Global Arab Network | Jordanian Ambassador to the UK highlights the Kingdom’s attractions to investors

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Jordanian Ambassador to the UK highlights the Kingdom’s attractions to investors

Wednesday, 21 September 2011 16:58

Global Arab Network - HE Mr Mazen Kemal Homoud, Ambassador of the Hashemite Kingdom of Jordan to the UK, was guest of honour at a Middle East Association lunch at the Association’s premises in London on 20th September, when he took the opportunity to underline the Kingdom’s advantages as a “profitable and safe” investment destination, Global Arab Network reports according to a press statement.
jordanian_ambassador_pic

Mr Homoud, who took up his appointment to the Court of St James’s in June 2011, has put the promotion of Jordan’s attractions for business high on his priority list during his tour of duty in the UK, and is keen to put Jordan on the map as an investment destination as well as a tourism destination. He is no stranger to the business world, having served as Deputy Director of the Jordan Investment Board and General Manager of the Jordan Tourism Board, in addition to managing one of Jordan’s largest public shareholding companies. He began his career as a diplomat and served many years at the Royal Hashemite Court.

Speaking to an audience of Middle East Association members and guests, His Excellency said that attracting foreign investment into Jordan is a “win win situation” – with the global downturn Jordan needs investment to create jobs and help it integrate into the global market, while it in turn can offer the infrastructure and conducive environment for investments, in terms of skilled labour, supportive legal framework, freedom to repatriate funds and a host of other investment incentives. The Kingdom offers duty free access to a wide range of markets through its network of free trade agreements with the USA, EU, Turkey, Singapore and other Arab countries – trade with the USA has grown from $50 million in 2000 to $1.2 billion over the last ten years. The prospect of future membership of the Gulf Cooperation Council will also open up new opportunities.

Turning to promising sectors for investment, His Excellency highlighted Jordan’s strengths in ICT, pharmaceuticals and general manufacturing, where it has succeeded in attracting multinational investors. He also noted developments in energy, where a number of mega projects are underway or planned such as a nuclear power plant and projects to exploit Jordan’s oil shale resources, with a view to developing energy self sufficiency. Tourism and transport are other growth sectors; major projects include the Red Sea/Dead Sea canal and the planned $5 billion 850km railway network which will connect Jordan with Syria, Turkey, Iran, Iraq, Lebanon and the Gulf Cooperation Council countries as well as the European rail network.

The Middle East Association (MEA) is the UK’s leading business forum for promoting trade and relations with the Middle East, North Africa, Iran and Turkey. The MEA is an independent and non-profit making association founded in 1961 and based in London. It represents some 350 large and small companies from all business and industry sectors.

Global Arab Network

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Last Updated on Thursday, 22 September 2011 16:57

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