ITS THE ECONOMY, STUPID! This is the famous statement coined by the democratic strategist James Garville that helped Clinton beat Bush in 1992, and it should become our mantra going forward as a country! But while doing so, we must keep in mind the following sobering facts: 1. Just to maintain the current unemployment figures, which are already too high, Jordan requires USD3 billion FDI annually! We are averaging USD2 billion! 2. Money goes where money grows! Companies and people have options, and we arent the center of the universe! Unless we get our act straight we will keep missing out on opportunities! 3. You dont create jobs, you create the right environment for companies to be established which eventually brings in jobs! And here Im referring to the support and nurturing of a culture of risk taking and entrepreneurship, superior infrastructure, high quality of manpower, ease of doing business and rule of law! 4. Theres no such thing as the private sector; we are the only sector!!! Government is too fat and bloated, and will only absorb a fraction of the 80 thousand or so graduates annually! The taxi driver, technician, plumber, big multinational are all in the same boat!! 5. Create serious incentives for outside Amman! If I or other investors are to consider setting up business outside the capital, incentives must be abundant and clear, otherwise Amman will continue to grow at the expense of the rest of the country. 6. A Jack of All Trades is a Master of None! Set priorities, even it it will be painful in the short term! We must focus on tourism, clean energy, IT, medical, pharma, industries with little reliance on water and energy, smart agriculture and services for the region. I know Ive stated the obvious, but the choice is we have no choice!
Posted on: Sat, 25 Oct 2014 08:15:31 +0000