Jordan's PM launches Arab Potash Company strategy, new headquarters

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AMMAN — Prime Minister Bisher Al Khasawneh on Thursday attended the launch of the Arab Potash Company's (APC) 2024-2028 strategy and unveiled the new headquarters building in Ghor Al Safi.

During his meeting with the APC's chairman of the Board of Directors, the CEO and the staff, Khasawneh said: "The APC serves as an important pillar for the national economy. It is a major contributor to both the mining and fertiliser industries in the Kingdom and has a key social role."

He stressed that the mining and fertiliser sectors are crucial components of the Economic Modernisation Vision, noting that the goals of the ten-year vision include achieving a growth rate of up to 5 per cent and creating 1 million job opportunities by the end of the period.

Referring to a Royal directive issued in February last year, the Prime Minister stressed the need to develop new products from potash and phosphate to benefit from higher value products, and to accelerate the review of mining laws in line with international best practices to attract leading companies in the sector.

The government has asked the chairman of the Board of Directors of the APC and the chairman of the Phosphate Company to proceed immediately to finalise discussions and make all necessary arrangements to establish a phosphoric acid plant, he said.

He also noted that the government launched an electronic performance monitoring and evaluation system several months ago, which allows citizens to access the executive framework of the Economic Modernisation Vision programme, promoting transparency that benefits both citizens and experts in the field.

Regarding the investment performance under the Investment Environment Regulation Law, he pointed out that the general investment performance during the first nine months of 2023 increased by 34 per cent compared with the same period of 2022.

About 372 projects were launched during this period, creating 30,000 job opportunities. The first investment fund for Jordanian banks was also registered in the Investment Fund Registry of the Ministry of Investment, he added.

APC CEO Maen Nsour stressed that the company is currently undergoing a period of transformation and is implementing a number of expansion projects aimed at increasing production volumes and enhancing its global competitiveness. He added that the estimated cost of the company's expansion projects over the next five years will exceed JD1.2 billion.

During the tour, Khasawneh took a first-hand look upon the progress of several projects being implemented by the APC and stressed the government's commitment to supporting and facilitating the company's projects and plans.