The zone will operate under the QIZ (qualifying industrial zone) agreement, which allows Israeli-Jordanian ventures to export to the US free of customs duties and quotas.
Hong Kong-based Boscan and the Jordanian University of Science and Technology have signed an agreement for setting up a QIZ (qualified industrial zone) that will export to the US in cooperation with Israeli companies. The QIZ will specialize in information technology and operate in cooperation with the university activities. Israel is still considering its participation in the project. The university expects more than $100 million to be invested in the project.
The zone will operate under the QIZ (qualifying industrial zone) agreement, which extends the Israel-US free trade agreement to joint Israeli-Jordanian ventures. Among other things, the agreement allows such joint ventures to export to the US free of customs duties and quotas.
Ministry of Industry and Trade officials told "Globes" that a Ministry envoy would soon go to the university to look at the possibility of setting up a QIZ there. If Israel agrees to participate in the venture, Israel and Jordan will jointly request the US to recognize the new QIZ. The zone will be recognized as a QIZ if the US and Israel approve the request.
Published by Israel's Business Arena on 5 July, 2000