By: Moslem Ali
Cairo - Mubasher: Jordan is currently trying to overcome the economic decline it witnessed since the Arab Spring, said the Jordanian minister of planning and international cooperation, Imad Najib Fakhoury.
Jordan faced some of the worst regional challenges in the last seven years, but the kingdom remains resilient because of a focus on deep reform, economic growth and development, Fakhoury added in his speech to a regional business forum on Tuesday.
Yesterday, the European Bank for Reconstruction and Development (EBRD) held its Business Forum for the southern and eastern Mediterranean region (SEMED) in Cairo, under the theme “Investing for Sustainable Growth”.
In the opening session of the EBRD Business Forum, the Jordanian minister expressed his belief that after years of destruction and conflicts in the region, there is a need to build stable societies, increase integration and cooperation to unleash its great potentials.
Fakhoury said that the Jordan 2025 vision, which the country launched two years ago, is citizen-centric, with aim to achieve economic reforms, eliminating subsidies, and encouraging public, private, and civil society partnership, as well as to improve Jordan’s competitiveness, protect the rule of law, and provide equal opportunities for all.
The minister noted that the subsidies reform program is in its final stages.
Jordan 2025 Vision and National Strategy was launched in 2015, as an integrated economic and social framework to govern the country’s policies for the next decade.
The minister also pointed to efforts to encourage the private sector investments in many fields, including infrastructure, renewable energy, and manufacturing.
The government is using tax incentives to encourage private investments in infrastructure, as well as a number of industrial and free zones, where investors enjoy a preferential treatment, paying 5% income tax, and 0% in other taxes.
Jordan, the largest refugees host in the world with 3.6 million refugees as the minister proudly stated, is also shaping as a destination for reconstruction projects in the Levant, Fakhoury indicated.
Jordan is also ranking first in the region, and fifth in the world in medical tourism, the minister added.
On Tuesday, the EBRD announced that it has agreed with the Greater Amman Municipality (GAM) to transform the Jordanian capital into a smart city.
Both parties signed a Memorandum of Understanding (MoU) to establish a framework for strategic and operational cooperation in Amman for the introduction of solutions to address major environmental, economic and social challenges, according to the EBRD’s statement.
