Jericho Agro Industrial Park incentives program receives new contribution from Japan

JERUSALEM, Wednesday, The Jericho Agro Industrial Park (JAIP) incentives program, implemented by the European Union (EU), received a new contribution of over Euros 260,000 from the Japanese Government to support Ostry for Agriculture Development Company, according to an EU press release.

Ostry produces eggs and fruits carton trays from recycled carton and paper. This company is the tenth beneficiary under the Palestinian Authority’s Partnership for Regional Investment, Development and Employment (PRIDE) Program of Incentives to JAIP. The Japanese contribution is being channeled through the EU’s PEGASE mechanism.

“We are proud of our partnership with the government of Japan on the JAIP program, said the Deputy EU Representative Tomas Niklasson. We believe that this is one way for small ideas and start-up businesses to prosper and grow. For years now, we have been determined to work hand in hand with the Palestinian Authority and other donors to empower the Palestinian economy. Our joint efforts have enabled many Palestinians to achieve their business aspirations. This, by itself, is the drive behind our continued commitment to supporting Palestinians.”

Takeshi Okubo, Japan’s ambassador for the Palestinian Affairs, said JAIP is a flagship project of Japan’s ‘Corridor for Peace and Prosperity’ initiative launched in 2006.

He said Japan has been extending financial, technical, and human resource assistance to enrich the already fertile soil of the City of Jericho, which amounts to approximately $100 million including the building of the relevant infrastructure in the city. Given the strategic importance of Jericho in the region, this project could serve to not only strengthen the Palestinian economy but stabilize the entire region.

In order to attract investment in JAIP, the Palestinian Authority (PA) is offering a range of incentives, including tax breaks to its tenants. In this context, it has established a program called PRIDE to provide financial assistance to JAIP tenants to help them start their operations in the park.

The EU uses its PEGASE program aimed to channel funds to the PA’s PRIDE program (EU support: EUR 2 million, Government of Japan support: EUR 3.2 million). The program provides financial assistance to eligible JAIP tenants to purchase equipment, machinery, tools and building materials for their operations in the park.

Source: Palestinian News and Info Agency