The Parliamentary Committee on Economy and Investment in the Amman Chamber of Industry and Amman Commerce will hold two separate meetings on Sunday to discuss the draft law regulating the investment environment for the year 2022.

The committee discusses the project with the president and members of the Jordan Chamber of Commerce and representatives of the sectors, the president and members of the Jordan Chamber of Industry and representatives of the sectors. The meeting will be held in the building of the Amman Chamber of Industry.

He also discussed with the president and members of the Amman Chamber of Commerce, the heads of trade and service unions, employers’ associations, and a number of major Arab investors. The meeting will be held in the Amman Chamber of Commerce building.

The draft law regulating the investment environment for the year 2022 AD; With the aim of enhancing the competitiveness of the Jordanian economy and its ability to attract investment, and developing legislation related to regulating the investment environment in the Kingdom.

The draft law also aims to reduce the procedures that impede doing business, economic activities and efforts to attract investments, and reduce the competitiveness of the economy in line with the government’s policy in organizing the investor’s journey in the Kingdom.

The draft law contributes to encouraging investment in the Kingdom, by defining the principles on which the general investment policy is based, defining the rights, privileges and duties of investors, and treating them fairly, equitably and transparently, in accordance with the principle of the rule of law and international standards and practices.

The draft law includes a set of incentives, benefits, and exemptions that encourage investment in the Kingdom, and defines the functions and powers of the Ministry of Investment and the Investment Council, and a ministerial committee for incentives and exemptions is established. To approve any incentives, advantages or exemptions for economic activities in any region of the Kingdom.

The draft law also contributes to protecting investors from amending or changing the legislative or regulatory provisions in accordance with specific provisions and controls. The mechanism for approving tax and customs incentives and other financial incentives applicable to those areas.

It also regulates the registration and licensing of economic activities, the determination of the obligations of the official authorities with regard to the requirements of the licence, the necessary periods for granting it and its validity periods, and the matters to be taken into account before withdrawing, canceling or suspending any license.

Under the draft law, one or more committees will be formed to consider grievances submitted by investors, to determine the mechanism for settling investment contract disputes, the rules to be applied, the applicable law and the place of arbitration.

(The kingdom)