| Investment
promotion key to sustainable growth in Middle East emerging markets
Posted: 29 April 2003
ASEZA Chief Commissioner to share broad outline for Jordan’s
investment strategies and the development of the Aqaba special economic
zone at the International Investment Summit in Dubai
Dubai, UAE — The Middle East is witnessing
a surge in investment promotion initiatives, fueled by the growing
need to secure long-term foreign investments that can drive economic
stability, growth and sustainability in the region.
According to Aqaba Special Economic sone Authority (ASEZA) chief
commissioner, HE Akel Biltaji, “Globalisation and the move
to adopt international free trade provisions has made the development
of long-term investment strategies crucial for the Middle East if
it is to attract international investor interests, which will ultimately
underpin the region’s economic future.”
Biltaji will be sharing Jordan’s vision and roadmap for investment
growth and development at the first International Investment Summit
in Dubai, being held 3-5 May 2003.
“ASEZA is pleased to be a participant at the International
Investment Summit and is happy to share its experiences and vision
for the development of the Aqaba Special Economic Zone, which today
acts as one of the most viable investment locations in the region.”
ASEZA will be sharing experiences on the third day of the event
during the session titled ‘Corporate Governance: Lessons to
be Learnt’, focusing on the crucial role of successful governance
in ensuring the viability of an investment location, and examining
the pitfalls entailed by poor administrative, legislative and judicial
processes.
“The Aqaba Special Economic Zone already hosts over 1,050
companies which have taken advantage of the port city’s unique
investment opportunities. Aqaba Zone continues to build on this
success through its ongoing development approach in a number of
areas including tourism, services and manufacturing,” remarked
Louay Khatib, director of business development and marketing at
ASEZA.
“The Zone has already secured investments across key areas,
including over one billion dollars in tourism projects over the
next 12 years, and approximately US$ 192.6 million in goods passed
through its free zone facility in 2002, an increase of 36 percent
over 2001. The Zone has also made tremendous progress in attracting
industrial, commercial and warehousing investments.”
ASEZA is the statutory institution legally responsible for the
organisational, administrative, financial and economic development
of the Aqaba Special Economic Zone and is committed to maintaining
Aqaba at the competitive forefront as an international investment
hub.
Aqaba offers a unique set of investment opportunities, being strategically
located on the Red Sea and acting as a multi-modal freight/logistics
hub for the region, and also offering unparalleled investment incentives,
where goods originating in Jordan are granted preferential entry
into the United States market, duty free, and not subject to the
quota system as per the Free Trade Agreement and the Qualifying
Industrial Zone (QIZ) agreement.
“We are delighted at the opportunity to share the lessons
we have learned and the successful experiences we have enjoyed with
the international community attending the summit. The regional and
international perspectives being shared at this summit will undoubtedly
serve as the foundation for regional cooperation to secure long-term
investment growth,” said Khatib.
About ASEZA
The Aqaba Special Economic Zone Authority (ASEZA) is the statutory
institution that was commissioned by law to be responsible for the
organisational, administrative, financial and economic development
of the Aqaba Special Economic Zone.
The ASEZA is governed by six ministerial-level commissioners, each
responsible for a major area of regulatory or operational activity.
The Aqaba Free Zone law simplifies all procedures, licenses and
approvals to enable ASEZA to provide a competitive environment for
investment, where a single investment window was setup to interface
with investors and enhance the central decision making capability.
The authority aims at turning and establishing Aqaba into a center
for competitive international investment, by providing a simplified
investment environment and encouraging the participation of the
private sector in all development activities in the region.
This guarantees the presence of high quality infrastructure and
services for investors, visitors and residents.
For more information see www.aqabazone.com.
Posted by Richard Price,
Editor Pipeline Magazine
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