I am also visiting Japan early next month and will discuss the alleviation of the burden of the Jordanian debt owed to Japan with officials in Tokyo. Our main purpose is to release funds in the budget allocated for debt servicing to social, educational and health program rather than to investments which are best made by the private sector. On the contrary, we are seeking debt relief in order to make Jordan a more attractive place to invest in. As economists have argued, reducing the debt to GDP ratio would necessarily reduce the cost of capital for any investment in Jordan. Sir, What we have done over the past five months is good but it is only a beginning.
More work has to be done on promoting the leading sectors in the economy.
Recently, we have identified media and broadcasting as possibly another sector for growth and we have to work on that in order for us to be a regional hub. Freeport is an additional area which I am convinced can spur economic growth. Bureaucracy has to be controlled and civil service reform is a must. The privatization of the Electricity company, the deepening of our financial sector, the strengthening of our regulatory frameworks are all areas that need work in the economic domain. Guaranteeing an independent judiciary is also a main pre - requisite for economic stability and investments.