UAE-Jordanian forum discusses ties

March 7, 2017 - The UAE-Jordanian Investment Forum was held on Monday under the patronage and presence of Sultan Bin Saeed Al Mansouri, Minister of Economy, and Ali Al Ghazawi, the Jordanian Minister of Labour at the Intercontinental Hotel in Abu Dhabi. The meeting was attended by several officials from both countries, as well as investors, businessmen and representatives from the private sectors, chambers of commerce and investment authorities.

The forum, which was also attended by Abdullah Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry Affairs, and several officials from both countries, addressed the ways of encouraging and facilitating investments between both countries and establishing investment partnerships in vital sectors.

The forum saw presentations about available opportunities, investment laws and the investment environment in Jordan, as well as its investment sectors, available facilitations and incentives.

In his speech during the forum, Al Mansouri said that the forum represented a clear platform for the exceptional economic ties between the UAE and Jordan.

He also praised the historic ties between both countries, which exceed their mutual interests, noting that both countries share traditional cultural values and strong ties of brotherhood and co-operation.

He also highlighted the development of bilateral ties between both countries in several areas, and stressed mutual political will of the UAE and Jordan, led by President His Highness Sheikh Khalifa Bin Zayed Al Nahyan and King Abdullah II of Jordan respectively, and their strong belief in enhancing levels of co-operation to promote mutual efforts in achieving greater integration, leadership and prosperity.

According to Al Mansouri, strengthening economic co-operation “is considered a priority, as both countries share common economic visions, and both are seeking to achieve sustainable growth and a rise in competitive capacities.”

He noted that the foreign non-oil trade between both countries touched $1.6 billion in the first nine months of 2016, nearly $2 billion for the year.

Al Ghazawi, the Jordanian Minister of Labour, highlighted the exceptional political ties between both countries and the efficient level of co-ordination between UAE and Jordanian officials, as well as their harmony in all issues.

He stated that the Jordanian law for encouraging investment is a suitable legislative framework for attracting foreign investment and encourage local investments, as it provides regional level advantages, incentives and guarantees.

The Jordanian official added that Jordan is seen as a leading country in the region, in the fields of education, health, technologies and tourism.

The United Arab Emirates, represented by the Ministry of Finance ( MoF), has signed an agreement on the avoidance of double taxation and tax evasion on income with the Kingdom of Jordan. The agreement aims to enhance joint cooperation in economic and tax fields, and encourage investment activities and trade exchange between both countries. The signing ceremony took place alongside the ‘Joint Annual Meeting of the Arab Financial Institutions’, which was held last year in Bahrain.

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Omar Zuhair Abdelfattah Malhas, Jordanian Minister of Finance signed the agreement at a ceremony, which was attended by Younis Haji Al Khoori, Under-Secretary at MoF, Dr. Ezzedine Kanakrieh, Secretary-General of the Kingdom of Jordan, as well as the UAE and Jordanian delegations who were participating in the ‘Joint Annual Meeting of Arab Financial Institutions’.

Investment environment

Al Tayer stressed the importance of signing similar agreements to enhance the investment environment and develop trade relations between the two countries. He also highlighted that the agreement on tax exemption for air transport between the two parties will remain in effect.

“Ministry continues to strengthen the UAE’s relations with different countries across the globe, and expand its network of agreements on the avoidance of double taxation and tax evasion on income, due to their role in protecting and encouraging investment on a global level. The ministry also works on establishing direct communication with prominent Emirati investors’ abroad as well as local airlines to discuss prominent ways to protect and encourage investment within the country,” he said.

Source: http://iccia.com/?q=mediacenter/news/17548/details/