Senate passes investment environment draft law

Lower House  Parliament
(File photo: Ameer Khalifeh/Jordan News)
AMMAN — The Senate on Tuesday endorsed the investment environment draft law as passed by the Lower House, according to the Jordan News Agency, Petra.

At a session chaired by Senate President Faisal Al-Fayez, and attended by Prime Minister Bisher Al-Khasawneh and Cabinet ministers, the Senate recommended that the government promptly draw up an investment map involving the private sector to identify investment opportunities by sectors and governorates.

It also recommended to train and qualify human resources in government institutions concerned with investment to fully carry out their tasks, and set a period of no more than 15 days to issue a license to practice economic activity.

The draft, which replaces Investment Law No. 30 of 2014, aims at creating an investor-friendly environment in line with the Economic Modernization Vision, whose realization requires bringing in investments and financing to the tune of JD40 billion over the next 10 years.

The law treats foreign investors  as equal to Jordanian investors, protects investments, ensures free money transfer, and provides guarantees and incentives tied to investment added value (economic growth, job creation, export and knowledge, and technology transfer), besides digitizing and automating procedures and services to overcome administrative and procedural bottlenecks.

It also promotes investment in strategic and entrepreneurial undertakings, innovation, research and development, and seeks to create an appropriate environment for the development of small- and medium-size enterprises.

The project also defines the advantages of investing in developmental and free zones, and addresses the settlement of investment contract disputes through arbitration.

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