UN Tourism Releases Investment Guidelines, Enhancing Jordan's Tourism Appeal
In an impactful conference held on May 23 in Oman, UN Tourism unveiled a comprehensive report titled 'Tourism Doing Business: Investment Guidelines’, spotlighting the Hashemite Kingdom of Jordan's investment allure. This presentation was a key feature of the "Investing in Tourism: Opportunities and Challenges for Sustainable Financing" conference, marking the 50th UN Tourism Regional Commission for the Middle East. Crafted in close collaboration with Jordan's Ministry of Tourism and Antiquities, the guide delves into the kingdom's socioeconomic landscape, its vibrant tourism sector, and the promising investment opportunities therein.
UN Tourism, addressing a gathering of distinguished officials, investors, and regional experts, underscored Jordan's compelling investment proposition. The country, renowned for its UNESCO World Heritage sites, the iconic Petra, and its unique natural attractions known for their health benefits, stands out as a prime destination for tourism investments. Makram Queisi, Jordan's Minister of Tourism and Antiquities, highlighted the vital role of the private sector and legislative reforms aimed at boosting investment. The introduction of a new investment law and significant updates to tourism legislation demonstrate Jordan's commitment to becoming a prime investment location, supported by its partnership with UN Tourism.
The report provided by UN Tourism and presented by its Executive Director, Natalia Bayona, paints a picture of Jordan as a diverse tourist destination with offerings in medical and wellness tourism, film tourism, and agritourism, among others. The country's institutional stability, strategic policymaking, and the robust recovery of its tourism sector post-pandemic are key highlights. By 2023, Jordan had welcomed 6.3 million international visitors, marking an 18.5% increase over 2019 figures. This resurgence is underscored by tourism's growing contribution to the GDP and employment rates, with the sector employing over 54,000 individuals and accounting for 12.5% of the GDP between January and September 2023.
The economic landscape in Jordan shows a steady growth rate, with the IMF projecting a GDP increase of 2.6% in 2023, and expectations of continued growth in the coming years. Tourism, a crucial economic driver, generated $7.4 billion in foreign inflows in 2023, a significant increase from pre-pandemic levels. Furthermore, Foreign Direct Investment (FDI) inflows saw a dramatic rise, reaching $1.1 billion in 2022, showcasing the country’s growing attractiveness to investors.
Jordan's strategic initiatives, including the Economic Modernization Vision, the Investment Promotion Strategy, and the Jordan National Tourism Strategy, are set to further bolster the country's competitive edge and investment appeal. These plans aim to draw an additional $3.8 billion into the tourism sector by 2033. Basmah Al-Mayman, UN Tourism’s Regional Director for the Middle East, emphasized the potential of tourism investments to drive economic diversity, job creation, and growth, supported by significant investments and the country’s inherent natural beauty and diverse tourism products.
In conclusion, Jordan's strategic vision for its tourism sector, coupled with legislative reforms and the fostering of private sector partnerships, positions the country as a lucrative destination for investors. The comprehensive guidelines provided by UN Tourism detail the kingdom's socioeconomic strengths, its vibrant tourism scene, and significant growth potential, paving the way for sustainable investment and economic diversification in the Hashemite Kingdom of Jordan.
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