20000405

Jordan offers

quota-free

US market to

Pak investors

RECORDER REPORT

KARACHI: Jordan has offered Pakistan's business community an opportunity to enter the US market duty and quota-free by investing in its Qualifying Industrial Zones (QIZ).

This invitation was placed before the members of Karachi Chamber of Commerce and Industry (KCCI) on Tuesday by Deputy Director-General, Jordanian Investment Board (JIB), Hussain Al-Dabbas who is leading a delegation to Pakistan.

He said that Jordan allow 100 percent foreign ownership of units.

He said that QIZ units can use raw material from any part of the world, but 35 percent of the appraised value must be added in the QIZ. Of 35 percent content, at least 11.7 percent must come from Jordan and eight percent from Israel.

He said there are currently five QIZs located throughout Jordan to serve investors' needs. Two are in public sector, and three in private sector.

He said that Jordan has fixed 70,000 dollars minimum investment limit whereas there is no upper investment limit. Export earning would be 100 percent exempted from income tax, social service taxes and custom duties on imports of raw materials, fixed assets and spare parts. Also production for the local market in these parks is exempted 74 percent from income and social services taxes for the first 10 years.

He said, "we are not here to invite you to invest in Jordan, we are here to provide an opportunity of entering the United State market duty-free and quota-free".

He said that Jordan provided highly efficient educated skilled and unskilled labour force at low cost. Literacy ratio in Jordan is around 87 percent, and unemployment ratio is 25 percent out of which 18 percent are women, while 50 percent of the total population is under 20 years.

Replying to a question, he said Jordan had got Most Favoured Nation (MFN) status from USA.