Local News

Will the government succeed in encouraging “coming expatriates” to invest in Jordan?

Amman Today

publish date 2023-06-23 17:06:44

Compass – Muhammad Saad

The economic expert, Mounir Diyah, called, with the approaching return of expatriates to their homes to spend the summer vacation with their families and their families, to facilitate all entry procedures through the border crossings, provide the necessary facilities for their residence, and speed up the completion of their transactions, especially with regard to the Civil Status Department and the rest of the government departments.

In statements to Al-Bawsala, Diya demanded that there be clear instructions for all state employees in this regard, in order to provide them with a bright picture of their country, which would serve as a message of thanks to them for the support they provide to their country.

He pointed to the decline in remittances of expatriates abroad and said, “More than a hundred billion dollars have been transferred by Jordanian expatriates to Jordan since 2000 until now, as the annual remittances of expatriates are estimated at about $4 billion, although it reached more than $4.5 billion before the Corona crisis. Because of the conditions of the pandemic, it has decreased to about $3.4 billion annually.

According to Central Bank data, remittances from Jordanian expatriates during the first quarter of this year amounted to 587 million dinars.

Diyya pointed out that there are more than a million Jordanian expatriates in the countries of the world, explaining that “the Gulf countries, led by the Kingdom of Saudi Arabia, are among the most popular destinations for the Jordanian expatriate, followed by the UAE, then Qatar, the United States of America and Canada, so that Jordanians are distributed to more than 70 countries around the world in search of a job.” Money, investment, knowledge, experience and other requirements of life.

Expatriate remittances are considered an important source for supporting foreign reserves of foreign currencies at the Central Bank, in addition to supporting purchasing power within the Jordanian markets.

Dayyeh added, “Jordan is the fourth in the Arab world in terms of the value of expatriate remittances from abroad, as Egypt ranks first with about 30 billion annually, followed by Morocco, Lebanon, and then Jordan, according to the classification of the World Bank, as hard currency flows from abroad to these countries constitute an important source of hard currency and provide cash reserves.” The savings of expatriates in the form of deposits in local banks are an important source of monetary stability and the availability of liquidity on a regular and continuous basis.

He stressed that there is no real official statistics on the volume of Jordanian expatriate investments abroad, what is their value, where they are located, in which sectors are they concentrated, and which countries embrace these investments.

Dayah pointed out that Jordanians are among the most invested nationalities in the real estate and financial sectors in Dubai and Abu Dhabi, and there are Jordanian investments in many countries of the world, including Turkey, Egypt, Saudi Arabia, the United States of America and many countries, but without proven records and clear details.

The economist criticized the lack of interest in the Jordanian expatriate sector and not encouraging them to establish investments in their country and giving them a number of exemptions and benefits and providing the necessary facilities so that Jordan would be their first choice in investment, indicating that the Jordanian expatriate conference has not been held since 2015.

Deh said that it requires a comprehensive review of all laws and regulations that sponsor investment in order for Jordan to be a true competitor to other countries of the world in terms of feasibility and return on investment, as well as operational costs, tax burdens and many challenges that hinder investment.

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Jordan News

Source : اخبار الاردن

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