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19 June 2006, Amman, Jordan
The MENA-OECD Investment Programme, in cooperation with the Jordan Investment Board (JIB), organised a one-day workshop on 19 June 2006 to review progress on key issues of investment policy reform in Jordan. The workshop took place as part of the Investment and Trade Forum “Growing Business in Jordan”, jointly organised by the United Nations Industrial Development Organization (UNIDO) and the JIB and which was designed to inform and attract investors to local opportunities in a diverse number of sectors. Reflecting the importance of investment competitiveness to Jordan, this workshop featured high-level participation by government officials, including H.E. Mr. Sharif Ali Al Zu’bi, Minister of Trade and Industry and Dr. Maen Nsour, CEO of the Jordan Investment Board (JIB). Representatives from the European Union, Arab Business Council, and the Iraqi Ministry of Trade and Industry also attended to look at Jordan’s experience with investment climate reform. The OECD Delegation was lead by Deputy Secretary General Mr.Richard Hecklinger and the UNIDO Delegation by Director-General Dr. Kandeh Yumkella.
The meeting reviewed Jordan’s progress in creating an attractive investment promotion law, improving institutional arrangements for investment promotion, introducing a corporate governance code and creating an enabling environment for operation of venture capital funds. The panel sessions of the workshop reflected the investment reform priority areas selected by the Jordanian government for the upcoming year and featured important announcements of planned reforms.
In his opening remarks, H.E. Mr. Sharif Ali Al Zu’bi expressed his appreciation to the OECD for working closely with Jordan over the past two years within the framework of the MENA-OECD Investment Programme, stressing its positive role in assisting to develop the Jordanian National Investment Reform Agenda and expand regional dialogue. Minister Zu’bi also stressed the importance and timeliness of the meeting. Indeed, in order to achieve necessary economic growth rates of 6-7%, Jordan will need 2 billion dollars of FDI in the coming year and 3 billion in 2008 and 2009, thus underscoring the urgency to address investment climate challenges.
The meeting also received the first official presentation by Dr. Nsour on the new draft investment law, and discussed the improvement of institutional arrangements for investment promotion. The announcement that the JIB will be the main body with full authority in regards to investment related issues, can bring to conclusion a debate that has been creating confusion for investors in Jordan in recent years. Among other important announcements was the plan to establish a voluntary compliance Corporate Governance Programme and development of self-regulatory organisation.
Jordanian private sector representatives participated extensively in the workshop and discussed current reform efforts with government representatives. In particular, on the issue of corporate taxation, both business representatives and local experts voiced concern over a recent controversial government proposal to introduce a unified flat tax rate on businesses, which would be 5-10% higher than the current rate.
The workshop was one in a series of country specific events organised by the MENA-OECD Investment Programme, focusing on progress of investment climate reform in the region. The workshop was highly complementary to the Investment and Trade Forum co-organised by UNIDO, which aimed at providing foreign participants with first-hand information on the Jordanian business and investment environment, and the possibility of exploring partnership opportunities with selected Jordanian entrepreneurs and associations. The Investment and Trade Forum was attended by over 480 participants from more than 20 different countries, which responded to the promotional campaign strongly supported by the worldwide network of UNIDO Investment and Technology Promotion Offices (ITPOs) as well as other UNIDO institutional partners.
Documentation
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Moving forward with the MENA investment policy agenda
صلاح المناخ الإستثماري للتنمية و زيادة فرص العمل
