 (Petra) - President of the Jordanian Businessmen Association (JBA) Hamdi Taba'a, called on the government to adopt 'urgent' measures to address the causes behind the Kingdom's declining investments, and some investors' closure of their existing projects, regardless of the investment bulk.
    Taba'a referred to Prime Minister, Dr. Bishr Khasawneh's affirmation that the government would start working to stimulate investment, produce more job opportunities and preserve existing jobs, and would seek to maximize strategic projects that lead to overcoming the poverty and unemployment problems.
    In a press statement to 'Petra' on Sunday, he said: 'The challenge facing the public and private sectors now is to preserve the existing investments, whether local or foreign, in various economic sectors,' to ensure job opportunities are provided and reduce unemployment rates that have reached high rates.
    To create attractive investment environment, Taba'a suggested making Jordan a single development zone while giving incentives to projects in some governorates, or less privileged regions, reducing the development inter-governorate gap, and enhancing productivity and self-reliance.
    Moreover, Taba'a stressed the need to rebuild the national economy to overcome the difficulties by adopting an economic reform plan that balances the difficult economic measures imposed by the Covid-19 crisis and the decisions taken to protect the citizens' health and safety accordingly.
    Discussing the government's measures to revive the economy, he said the stimulus package would enhance the investment climate, improve the Kingdom's business environment, diversify the GDP sources according to the country's competitive advantage, and direct support to sectors that have an added value to the national economy and employ the largest number of youth.
    Taba'a indicated that investment can be stimulated by looking at the priority target sectors with a holistic strategic outlook, calling on promoting various projects in a manner that is line with and complementary to business environment requirements.
    To ensure regulatory stability, he stressed the need to focus on ensuring stability in laws, instructions and legislations, especially that directly affect investor attraction, primarily the Investment and Tax Laws, and the utilization of alternative energy to increase goods and services exports.
    Lrgislative instability is a prominent factor that impedes investment, he said, stressing the need to assist small and medium-sized companies to 'effectively' contribute to the investment process, remove bureaucratic obstacles and simplify procedures that may hinder the establishment of projects by foreign investors, according to Taba'a.
    The Covid-19 pandemic, he affirmed, has negatively affected the performance of the national economy, which will lead to the continued exacerbation of poverty and unemployment problems, especially with the loss of a significant employee percentage in the informal sectors, day wage laborers and low-income societal groups.


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