Abdallah Abu Sheikh FDI interview Venture magazine

Abdallah Abu Sheikh FDI interview Venture magazine


[Music] so the topic of FDI Zoar foreign direct investment is very fast it’s a very vast topic it has a lot of branches and it can’t be covered in one setting but the most basic definition of a foreign direct investment is basically trying and its simplest form is trying to attract capital from outside the economy into the economy there it comes in different shapes and forms it could be a foreign direct investment could it be a foreign portfolio investment it could be a foreign institution and investor and so on and so forth but I’m not gonna get into that so when trying to attract capital from outside the market there’s a lot of things that the government needs to follow as for joy then it has we have been successful in the past in attracting a lot of foreign direct investment and it’s all thanks to his Majesty’s vision and His Majesty’s tireless effort in going out and reaching out to foreign institutional investors and bringing them into the economy the actual problem happens at a governmental level so to explain this in a very very simple terms imagine that you have a zoo of some sort and you need to attract the most exotic animals to your zoo so that you can attract more foot traffic in order for you to attract exotic animals you need to mimic or copy the environment from which those animals come and it’s the same for investors you need to make those investors as comfortable as possible you need to mimic the environment or the regulatory platforms they regulate the financial platforms and so on the rules the regulations that those investors are coming from and those backgrounds you need to copy them and implement them in your own economy so that those investors can have investor comfort investors safety and then can have a familiar interface to work with basically and this is where the government enjoyed them has been doing a very good job it is very important for us to understand that creating a familiar environment where those investors could really really help in attracting more and more investment into the country the other part of it is building government infrastructure that can sustain and incubate those investors as they come into Jordan as well and happens through if you look at the UAE like you mentioned if you look at Singapore and those countries that managed to attract a lot of foreign direct investment in the past while this happened for two reasons the first reason was because they managed to copy and mimic the financial and regulatory platforms that big institutional investors come from and they created very familiar financial laws rules and regulations and the other part of it is that the quality of service that the government is providing is very high in those areas in the UAE for example in Singapore the quality of government service is very high and this is also something that I feel it should be worked on a lot enjoy then I feel if the new government could work more intensively on those areas many more foreign investors can come in and it could benefit the economy in a lot of ways in terms of employment in terms of competitiveness in terms of quality of production and so on and so forth

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