OVERVIEW
T his guide provides information about Jordan’s favourable investment climate, the key sectors identified for investment by Irish companies and other factors that can be considered when choosing Jordan for investment in the Middle East region. commitment towards building future investment opportunities is outlined in a comprehensive national vision that spans across governments and engages all sectors. Jordan’s future economy is positive, Jordan’s according to all projections. Recently, Jordan adopted a new Economic Modernisation Vision , which will lead to significant improvements in essential business stimulus models, such as ease of doing business, infrastructure, competitive input costs, the availability of specific skills and high levels of productivity.
Jordan is already considered a business and trading hub within the Levant Region. In particular, it is viewed as a gateway to Iraq with a population of over 40 million, and associated tremendous reconstruction and growth potential, reinforced by favourable trade agreements to enhance growing import and export levels.
JordansTop Exports 2021
Euromillion
Pharmaceuticals
3200
Textiles
1800
Products of Metal
645
Plant products
585
Base metals
540
Food industry products
447
Machines, electrical devices
420
Euromillion
JordansTop Imports 2021
Products of Metal
3303
Machines, electrical devices
2300
Chemical products
1990
Plant products
1625
Transportation equipment
1590
Textile materials
1525
Food industry products
1450
SOME REGIONAL INSIGHTS Newrecord figures released by Enterprise Ireland, the Irish Government's trade and innovation agency, show exports to the Middle East from Ireland continue to rise substantially across most sectors. Exports by companies it supports increase by 18 percent to a record € 1.45bn last year to the India, Middle East and Africa wider region. The latest statistics add to the record year seen for Enterprise Ireland globally, with 2021 being the highest ever level of growth for Enterprise Ireland-backed companies in export value at € 27.29bn last year.
INVESTMENT INJORDAN KEY HIGHLIGHTS
The Jordanian and Iraqi Chambers of Commerce have signed MoUs to promote investments and share information on investment laws and incentives to assist with investing in Iraq from Jordan. Modern Investment Law that includes a variety of taxation incentives and exemptions across different sectors. In October 2022, Jordan endorsed the Investment Environment Law No. 21 of 2022, which came into effect on January 15, 2023. The Law focused on investor ’ s rights and streamlining processes. Banking sector in Jordan (stability and regulations in place), according to a report in 2022 by the Jordan Strategy Forum Jordan's banking sector is the second most stable (out of 165) after Luxembourg, based on data from the IMF. Low operational cost of doing business in comparison with other countries in the region. Jordan has one of the most competitive real estate costs in the region, with average annual rent for industrial space at € 31.55/m² and office spaceat € 122.44/m² English is the country ’ s second official language, engaging with international and multinational companies can be done with ease.
Since the opening of the Embassy of Ireland in Jordan in 2019, one of the key objectives has been to enhance the bilateral trade between the two countries. Over the past few year, Ireland has seen a nearly 100% increase in its exports of services and merchandise to Jordan from € 160 million in 2017 to € 328million in 2021.
2022* 2021 2020
116
Exports
114
117
112 113 114 115 116 117 118
000€
(01): Exports from Ireland to Jordan in merchandise
Irish companies investing in Jordan stand to benefit from:
Jordan’s key strength lies in its highly qualified, flexible, and cost-competitive workforce - one of the most essential elements needed for any global firm to establish a presence for its regional operations. Jordan’s unique geographical location and access to Free Trade Agreements with United States, Canada and Singapore, European Free Trade Association (Norway, Switzerland, and Liechtenstein), Greater Arab Free Trade Agreement (GAFTA), and Aghadir Agreement (Egypt, Morocco, Tunisia) Jordan also has trilateral agreements with Iraq and Egypt aimed at industrial integration between the 3 countries.
KEY SECTORS FOR GROWTH
1.ICT
The ICT sector in Jordan has seen significant growth during the period between 2000 and 2020, with official figures showing that revenues from the sector increased from $623 million in 2000 to reach nearly $2.0 billion. The country is renowned for its ICT – specialised human resources, which makes it capable of supporting businesses development and investors, with more than 5000 graduates in the field annually. Jordan has a strong infrastructure with highly efficient communication networks with three service providers. The recent announcement, in February 2023, of the introduction 5G in Jordan complements the progress in the area of digital transformation.
Cooperation partnerships between Irish and Jordanian governmental and private agencies have been identified through the establishment of the Jordan Irish Business Association, which led a successful trade delegation to Ireland in 2022, and the identification of five key sectors that provide positive investment opportunities for Irish based companies.do eiusmod tempor incididunt ut labore et dolore magna aliqua.
Supports for the ICT sector in Jordan can be accessed here: Invest in ICT
“ In line with our global growth, CR2 ’s Jordanian base is going from strength to strength and this move to our new offices will be home to our growing teams of Development, Customer Services, Product Management, Product Marketing & Support Team staff. ”
Irish Fin-Tech Company, CR2 opened their first office inAmmanin2005
2.TOURISM
3.PHARMACEUTICALS
Approximately 85% of visitors to Jordan come for cultural and historical tourism. The primary sites for this activity are Petra (a listed wonder of the world), Wadi Rum, the Dead Sea, the Baptism Site of Christ and Amman. Ministry of Tourism and Antiquities, the Jordan Tourism Board and along with the private sector will aim to upgrade cultural and heritage offerings in these and other secondary locations. By adding such products to traveller itineraries, tourists will opt to stay for a further length of time when visiting Jordan. There is plenty of opportunity for investment in the tourism sector as well as potential for attracting increased tourism between Ireland and Jordan.
