Local businesspeople call on ministry to modernize Investment Law

Ministry of Investment
(Photo:Jordan News)
AMMAN — Businessmen and investors in Jordan face various obstacles and challenges, especially after the COVID-19 pandemic; the local Investment Law presents an additional challenge to these investors, and businesspeople are now vocalizing their concern.اضافة اعلان

According to the managing director of the Jordanian Businessmen Association (JBA), Tarek Hijazi, “among the main obstacles that businessmen and investors face is the Investment Law, which I see an impediment to the economic growth of the Kingdom.”

He added that the law needs to be developed to keep pace with international legislation, contending that to remain attractive, Jordan should cater to specific projects, particularly in sustainable development and cybersecurity.

Furthermore, he highlighted red tape as a challenge, with new investors needing approval from several ministries, which takes time and effort.

Hijazi additionally noted that the pandemic has changed investors’ priorities. Large investors have not been affected as much, but small investors were “significantly affected” in Jordan.

The government hasn’t offered its assistance despite the JBA’s submission of a recovery plan, he said, adding that “the government has ignored it.”
The foremost demand of the association is the amendment to the Investment Law, he said.

Ali Zghoul, a local investor, told Jordan News that: “Bureaucratic procedures have formed a major barrier in front of investment growth in the Kingdom.”
Zghoul stressed the importance of having a specific department that facilitates and centralizes all of Jordan’s investment operations, adding that the Investment Law is outdated and needs to be modernized. 

However, the spokesperson for the Ministry of Investment, Belal Abu Zaid, told Jordan News that “the ministry offers to help investors in various ways, and among these ways is providing them with different facilities, granting citizenship through investment, in addition to customs and tax exemptions.”

Abu Zaid confirmed that a new Investment Law is currently being studied. This draft is supposed to help in attracting foreign investment and promoting economic growth.

Investment Minister Khairy Amr and the JBA met Saturday to discuss the obstacles and challenges the investment sector faces. At the meeting, JBA President Hamdi Al-Tabbaa called for a modernization of the Investment Law, which will allow Jordan to keep pace with global developments. For his part, Amr stressed that the ministry will continue to work closely with the private sector.

Read more Business