January 20, 2003

Ministry Of Information and Communications Technology

Experts Assert ‘Enormous’ Potential For Investment in Jordan

Jordanian Ministers welcome regional investments

Dubai, January 20th 2003

King Abdullah II of Jordan addressed an audience of over 300
regional business stakeholders at the Jordan Invest Conference held today at
Dubai’s prestigious Burj Al Arab Hotel, and reaffirmed Jordan’s absolute
commitment to a liberalised, free trade environment that is designed to
encourage investor partnerships. His Majesty’s address was attended by General Sheikh Mohamed Bin Rashed Al Maktoum.

The Conference examined key national infrastructure projects in Jordan and
pointed to a number of sectoral opportunities that have been brought by new
initiatives and legal moves that open Jordan’s market to Foreign Direct
Investment (FDI).

The highly successful investments by foreign organizations in Jordan point
the way for others according to the panel of experts assembled to address
the conference. “Thanks to His Majesty’s vision, we have changed laws to
allow free access to Jordanian markets, we have changed our education system
to create a vibrant labour pool. We have built free trade zones and free
trade agreements to make Jordan the most open for business environment in
our region,” said Dr. Khaled Al Wazani, director of the economic and
development division of Jordan’s Royal Hashemite Court. “This event is
intended to showcase what that means for investors in our region today.”

Delegates at the conference heard that foreign investment in Jordan is
already a major economic growth area. From companies working to extract
potash through to key investments by major organisations, including Saudi
Arabia’s Kingdom Holdings, in hotels and tourism, Jordan’s leadership has
pursued a consistent policy of open markets, competitive environments and
free trade.

Jordanian Minister of Planning, Dr. Bassem Awadallah, who opened the Jordan
Invest conference, said: “We have taken a leadership role in acceding to
WTO, we enjoy the benefits of the US Free Trade Agreement. Together with a
commitment to free trade legislation and a competitive and open trading
environment, we have an unbeatable proposition for investors.”

High profile investments in Jordan’s ICT sector include the acquisition of a
40% stake in Jordan Telecom by France Telecom, investments in Jordanian
technology companies by overseas organisations including Bahrain’s Batelco
and Microsoft of the US and acquisitions including the recent buy-out of
Orascom’s stake in Jordanian GSM company Fastlink by Kuwait’s MTC.

“If you look at sectors such as telecommunications, we have seen highly
successful investments that have enhanced our national infrastructure and
created significant new opportunities for Jordanians,” said Dr. Fawaz Al Zu’
bi, Jordan’s Minister of Information and Communications Technology. “At the
same time, overseas partners such as France Telecom, Batelco and Orascom
have enjoyed fast-growing, profitable business ventures in Jordan. We
believe that this co-operation is a model for other sectors.”

With WTO membership, free zones, free trade agreements with 16 other Arab
countries as well as the USA, legislative support for trade and a vibrant
labour pool, Jordan has become a market access point for investors and a
unique trading location for global access. In addition, Jordan offers
privileged access to European markets thanks to its European Partnership
Agreement, which offers free trade access to the European Community. “Today’ s message is clear,” said Al Wazani. “Jordan is open for business.”(keralamonitor.com)

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