Zarqa, Oct. 7 (Petra) -- Industrial Estate Company (JIEC) Director General Odai Obeidat lauded the Cabinet's approval of incentives and exemptions to attract investment in vehicle assembly and manufacturing in the Zarqa Development Area.

Obeidat told Jordan News Agency (Petra) that JICE is holding talks with several investors interested in the automotive sector. He said the package is in line with King Abdullah II's directives during a visit to the Zarqa Industrial Estate to strengthen investment and provide more incentives for value-added investment.

He said the incentives strengthen the area's standing as a destination for industrial investment in the automotive sector and related feeder and supporting industries. He said growth in the sector could benefit supporting industries, supply chains and logistics services.

Obeidat urged investors and businesses to use the package and explore opportunities in the area. He said JICE is ready to provide facilitation and support at every stage of their projects.

The Cabinet approved the package at its session on Tuesday. Full assembly or manufacturing projects receive greater support for operating costs, including a 70 percent subsidy on electricity prices for five years and a 60 percent cut in land prices inside the Zarqa Development Area.

The projects get support for 75 percent of container handling costs at Aqaba Port, and a 75 percent deduction of infrastructure costs owed to the official body if the investor builds the infrastructure. The projects receive a 75 percent exemption from land registration fees and from the sales tax on the property hosting the economic activity.

The package cuts the special tax on Jordanian-origin vehicles by 100 percent for 10 years, whether hybrid, electric or gasoline-powered. It includes other specific exemptions related to registration and the customs declaration.

//Petra// NQ