Free-zone expertise exchange signed by Aqaba, Turkey

Technology and development at forefront of agreement

Free-zone expertise exchange signed by Aqaba, Turkey

Aqaba, May 23 - The Aqaba Special Economic Zone Authority (ASEZA) and Turkish Free Zones (TFZ) on Wednesday signed a memorandum of understanding (MoU) for the exchange of expertise in information technology and the development of free zones. The MoU also covered drafting joint plans to attract investments, develop legislation to regulate economic activities, especially tax systems and tax incentives to improve the investment climate, and motivate the Turkish and Jordanian private sectors to increase the volume of trade and economic exchange between TFZ and ASEZA. ASEZA Chief Commissioner Kamel Mahadin, who signed the MoU with Ugur Oztürk, Director General for Free Zones, Foreign Investments, and Services at the Turkish Ministry of Economy, called on corporations in the real estate, tourism, and hospitality sectors to seize the investment initiative at ASEZA. Mahadin said the visit of the Turkish technical economic delegation had been planned to evaluate investment opportunities and the environment in ASEZA, following the recent visits by His Majesty King Abdullah II and Prime Minister Abdullah Ensour to discuss areas of joint cooperation and investment between the two countries. He pointed out that Aqaba today has become an international and regional logistics gateway for anyone interested in investments, especially in the areas of port operations, logistics and related services . Mahadin noted that several opportunities for production and investment were still open in ASEZA in the areas of information technology, trade, tourist-boat building and maintenance, and entertainment parks. In March, an engineering, procurement and construction (EPC) agreement was signed between Jordan's Aqaba Development Corporation (ADC) and Turkish company BETA Inc., set to start work on revamping Aqaba's oil terminal, supplying over 90% of Jordan's crude oil and petroleum products. According to the agreement, BETA will install and upgrade oil-pump capacity, renew the existing loading arms and implement new ones to handle crude oil, petroleum products, various chemical liquids and liquid petroleum gas (LPG). Also in March, direct flights between the Jordanian port city of Aqaba and Istanbul were approved, ready to begin in 2013, giving millions of Turkish and international travelers direct access to Jordan's Red Sea resort. The route, projected by the Aqaba Special Economic Zone Authority (ASEZA), Jordan Tourism Board (JTB) and USAID Jordan Tourism Development Project, will give millions of travelers direct access to Aqaba, a burgeoning multi-sector development zone located on the Red Sea and just a stone's throw away from some of the region's most famous tourist sites.

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