Bethlehem Dec. 28th, PIPA’s BoD no. 97 and eighth meeting in 2019 held in Ministry of Tourism and Antiquates in Bethlehem, chaired by H.E. Khaled OSAILY, and discussed 16 new, Development Investment projects, export projects Incentive contract package for energy project, named projects represents around 18 USD millions and generates and maintain 420 direct Jobs.
Given the yearly performance of PIPA total 54 projects received incentives as per the law of encouragement of investment no. (1) for year 1998 and its amendments and projects worth around 65 USD million with increase of 68% of what registered in year 2018, and generates or maintain 1,400 direct jobs, and it’s worth to mention that the projects added 396 hotel rooms (Bethlehem 78%, Jericho 8%; Nablus 14%) and in additional 138 hotel rooms granted extra incentives for using renewable energy systems, and in general the renewable energy sector represents around 10% of total year 2019 investments through installing around 6.8 Mega Watt utility scale and systems which will contribute in decreasing the co2 emission by 8 Tons yearly, and this comes in harmony with PIPA’s strategy on engagement with sustainable development goals 2030.
99% of scored investment are local investments and only 1% registered from foreign or expat investment given that the named law grants incentives for specific sectors and subsectors i.e. industrial projects, agriculture and from tourism the hospitality only and renewal energy, while this percentage do not represent the foreign and expats investment in financial sector and banks or tourist’s restaurants or international chains or commercial activities or stock market.
The origin of foreign investments for year 2019 registered from (France, Austria, Switzerland and Jordan), and its worth to mention that 69% of investments was personally financed while 30% of investments was through banks facilities and 1% was through grants.
PIPA’s confirm that despite all challenges Palestinian private sector invested and reinvested locally believing on the high potential opportunity thus PIPA and its BoD committed to enhance the investment environment to attract Foreign, Arab and Expats investors through waive any potential red tabs and provide smarter incentives and competitive infrastructure and adequate legal environment to guarantee access to local, regional and international markets through trade and investment diplomacy.
And it worth to mention that PIPA’s BoD discussed the discussed enhancement of business environment and reduce obstacles facing investors in line with PIPA goals and the Palestinian governments plans inspired by the vision of mobilizing efforts toward increasing the location of Palestine as attractive destination to invest and do business with.