AMMAN -- His Majesty King Abdullah on Wednesday asserted the importance of working diligently to confront economic challenges, attract investments and create job opportunities.
He said that this is a national responsibility that should be shouldered by all individuals in the public and the private sectors.
The King made the remarks during a meeting with private and public sector representatives, and discussed ways to overcome obstacles facing business and investments in the country. He stressed the need for activating the unified investment window, intensifying efforts to overcome weak coordination and to follow up with the concerned departments to avoid duplicity in terms of decision making.
"Governments established several investment windows in the past few years but they were not fully activated and this is not acceptable," King Abdullah said during the meeting, which was also attended by HRH Crown Prince Hussein, according to a Royal Court statement.
"The private sector is one of the main pillars of our economy. It has a key role in providing business opportunities for our sons and daughters, and the government should continue to back this sector," the King said.
He called on all individuals involved to work hard to achieve a clear and well defined mechanism that would improve the Kingdom's business environment, facilitate investments and help them follow up on their progress.
The Monarch highlighted the gap between investment-related legislation and the situation on the ground when it comes to implementing projects, which has adversely affected the business environment.
According to the King, this has weakened the country's ability to draw foreign investments, which are considered the most important employment source for Jordanians and a key contributor to economic growth.
Indicators measuring the progress of the business and investment environment have recorded a regression, as shown by international reports, King Abdullah noted, reiterating the need for synchronised efforts to improve the investment environment.
King Abdullah cited several investment projects that were not implemented in the past few years due to the absence of streamlined procedures. One failed project alone denied Jordanians the chance to benefit from around 700 jobs, the King said.
"This means that 700 families were deprived from a valuable source of income," the King said, adding that there have been many similar failed cases.
The Monarch directed the government to assist the private sector to overcome its challenges, since it is the principal partner in the economic reform process and the main means to confront the problems of poverty and unemployment facing the Kingdom.
He said the public and private sectors should strive to pave the way for building partnerships between Jordanian and foreign investors, so that the country might benefit from development zones and the geographic location of Aqaba, as the gate to African and Middle East markets.
Prime Minister Abdullah Ensour said the economic situation is the main source of citizens' concern and has been at the centre of the government's attention.
Ensour stressed that the government has been working to improve and enact pieces of legislation that ensure support for economic activity. The government has referred the Investment Law to the Lower House to address its shortcomings, overcome red tape constraints and grant exemptions.
Ensour urged investors and businessmen to express their comments on the law to help the Lower House complete its deliberations and endorse it as soon as possible.
The premier said there has been a positive increase in liquidity levels this year as a result of the government's measures, while acknowledging the presence of slow licensing procedures of industrial and investment projects, saying: "This should not be the case."
Following the meeting, Industry and Trade Minister Hatem Halawani said King Abdullah stressed that all obstacles facing investors should be eliminated and that he also stressed the importance of finalising the new investment law.
"We will cooperate with the Lower House so as to have it endorsed soon," the minister told the press.
Bassem Asaad, a company executive, said: "We have outlined all the problems and obstacles facing investors in the Kingdom before His Majesty. These includes red tape and investors not being able to determine the party concerned with resolving problems," noting that the King was fully understanding of these issues.
King Abdullah directed decision makers to eliminate obstacles, through amending the Investment Law so that it may become clear for all investors.
© Jordan Times 2013