Jordan’s pharmaceutical exports during 2020- 2021 were valued at € 1.35 billion, making it the only national sector to export more than it imports. The sector employs around 11,000 employees directly and 30,000 others indirectly, 99% of whom are Jordanians, with females constituting 40% and university degree holders making up 70%. In 2008, Chanelle Pharma opened their Research and Development Laboratory in Jordan. Chanelle Pharma laboratories in is a GMP Compliant Contract laboratory providing Physical, Chemical, Analytical and Formulation Solutions.
4. FOOD & AGRICULTURE
5. MEGA PROJECTS
Jordan is committed to modernise agriculture production and will seek to leverage the latest AgTech and smart solutions to revamp agricultural production techniques and to enable Jordan to become a regional agri-food export hub. Food security is increasingly becoming a major national issue. Jordan has committed to a 10 year strategy with the objective of advancing agricultural supply chains. Irish food and drink exports to the wider Middle East market are on target to top more than € 364 million in 2023 according to latest estimates. Food and drink exports to the market grew by 20% in 2022 as demand increased for premium Irish brands. Further opportunities exist in developing the agricultural food value supply chain and enhance agri-food value- added by upgrading supply chain infrastructure, food-manufacturing, and improving agricultural marketing of exports.
Jordan will begin implementing large-scale ventures and public-private partnerships, with projects estimated to be worth in excess of € 13 billion. A selection of the larger projects:
Green hydrogen and green ammonia production facility valued at JD4 billion
Water desalination and conveyance project (The National Carrier Project) valued at € 5.3 billion National railway network, the first phase of which is the Aqaba – Amman railway, valued at € 2.5 billion King Hussein Border Crossing Bridge, new freight and passenger facility valued at € 300 million.
LIVING INJORDAN
Jordan is also home to some of the top schools and universities in the region. There are 6 schools accredited by the Council of International Schools. Jordan hasa total of 31 Universities, in addition to 39 community colleges. All the universities are distinguished for applying the highest standards of higher education in their curricula.
Investing and doing business in Jordan is simple and straightforward and is set to improve further through a range of recently introduced initiatives. However, life is more than just work. The ease of doing business is complemented by a vibrant and diverse cultural climate and a good quality of life: Jordan offers a pluralist, tolerant, family- friendly, and internationally open environment with all the conveniences of the 21st century, together with a number of unique leisure destinations and breath- taking world heritage sites. Jordan offers a unique contrast between the access to modern comforts in a country with an abundance of stunning natural landscapes and historical sites. Jordan’s open, tolerant, and globalised society is well-recognised in the region and internationally which attracts foreign businesses, expats, and foreign students. The number of foreign students in Jordan equals 12.9% of the total tertiary enrolment in Jordan – the 12th highest percentage in the world and 2nd in the region.
CONTACTUS
“ Since my arrival in Amman six months ago, I have been impressed with the business links that exist between Ireland and Jordan. The launch of this Guide is an effective starting point for signposting investment opportunities in Jordan and Iraq and I look forward to working with all of Ireland’s State Agencies and JIBA to expand the activities in all the key sectors”
Ministry of Investment
The Ministry of Investment in Jordan in single contact point for foreign investors and will guide investors through their investment process. They are also prompt to answer any questions you may have. You can also look over their investor guide available on the website. “Jordan offers a golden opportunity for Irish investments wishing to expand in the MENA region. With a new investment law in place that guarantees the equal treatment and protection of investors, a welcoming and investor friendly business environment, and a large pool of talented and qualified human resources, Jordan is open for business”
Marianne Bolger Ambassador of Ireland to Jordan and Iraq
Jordan Ireland Business Association (JIBA)
An association established short after the opening of the Embassy – offers members a vast network of Ireland-Jordan business contacts and organises promotional events focusing on the business opportunities between both countries in diverse sectors. “ We, at JIBA, are focused on increasing business and trade between Jordan and Ireland. We will delighted to facilitate business for our Irish friends, open doors, establish contacts, and support Irish investments in Jordan, and the Levant region. ”
H.E Kholoud Saqqaf Minister of Investment
Embassy of Ireland in Jordan
The Embassy works to strengthen the bilateral relationship between Jordan and Ireland in all areas, including Trade and Business. We welcome any queries you might on the business environment in Jordan and will put you in touch with our Business and Outreach Officer . We also coordinate with Irish State Agencies based in the region and cover Jordan: Bord Bia, Enterprise Ireland andIDA.
Mohammad Tahboub Chairperson of JIBA
Enterprise Ireland
BordBia
Enterprise Ireland is the government organisation responsible for the development and growth of Irish enterprises in world markets. They work in partnership with Irish enterprises to help them start, grow, innovate and win export sales in global markets. “In our priority markets in across MENA, we continue to see strong growth in exports. We are also experiencing greater interest by Irish companies seeking to broaden their international export markets and are increasingly looking towards the Middle East as part of their market diversification and growth plans." Irish companies enjoy success in the marketplace, with local partners valuing Irish innovation across various sectors. Strong export figures were seen across all sectors, including FinTech, Aviation, and MedTech marking the highest ever level of growth for Enterprise- Ireland backed companies. We are focused on assisting Irish companies enter the region and successful win business. ”
The Irish Food Board aims at promoting sales of Irish food and horticulture both in Ireland and abroad. Bord Bia works for small producers by promoting and certifying farmers' markets, and for bigger producers by offering international marketing services.
Tourism Ireland
Tourism Ireland is the agency responsible for marketing the island of Ireland as a holiday and business tourism destination overseas. It devises and implements world-class marketing programmes in more than 20 markets across the world and provides industry partners with opportunities to market their own products andservices alongside it overseas.
Stephen Twomey Director of Enterprise Ireland MENA
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