AMMAN: The Jordan Industrial Estates Corporation (JIEC) has signed an agreement with an Iraqi businessman to invest 10 million dinars ($14 million) in wires and cables manufacturing.
The investment project, which will be set up at Muwaqqar Industrial Estate is expected to provide around 200 job opportunities, the state Petra news agency reported.
The investment agreement was signed by the JIEC’s director general Loay Sehwail and representatives of Wadi Al Seer for Wires and Cables Manufacturing-Jordan, Mohammad Al Rawi and Mohammad Khaled Hassan.
According to Sehwail, the project is the second Iraqi investment at the estate within a month and should reflect positively on the national economy.
Sehwail said the industrial sector continues to grow despite the global and regional economic conditions, pointing out that the occupancy rate at Muwaqqar Industrial Estate stands at 40 per cent in the first stage.
Following the signing of the agreement, Rawi said the agreement reflects the company’s confidence in Jordan’s investment environment, in light of the country’s political stability and security.
The choice to set up the project at Muwaqqar Industrial Estate was based on a study and on the basis of specific criteria, mainly that the estate provides developed infrastructure services and main services needed for the factory, Petra said.
The manufacturing company has several production lines for copper wires and insulation and its products are sold to the Iraqi and the Jordanian markets as well as to several Arab markets.