AMMAN —
The Lower House of Parliament on Wednesday started debating a draft law
governing the investment environment, passing a number of articles, including
changing the name of the law to “Investment Environment Law for 2022”,
according to the Jordan News Agency, Petra.
اضافة اعلان
The legislators
also agreed to redefine investment as “starting an economic activity in the
Kingdom, including ownership, participation, development, or expansion”.
Before the House
began debating the proposed law, the chairman of the Economy and Investment
Committee, Khair Abu Sa’ilik, stated that the committee held a national
dialogue and solicited feedback from lawmakers and other stakeholders.
In response to the
MPs’ comments on the proposed law, Abu Sa’ilik stated that the recommendation
to enforce the law 90 days after its publication in the Official Gazette, as
opposed to 30 days, does not violate the Jordanian Constitution.
He justified
extending the waiting period by saying that a major by-law must be completed
before the law can be enforced.
In addition to
facilitating business and attracting foreign investment, one of the most
important purposes of the bill was to establish a mechanism for resolving
investment contract disputes, the applicable law, and locating arbitration in
the Kingdom, unless the investor’s contract specifies otherwise.
Addressing the
Lower House, Prime Minister Bisher Al-Khasawneh said that the government
drafted and submitted the investment environment bill to the parliament,
denying that the bill was drafted by a foreign company and stressing that the
government drafts legislation out of “self-will” in an effort to improve the
legislative environment.
In a related
development, according to Khaberni News, the House of Representatives said
investors who hold Israeli passports will not benefit from investment
facilities.
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