AMMAN — The
Lower House Economy and Investment Committee, headed by Khair Abu Sa’ilik, on Tuesday discussed the draft investment
law, with the government economic team, according to Al-Ghad News.
اضافة اعلان
Attending the meeting were
Minister of Planning and International Cooperation Nasser Al-Shraideh; Minister of Finance Mohamad Al-Ississ; Minister
of Industry, Trade, and Supply Yousef Al-Shamali; Minister of State for Legal
Affairs Wafaa Bani Mustafa; Minister of Digital Economy and Entrepreneurship
Ahmad Hanandeh; and Minister of Investment Khairy Amr.
Others included the director-general of the Customs Department,
Jalal Al-Qudah; the head of the Income and Sales Tax Department, Hossam Abu
Ali; the secretary-general of the Ministry of Investment, Zaher Al-Qatawneh;
and representatives of the private sector.
Abu Sa’ilik said that the committee held 26 meetings to discuss
the draft, made numerous observations, and voiced varying opinions, and
therefore, the draft must be discussed and amended.
Other laws will be discussed during the next session, most
important of which is the securities legislation. The purpose of the draft laws
is to attract capital and reduce high unemployment rates, Abu Sa’ilik affirmed.
Minister Shraideh said that in addition to raising the
competitiveness of the Jordanian economy, the draft also bolsters the Jordanian
economic identity. He asserted that the draft was proposed to attract and
buttress foreign and local investments.
He said the bill focuses on the principles that protect the
investor within the scope of their privileges, since businessmen must be
treated in a fair and transparent manner under the rule of law.
He cited the importance of reducing the human element in dealing
with investors, and instead opt for interaction through technological means. He
said that at least 42 percent of transactions receive approvals in less than
one hour.
Around 96 percent of projects in Jordan range from small to
medium, and that all of them must be accorded all means of support, Shraideh
said.
The Lower House Economy and Investment Committee recommended
several amendments, such as removing the word “regulating” from the name of the
draft, to read: the “Investment Environment Law.”
Other points reiterate the government’s commitment to the
application of the rule of law.
The draft will go into effect within 90 days from the date of its
publication in the Official Gazette, and will be implemented next year.
Read more Business
Jordan News
.jpg)
.jpg)
