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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