Jordan takes huge steps to attract investments

AMMAN, Jan 27 (KUNA) — Jordan has taken huge steps to attract and facilitate local and foreign investments, in accordance with the Jordan Investment Commission that gathered industrial cities, development areas, Jordan Investment Board (JIB), exhibitions and free trade zones all under its roof.
The commission aims to promote a trust-worthy investment environment and develop exports by activating different sectors in the country.
Jordan also launched the Investment Window Licensing Guide as part of the commission to overcome obstacles in the field, provide support for investors, facilitate registration and licensing procedures and provide investors with detailed information on the process of executing their projects.
The country’s investment law obliges all governmental bodies to approve investment requests within a period that does not exceed 30 days.
Meanwhile, the government is aiming to make Jordan one of the top destinations for investing in the communications and information technology sectors, through issuing a number of incentives and exemptions for both fields. The facilitations included reducing income taxes for the two sectors from 20 percent to 14 percent.
Moreover, the country is developing the transportation sector by providing it with tax and customs exemptions for companies that own 20 buses.
The commission also established development areas in less-developed cities to improve their infrastructure and attract investments to these zones. (end) bsr.ag