Seizing Tourism Market Opportunities in Times of Rapid Change
Jordan Conference: What are the conditions for promoting foreign direct investments in times of uncertainty?
Moderator: Masataka Fujita: conditions, success (sustainable development), uncertainty.
Michael Nazzal (senator, chairman of Jordan Hotel Association): Three elements in FDI--exit strategy, return of investment, how profitable are similar institutions and what kind of support is available?
Elias Farraj (deputy CEO, Jordan Investment Board): Looking at the BRIC (countries) and presence in every region of the world. Jordan is the best well-kept secret. We are looking towards more target promotions. We identify what countries in the world are interested in investing in Jordan and we target the companies within those countries. Tourism is one of these sectors.
Dr. Taha Zaboun (CEO, Jordan Development Zones): Funding gap in Jordan can be bridged by FDI. There has been intense competition for FDI. An important investment motivation--there is a need to put in place reducing hassles. Approvals need to be streamlined and simplified.
Mohamed Rashed (chief executive, Kharafi Group): Change is constant. In spite of the Aran Spring, in spite of the changes, investors are looking for return. If people feel that investment is good, people are going to come. Need to look at how investment is motivated. Export and foreign investments the only ways to grow economy and opportunities.
Gabriel Matar (director for Middle East and Asia, Jones Lang LaSalle Hotels): The hotel investments in the Middle East (ME) region comes only from within the ME region. We do not have intra-regional investments. The ME is still under observation stage. The ME is an investor-friendly only to those who know the region. We have noticed that the invest,meant flow from within the ME went down since the financial crisis. The regional funds either have been struck by the financial crisis and they can no longer access funds or they are focusing on their own markets.