Amman, Jan. 26 (Petra) - Minister of Investment Tareq Abu Ghazaleh said Jordan continues to implement its Economic Modernization Vision under its ten-year plan, allowing each government to build on the achievements of its predecessor to enhance sectoral integration and ensure the sustainability of economic accomplishments.

He made the remarks during a high-level dialogue session organized by the European Commission in Brussels on Monday to highlight the Kingdom's investment environment and advantages. Abu Ghazaleh noted that Jordan will "move forward with new foundations," focusing on strengthening the private sector's role through partnerships, facilitating business operations, and providing attractive incentives to ensure successful and sustainable investments.

Abu Ghazaleh explained that the vision is based on eight growth drivers, including the "Invest in Jordan" pillar, which highlights investment and employment opportunities and economic openness, in addition to launching high-level sectoral opportunities this year.

He highlighted Jordan’s strategic location as a key factor, not only as a local market but also as a gateway to global markets, noting that the Kingdom enjoys broad trade agreements covering 140 countries, alongside 49 bilateral agreements to protect and promote investment and 39 agreements to avoid double taxation.

The minister added that recent amendments to the investment and environment laws have provided greater flexibility and a faster governmental response to the private sector’s needs. He said foreign direct investment increased by 30% compared to the previous year, foreign reserves reached around $26 billion, and the GDP stands at approximately $57 billion.

Abu Ghazaleh stressed Jordan’s future orientation toward sustainability and renewable energy, noting that projects launched in the early 2000s are beginning to yield results, and the Kingdom aims to double its share in this sector. He highlighted ongoing exploration in the Risha natural gas area, still open to private investment.

He explained that Jordan is enhancing future energy storage, including batteries and pumped hydro storage, noting the launch of two major projects this year, in addition to expanding wind power generation projects and continuing efforts to produce green hydrogen in cooperation with 14 countries worldwide.

Regarding business infrastructure, Abu Ghazaleh noted the presence of around 20 major developmental zones, geographically and sectorally specialized, supporting supply chain integration, lowering investment costs, and enhancing the competitiveness of manufactured products.

He emphasized that Jordan possesses significant natural resources, including phosphate and potash, and hosts numerous multinational companies contributing to employment and serving regional and international markets through their offices in the Kingdom.

In the transport and logistics sector, Abu Ghazaleh highlighted the development of a toll road system, light rail, and inland port to enhance infrastructure and mobility, as well as investment opportunities in mining, agriculture, and water to support food security and sustainability.

On urban development, the minister noted the Kingdom’s plan to build a new city to reduce population pressure, with the first phase comprising four major projects over the next three years.

//Petra// AF