‘Investment environment’ bill goes to Legislation Bureau

(Photo: Petra)
AMMAN — The Cabinet approved a draft law on regulating investments and business practices in the Kingdom, Al-Ghad News reported.اضافة اعلان

The approval came in a meeting headed by Prime Minister Bisher Al-Khasawneh on Sunday.

The Cabinet then sent the bill on urgent basis to the state’s Legislation and Opinion Bureau for a careful review. It will be returned to the Cabinet, which in turn will endorse changes, if any, and send it on to the Chamber of Deputies, in line with the provisions of the Constitution.

The bill, regulating the local investment climate and business practices, will enhance the competitiveness of the Jordanian economy and its ability to attract investments, according to Al-Ghad.

It said the draft law will eliminate complications and bureaucratic procedures that hinder business activities and efforts to attract investments.

If it passes, the government hopes that the law will regulate investments, protect investors and their ventures by unifying the legislation related to investment and business environment.

Unified standards and simplified procedures will be adopted to give the required approvals for most economic activities. References will be standardized, complications removed, and tasks of various ministries will be defined.

A single window for registering and licensing a business will replace all existing procedures.

Under the draft law, a single umbrella will be created to monitor and inspect economic activities to ensure objectivity and fairness in inspection procedures, as well as their impartial application.

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