Doing Business in Jordan - A guide for Irish investment

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.

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