Draft laws aim at encouraging investment, creating job opportunities — PM

Prime Minister Bisher Al-Khasawneh
(File photo: Ameer Khalifeh/Jordan News)
AMMAN — Prime Minister Bisher Al-Khasawneh said that the draft laws regulating the investment environment, the work of companies, and competition aim at encouraging and stimulating the investment, business and competitive environment, and creating job opportunities, Al-Ghad News reported.اضافة اعلان

During interventions in the House of Representative session on Monday, the prime minister stressed that the three bills that the government sought to present in the special session are consistent with the 10-year Economic Modernizations Vision, and seek to achieve important goals, among which is to employ one million Jordanians over 10 years and reach an economic growth rates of about 5 percent over the same period.

He stressed that implementing the economic vision is the collective responsibility of the government, Parliament, Senate and various economic sectors.

The prime minister called on the Parliamentary Economy and Investment Committee to improve the package of projects regulating the business environment, stressing that the government economic team will engage positively with any event that achieves its basic objectives.

In this regard, he said, “we are committed to issuing a single system for draft laws regulating the investment environment, companies, and competition, and unified instructions issued by the Council of Ministers.”

Khasawneh said that no reference to issues of control and inspection is to be found in the three bills, adding that there is a law regulating these issues.

He pointed out that the package of draft laws include tax and customs exemptions for a period of up to three years for any investment that produces a certain number of job opportunities, a point that was missing from the 2014 Income Tax Law.

The prime minister said that the companies draft law is “fully consistent with the objectives of the draft law regulating the investment environment”, and entails facilitating and simplifying related procedures and the practice of corporate business in a way that reduces time, effort, and costs for the shareholders in companies, contributes to strengthening the business environment in the Kingdom, and stimulates foreign investment.

Khasawneh reviewed a number of amendments to the companies draft law, such as canceling the capital requirement for limited liability companies when registering and giving them a period of 60 days after the registration process, notifying companies by electronic means and replacing publishing some provisions in daily newspapers with publication on the website of the Companies Control Department, and distributing profits within three months, which contributes to enhancing liquidity in the market and stimulating trading in the Amman Stock Exchange.

He stressed that these amendments aim to simplify and amend many of the procedures that were an obstacle to partners in companies in cases such as death, pointing out that these amendments came as a result of dialogues between the government and various sectors.

With regard to energy and mining, the prime minister said that the government has reduced the price of electric tariffs on the productive sectors, “but realistically, we cannot compete with oil and natural gas-producing countries in terms of energy costs”.

He added: "When we draw comparisons with countries that are similar in the region economically, we definitely find that we are in a better position, and have not reached a stage that poses a risk to the financial and monetary situation, which is very stable, and (for which) we have historical reserves of foreign currencies."

He also said that “there are some promising indications of evidence that may lead to the discovery of natural resources and minerals”, expressing hope that “this will put us on the path to reach situations similar to those of countries enjoying natural resources, and thus we will not need to rely on the tax base to achieve a balance between revenues and expenses.”

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