The Parliamentary Economy and Investment Committee approved the final report on the legislative impact assessment of the Investment Environment Law No. 21 of 2022.
اضافة اعلان
Committee Chairman Khaled Abu Hassan, in the presence of representatives from the entities involved in preparing the report, including the General Secretariat of the House of Representatives and the Westminster Foundation for Democracy, emphasized the importance of this review as a key milestone in improving the quality of economic legislation and measuring its actual impact on the investment environment. He also highlighted the need to align the law with the priorities of the Economic Modernization Vision, enhance investor confidence, and ensure sustainable economic growth.
The report presented the results of the law’s implementation since its enactment, showing partial progress in certain regulatory aspects while noting ongoing challenges. These include the need to strengthen institutional governance, clarify authorities, activate monitoring and evaluation tools, link investment incentives to measurable performance indicators, and enhance the role of the Investment Council in decision-making and follow-up on implementation.
The report contained a comprehensive set of institutional, procedural, and operational recommendations, including expanding the powers of the investment window to handle overlapping procedures, grant necessary approvals, adopt clear coordination mechanisms between the Ministry of Investment and the Investment Council, strengthen the council’s General Secretariat with the required human and technical resources, and establish specialized units within the council to monitor decision implementation and issue periodic reports on progress and challenges.
Recommendations also included developing a national system of measurable performance indicators for the investment climate, covering licensing duration, compliance costs, investor satisfaction, and the geographical distribution of investments. These indicators should be linked to unified periodic reports that allow comparison and assessment of the actual impact of investment policies. In addition, the report emphasized completing comprehensive digital transformation, unifying systems, and eliminating duplication between paper-based and electronic processes.
The report also included legislative and institutional recommendations, notably strengthening the legal framework governing the Investment Council, introducing performance indicators to measure the implementation of investment policies, linking incentives to environmental and social criteria, and establishing permanent institutional mechanisms to assess legislative impact both before and after laws are enacted.
The report stressed the importance of enhancing transparency and partnership with investors through the publication of simplified information about investor rights and procedures, adopting clear mechanisms for receiving, analyzing, and addressing feedback and complaints, and linking them to policy improvements. It also recommended clear timelines for Investment Council meetings and publishing summaries of its decisions and periodic reports to strengthen oversight and institutional trust.
Abu Hassan noted that the final report will be submitted for subsequent legislative review to the Speaker of the House, who will forward it to the economic team at the Prime Ministry, ensuring its findings are integrated into government follow-up and economic decision-making processes.
He emphasized that this report represents a first step in a comprehensive series of follow-up actions, including preparing a specialized study on the government’s second executive program in partnership with relevant entities, aiming to evaluate its economic impact and role in advancing the national economy and achieving the objectives of the Economic Modernization Vision.
Petra News Agency
