AMMAN —
Minister of Investment Khairy Amr stated during the
second session of the national economic workshop, titled "Moving towards
the future: Unlocking the possibilities to modernize the economy," that
work is underway to study amendments to the investment law, which may be
announced in the second quarter of this year.
اضافة اعلان
Amr told the workshop that the amended law will follow best
practices and international standards in cutting red-tape, highlighting the
sector's key role in Jordan's economic development;
The minister pointed out a smart and interactive investment
project that provides details for investors, as well as a promotional plan,
stressing commitment to resolving challenges facing the investment process, and
making investors’ voices heard to come up with solutions that prop up the
investment process.
The ministry spokesperson Bilal Abu Zaid told
Jordan News that the process aims to define Jordan's new investment reality, set priorities
in collaboration with the private sector, create more
job opportunities,
improve production efficiency, and boost economic growth.
Abu Zaid emphasized that the deadline for revealing the revised
law is merely a goal that the ministry aspires to fulfill, and that work on the
law is being done in collaboration between the public and
private sectors.
“The revised law will be compatible with other investment
laws in the global market, and will contribute to attracting new investments to
Jordan, as well as enabling existing ones,” said Abu Zaid.
According to Abu Zaid, the law will go through several
stages before it is announced; the first of which is to take stock of the
private sector's views to grasp the potential impact of these amendments as
well as to come up with long term solutions, after which it goes through
constitutional stages.
"The investor needs to see consistent and lasting rules
and regulations to be able to develop an investment plan and make decisions
confidently,” said Abu Zaid, adding that "this is what the ministry is
pursuing."
Economic analyst
Mazen Irsheid said that the investment sector
should not rely solely on legislative changes, since numerous past revisions were
made but no obvious gains have manifested. He believes that the main opponent
of foreign investment is bureaucracy, referring to investors’ complaints of lengthy
procedures and hindrances.
Irsheid emphasized that some of the elements that attract
investors include lower energy bills, tax exemption, custom duties exemptions,
eased paperwork and simplified permits. "These measures are not only
beneficial to investors, but also a means of advancing the economy and reducing
unemployment in Jordan,” he stated.
"The COVID-19 pandemic and the current war in Ukraine should
serve as huge lessons from which we learn that the only way to resurrect the
economy is to attract substantial international investments," the minister
had said in his address at the workshop.
Economist
Zyan Zawaneh questioned why Jordan was able to
attract investments in the 1960s and 1970s without the need for ‘a so called
investment law!” He said that the issue was never a need for regulations and
laws, but rather proper implementation of laws and the ability to attract
international projects. “A poor
executive tool can kill a law, no matter how robust it is.”
Zawaneh stressed the need for legislative stability as a key
element in the process of regulating the economy and attracting investment,
noting that frequent changes in the law have discouraged investors from doing
business in Jordan.
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