Senate finance committee begins debate of new investment bill

(File photo: Jordan News)
AMMAN — The Senate's Finance and Economic Committee on Thursday kicked off debate of the 2022 draft law regulating investment environment and approved a number of its articles.اضافة اعلان

Chairing the committee's deliberations, the Senate's Acting President, Samir Rifai, said the bill comes within the framework of Jordan's administrative and economic modernization and development plan, in implementation of His Majesty King Abdullah II's vision, aimed at improving the Kingdom's economic environment to attract investments and enhance the country's competitiveness according to international indicators.

Noting the bill's importance in terms of enhancing the Kingdom's investment environment, Rifai said the draft would expedite procedures to approve investor applications and provide the necessary facilitations aimed to attract investments in various sectors.

On the bill's pros, he noted the draft law would create a "safe" legislative environment that preserves investors' rights and provides priviliges and exemptions to stimulate investment in the Kingdom.

Referring to Jordan's current "difficult" economic challenges, which have affected the citizens' lives, he said overcoming these hardships requires "responsible" participatory action from various official and civil authorities.

This process, he said, also needs the bill's expedited endorsement and amendments on legal legislation and related regulations in force, which contributes to facilitating the Kingdom's business environment and enhancing its attractive climate to attract more investments.

Rifai also noted the draft law would also regulate establishment and monitoring of free and development estates, set incentive packages for registered businesses and put a time ceiling required to consider investment requests and identify authorities concerned to issue approvals in this regard.

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