Amman, Jordan’s efforts to attract investment for areas of the economy identified as ripe for development, against a backdrop of wide-ranging fiscal reforms, are explored in a new, anniversary report from the global research and consultancy firm Oxford Business Group (OBG).
The Report: Jordan 2018 shined a spotlight on the manufacturing, electricity, water, transportation, ICT and construction sectors, all of which are being targeted for double-digit growth as part of the Kingdom’s broader drive to boost GDP.
With local, regional and international transit networks earmarked for development, OBG mapped out the raft of public transport projects in the pipeline.
The coastal city of Aqaba is a key focus of the milestone publication. OBG charted the seaport’s impressive growth story, documenting its ongoing expansion into a tourist destination and success in attracting investors for its special economic zone.
The report also looked at the steps being taken to support the broader tourism industry’s development, which include marketing strategies to tap fledgling segments, rolling out new attractions and strengthening international connectivity.
Other areas of the economy explored include the Kingdom’s health sector, which has carved a niche as a regional hub for both medical tourism and the manufacturing of pharmaceuticals.
The report contained contributions from HRH Crown Prince Al Hussein bin Abdullah II and Prime Minister Hani Mulki, together with a detailed sector-by-sector guide for investors.
It also featured a wide range of interviews with other high-profile personalities, including: Minister of Finance, Omar Malhas; Minister of State for Investment Affairs, Muhannad Shehadeh; and Chief Commissioner of the Aqaba Special Economic Zone Authority, Nasser Shraideh.
Commenting after the launch, OBG’s editor-in-chief and managing editor for the Middle East, Oliver Cornock, said the implementation of a new, mid-term economic development strategy confirmed the kingdom’s commitment to reinvigorating growth, boosting FDI and bridging the budget deficit after a difficult few years.
“While a challenging external climate, austerity measures and higher taxes have weighed on some sectors of Jordan’s economy, its strengths, which include an educated, skilled workforce, a resilient private sector and well-established tourism industry, continue to provide solid foundations for future growth,” he said. “The government’s latest plans to give priority to green practices and digital technology will support its longer-term targets for economic development.” The Report: Jordan 2018 marks OBG’s 15th anniversary of operations in the kingdom and represents the culmination of a year of field research by a team of analysts from the group.
The publication also assesses trends and developments across the economy, including those in macroeconomics, infrastructure, banking and other sectors.
Source: Jordan News Agency