Lower House passes investment regulatory legislation

Lower House
(File photo: Ameer Khalifeh/Jordan News)
AMMAN — The Lower House on Tuesday passed draft legislation regulating the investment environment in the Kingdom after a marathon debate, the Jordan News Agency, Petra, reported.اضافة اعلان

After eight sessions of discussion, in a session chaired by Speaker Abdul Karim Dughmi and attended by Prime Minister Bisher Al-Khasawneh, lawmakers endorsed the draft law, which aims at deregulation and cutting red tape.

MPs voted on the draft law’s 52 articles, including those pertaining to the registration and licensing of economic activities.

A key article in the legislation stipulates that authorities must complete transactions related to investment within a period not exceeding 15 working days from the date of receiving the application, and in the event of delay in responding, this is considered an automatic approval.

The legislation authorizes the settlement of investment contract disputes between the official authority and the investor through arbitration, in accordance with the rules agreed upon between them.

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