Jordan - Modern law to enhance investment environment, remov...| MENAFN.COM

Saturday, 28 May 2022 07:49 GMT

Jordan - Modern law to enhance investment environment, remove obstacles "in progress': PM


(MENAFN- Jordan News Agency)


Amman, Jan. 23 (Petra) - Prime Minister, Bisher Khasawneh on Sunday chaired the first meeting of the steering committee for developing the legislative environment governing investment in the Kingdom.
The Prime Minister said that the committee will introduce a new law to develop the investment and business environment in partnership with the private sector, aiming at enhancing existing investments in the Kingdom, reducing bureaucratic procedures that impede the work of investors, in addition to attracting Arab and foreign investment to Jordan.
He explained that this law will unify legislation related to investment and business in Jordan under the umbrella of a modern law in accordance with the best international practices, pointing out that there are currently about 44 laws and more than 1,800 investment-related regulations and instructions.
Khasawneh added that there are three paths to improve the investment environment in the Kingdom. The first path relates to quick procedures by creating a single window for establishing, registering and licensing economic businesses, to enable companies to obtain a license to operate within one day.
He added that the second path is related to reducing production costs. 'This is what the government has worked on through the new electricity tariff, which will reduce production costs on a number of vital economic sectors, including health, tourism, agricultural, commercial and industrial sectors to raise their competitiveness, motivate economic growth and create more jobs.'
'The third path that the committee will work on is related to regulate investment and business environment legislation in Jordan, in a way that contributes to promoting investment and reducing obstacles facing the work of investors,' Khasawneh further added.

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