Amman has invited Cypriot businesspeople to consider the possibility of getting active in Jordan since they expect the colossal project of rebuilding Iraq, Lebanon and especially Syria will bring about big prospects in many sectors of economic activity.
Despite the region’s turbulent environment, Jordan maintains a steady pace of economic growth compared to other emerging economies in the Middle East.
This is due to the promotion of economic reforms aiming to attract foreign investment and stimulate economic activity. Amman has created the so-called Free Zones, whose purpose is the promotion of exports and logistics.
Thus, commodities and products of various origins are dropped off in the free zone areas for storage and construction work, without having to incur taxes and excise duties that are valid inside Jordan which borders with Syria, Iraq, Saudi Arabia and Israel.
Head of the Cyprus Federation of Employers & Industrialists George Petrou, who recently represented Cyprus at a London conference organised by Jordan to attract entrepreneurs said: “Infrastructure in Iraq and particularly in Syria has been destroyed, most public buildings and homes are now ruined, so most of their needs are in the construction and raw materials sector (bricks, cement, aluminum, paints, etc).”
Petrou has been active in Jordan for a number of years and he is therefore aware of the situation in the neighboring country which has lower labour and industrial costs compared to Cyprus. “Interest, so far, by Cypriot entrepreneurs is low. In order to reverse this, some improvement steps must be taken by the Jordanian side,” Petrou, who has sent a letter with proposals to the government in Amman, told INSIDER.