A Promising Future for Jordan's Economy
By: Omar Abdulhadi*
Forget Hong Kong. That market is oversaturated and overexposed. It is time to invest your money elsewhere. Several prominent investors have been looking elsewhere, such as the Middle East. Leading financiers have begun to do so in Amman and its outskirts.
To the average intellectual, it is no surprise that Jordan has improved its standing on the 2007 World Investment Report by eleven spots from last year.
Through the new privatization laws established by the government, tax revenues have increased while the external debt has gone down substantially,
both showing promising signs for the future. Furthermore, the Paris Club, Jordan's largest creditor, has just recently agreed to retire part of Jordan's debt, allowing Amman to focus its funds towards improvements in education, healthcare and other sectors as well.
Since his induction, King Abdullah II has continued his father's legacy and undergone many pro-growth economic reforms for the country, including the new free zones established in Aqaba and Zarqa. These zones have promoted more export-oriented industries and encouraged transit trade in Jordan. Within these zones, foreign and local companies have been granted many incentives, including exemptions from certain taxes, fewer regulations and almost no customs fees. The new economic reforms undergone will certainly transform Jordan into an economic pioneer in the Middle East.
* A student at McGill University with a major in Business Economics
