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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