Investments in Jordan’s economy increased by 47.6 per cent in the first half of 2023, which is considered a success for a new law intended to attract more capital.
According to government data, total investments in Jordan increased from 405.3 million dinars during the same period in 2022 to 598.2 million dinars ($844.8 million) in the first half of the year.
The Investment Environment Legislation, which was passed in September 2022, was used in about 236 projects, according to the government.
These outcomes follow the Ministry of Investment’s initiatives to set up strategic strategies to draw in new financing sources and strengthen existing ones.
According to an official statement from the department, “As Jordan sets its eyes on continuing economic growth, the Ministry of Investment is firm in its mission to empower existing businesses, stimulate expansion, and attract new investments across important industries.”
The ministry’s collaboration with both the public and private sectors, in line with the Economic Modernization Vision 2033, significantly strengthens Jordan’s economic potential.
These projects are anticipated to produce a substantial workforce, with an estimated 15,200 employment opportunities, according to information provided by the investors.
With 307 million dinars invested in growth projects, or 51 per cent of all investments made in the first half, it was clear that these efforts had increased significantly.
The report also highlighted the expectation that these improvements will result in the creation of close to 10,600 additional jobs.
The newly initiated investments authorized by the law accounted for 91.1 million dinars, or 49 per cent of the overall investments, and are projected to create 4,600 jobs over that time.
Around 71 per cent of the total investments, or 422.1 million dinars, went to the industrial sector, and 17 per cent, or 100 million dinars, went to the commercial sector.
The ministry also introduced a number of advertising and marketing tools, including the innovative portal Invest.Jo, which had its Jordanian premiere and serves as a resource for investors.
The portal presents 21 investment opportunities totalling approximately 1 billion dinars in eight strategic investment industries.
According to the statement, Jordan’s economy is well-positioned for long-term growth and prosperity with these policies in place.