QIZ investments total JD100 million
The total value of investments in Jordan’s five Qualifying Industrial Zones (QIZ) stands at 100 million Jordanian dinars ($140.7 million), creating some 22 thousand jobs, according to a recently published report by Jordan Investment Board (JIB).
The QIZs are areas specified as such by the US government and designated by Jordanian authorities as enclaves where products manufactured in the zones may enter US markets without payment of duty or excise taxes and without the requirement of any reciprocal benefits. Export earnings will also be 100 percent exempt from income taxes and social services taxes until 2002.
No quotas are imposed on products manufactured in the facilities and exported to the US and no customs duties will be paid on imported raw materials, fixed assets and spare parts.
The JIB report further showed that the capital invested in 11 projects launched in Al-Hassan Industrial Estate, the first public Industrial park to be established in Irbid, totaled JD 43.8 million while the investment capital of 20 projects currently executed, amounted to JD 21.5 million.
The capital invested in two projects launched in Karak industrial park, the country’s second QIZ, reached JD 15 million. The investment capital of another project currently implemented has been estimated at JD 10 million.
In Ad-Dulayl industrial park in central Jordan, the investment capital of two projects established in the facility stood at JD14.2 million, while the investment capital of two others currently executed was estimated at JD 12.7 million, according to the report.
Six projects in Tajammouat industrial park, where industrial facilities for small and medium industries are constructed, were launched with an investment capital totaling JD 16.3 million. The capital invested in six other projects currently executed in the park, were estimated at JD 13.5 million.
The JIB report also indicated that the investment capital of a project currently executed in Cybercity, the first private industrial information technology (IT) and light industrial park built near Irbid, was estimated at two million JD. Four other facilities have recently been designated as QIZs to include Al-Hashemiyah, Al-Qastal, Al-Mushatta and Aqaba, in addition to Jordan Gateway Park. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)