Parliamentary Economy Approves a Draft Law Regulating the Investment Environment

Amman Today

publish date 2022-08-14 19:59:28

The Parliamentary Committee on Economy and Investment approved, during a meeting held today, Sunday, with the government economic team, a draft law regulating the investment environment for the year 2022, after introducing a number of fundamental amendments to its articles.

The meeting was attended by Ministers: Planning and International Cooperation Nasser Al-Shraideh, Finance Dr. Muhammad Al-Assis, Investment Engineer Khairy Amro, Industry, Trade and Supply Youssef Al-Shamali, Secretary General of the Ministry of Investment Zaher Al-Qatarneh, Director General of the Income and Sales Tax Department Dr. Hussam Abu Ali, and CEO of the Amman Stock Exchange Mazen Al-Wathafi .

The head of the Economy Committee, MP Dr. Khair Abu Sa’ilek, said that the committee approved the draft law after holding a series of dialogues and meetings with representatives of the private sector, relevant authorities and the government economic team, during which all their observations were heard and used, which greatly contributed to the improvement of the articles of the law.

Abu Sa’ilek stressed that the Parliamentary Economy, in approving the project, proceeded from the public interest and the vision of economic modernization, which represents a national road map across governments with ambitious and realistic standards, noting that the committee spared no effort, and used all expert houses and specialists to improve and improve the texts of this law.

And he indicated that one of the most prominent amendments made by the committee to the draft law was to increase clarity in investment incentives, so that the project included several clear criteria, including: the employment of no less than 350 Jordanians, and the employment of Jordanian workers at no less than 50 percent of the total employment, provided that no The number is less than 50 Jordanian female workers, economic activities targeting export markets by no less than 50 percent, local value-added activities by no less than 50 percent, activities targeting knowledge and technology transfer and digital transformation, strategic economic activities, and activities included in partnership projects between the public and private sectors.

He pointed out that the committee added the Minister of Digital Economy and Entrepreneurship, representatives from the sectors of agriculture, tourism and financial services, and a businesswoman to the formation of the Investment Council.

It also introduced a text according to which the registration of investment funds will be established under a system issued for this purpose, while it introduced a text prohibiting the official entity from requesting the investor to submit any valid document issued by another official authority in the event that an electronic link is available between these two entities.

Abu Sa’ilek indicated that, according to the provisions of the draft law, the Minister of Industry, Trade and Supply was granted the right to delegate his powers to hold exhibitions and open markets, provided that this authorization is in writing and specific.

The committee also reduced the conditions of protection from amending and changing the legislative and regulatory provisions to bring the number of workers to 250 Jordanians or more, while raising the exemption period for less developed regions to 5 years from the date of actual employment instead of 3 years.

The committee also limited the use of non-Jordanians in specialized administrative and technical jobs to no more than 30%.

In turn, Al-Shraideh said that this law is one of the most important laws and comes within an integrated plan and vision to address all economic challenges, pointing out that this project will contribute to stimulating and attracting investment, improving services provided to investors, and overcoming bureaucratic procedures.

He referred to a number of 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.

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Parliament of Jordan

Source : اخبار الاردن

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