Senate passes investment environment draft law

The Senate on Tuesday endorsed the investment environment draft law as passed by the Lower House.

The Senate, convening in a session chaired by its President Faisal fayez and attended by Prime Minister Bisher Khasawneh and cabinet members, recommended that the government promptly draw up an investment map involving the private sector to identify investment opportunities by sectors and governorates, 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 economomic modernization vision, whose realization requires bringing in investments and financing of about JD40 billion over the next ten years.

The law equates foreign investors and their Jordanian peers, protects investments, ensures free money transfer and provides guarantees and incentives tied to investment’s 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 enterprises, innovation, research and development and seeks to create an appropriate environment for the development of small- and medium-sized enterprises.

The project also defines the advantages of investing in developmental and free zones and addresses the settlement of investment contract disputes through arbitration.

Source: Jordan News Agency

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