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Declaration of the Conference A National Economic Strategic Vision to Attract Investment Contents The Middle East Studies Center (MESC) held the conference “Investment in Jordan: Opportunities and Prospects” on July 17 and 18, 2001 at Amman Chamber of Commerce. The conference provided an opportunity for the public sector, the private sector, and the academic sector to all participate in discussing the subject of investment, a subject that is of extreme importance in the economic development process. In light of the international changes that took place in the last decade of the twentieth century, it has become necessary for all nations, especially small ones, to reevaluate their policies so as to achieve national goals. This is also important to overcome the new obstacles and challenges that have accompanied the new international system of globalization and its organizational structure represented by the World Trade Organization (WTO) and other similar institutions. Investment is an essential pillar in building the national economy. It is the engine upon which the economy grows and without investment it is impossible to achieve reasonable growth rates in the gross national product. To devise a national strategy for attracting investment in Jordan we must have a comprehensive understanding of both the opportunities for investment as well as the nature of the obstacles impeding its healthy development. We must then formalize an objective vision for the relation between the opportunities for investment and the challenges facing it in Jordanian economy. The research papers and discussions of the participants in the conference resulted in the development of a comprehensive, practical, objective, strategic vision. It recognized the importance of investment as a basic component of the national economy. It emphasized the strong link of investment to political, social, and security stability in the country while also noting the importance of maintaining the social fabric of the country with the goal of raising the welfare of the Jordanian citizens. As such, this strategic vision aims at achieving sustainable social and economic development while also helping to activate Jordan’s economic relations with the neighboring Arab countries and the world at large. The strategy strives to protect Jordan and thus overcome some of the challenges that might result from attracting foreign investment, which is usually distinguished from local investment in its level of technical expertise and size of capital. This protection comes about through the mechanisms and means that are provided for in the agreements that the Hashemite Kingdom of Jordan signs with different countries of the world. Distinguished scholars and technical experts from the public, private, and academic sectors have all participated in preparing this strategic vision thus ensuring that the vision meets the objectives of the main economic sectors. This vision is provided to the economic and political decision-makers as a first step in devising a strategic plan to attract investment, develop the economy, and achieve the country’s national vital interests. top back Script of Conference Declaration Investment represents a basic pillar in supporting the national economy and achieving sustainable economic development in a way that meets the national vital interests and achieves political, social, economic, and security stability. Strengthening the relations between the economy and other components of the state and society in a comprehensive manner will ensure achieving these goals properly and successfully. It also needs to increase Jordanian competitiveness in production, management, and marketing, and to decrease the level of poverty and unemployment. In order to provide the proper environment to attract and promote investment and to achieve sustainable economic development, Jordan must devise a national strategy to promote investment, to undertake economic restructuring and reforms, and to open up to free trade economy, including the participation in the Arab and International trade agreements. 1. To deepen the investment culture in Jordan, especially in the fields of human and natural resources development as a basic factor for strategic investment. 2. To provide a legal and institutional framework that works to promote and protect investments. 3. To promote and attract investment that strengthens general stability in the state and forms an important component in raising social welfare and civilization development. 4. To maintain support for traditional economic sectors and to develop their competitive level in the shadow of the openness to modern economic sectors. 5. To provide incentives for domestic, Arab, and foreign investments that correspond with national and pan Arab needs and interests. 6. To bridge the gap between the country’s educational outputs and the country’s sustainable economic development needs so as to achieve a sound economic planning. 7. To base investment economic planning on a detailed and comprehensive information base about the current status of the Jordanian economy and the size, structure and makeup of the country’s investments. top back Frameworks, Programs, and Policies Based on the basic principles of the strategic vision in its various components, the following policies and programs are suggested: 1. To work toward achieving economic stability and strengthening the national economy through increasing self-dependence. 2. To maintain continuous coordination between the public and private sectors and to benefit from academic expertise in the preparation of all legislation, agreements, studies etc. 3. To develop the traditional investment sector to make it more competitive and stable. 4. To spread a spirit of initiative and encourage creativity innovation in the individuals and institutions desirous of investment in the country. 5. To work toward lessening the negative effects of the economic changes resulting from opening the economy to the international markets both for the investor and the Jordanian ordinary citizen. 6. To provide various incentives to keep well experienced professionals from leaving Jordan. 7. To devise training programs to upgrade the level of the national workforce and adopt policies which raise the level, skills and commitment of the Jordanian worker. 8. To develop assistance programs for small and medium-size projects to give them a chance to compete in the market. 9. To encourage research and development in the field of exploiting the natural resources. 10. To protect the continuity of both short and long-term economic and investment planning by increasing the strategic planning role of public and private sector economic institutions, councils, and committees whose permanent nature is unaffected by the changing of governments. 11. To benefit from the most successful international practices in the areas of investment promotion and development. 12. To find immediate solutions which protect current and potential future local and foreign investments. top back 1. To convene periodic organized working seminar bringing together the public, private and academic sectors to review and develop investment and economic strategies and the legal environment related to them. 2. To increase allocations for training and research and development in public and private institutions and research centers with the aim of increasing the quality of investment outputs. 3. To create strong investment structures through encouraging the merger of small and medium size projects. 4. To establish an economic information bank that serves and guides investment decisions. 5. To entrust investment decisions to a single government institution that is creative, enjoys wide discretionary authority, with real independence and large private sector representation.
The Strategic Vision Committee
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