Iraqi investors brief JIC chief on local obstacles

AMMAN — Jordan Investment Commission (JIC) President Montaser Oklah was briefed on Sunday about obstacles facing Iraqi investors in the Kingdom, such as bank credit facilities, energy bills and the income tax on the tourism and aviation sectors.

During a meeting with president and members of the Iraqi Business Council (IBC), Oklah described Iraqi investments as an added value to the Jordanian economy and a factor for attracting Arab and foreign investors.

The JIC president spoke about the characteristics of the Investment Law mentioning the incentives it provides to investors, especially under the current challenges Jordan is facing due to regional turbulence, and underlining the investment window as a facility aimed at meeting investors' needs to advanced services.

IBC President Majid Saidi called for finding a way to reduce bank interest rates on loans related to the expansion and development of projects.

He said that the Iraqi investment in the tourism and aviation sectors started to suffer unprecedented increases in office rents within the airport company premises,  noting that rents went up by more than 100 per cent, in addition to the high cost of energy.

Saidi commended JIC's efforts in continuing the search for solutions to the challenges facing Iraqi investors, estimated at around 150,000 businesspeople whose activities in Jordan cover the health, tourism, industrial and commercial sectors.