King checks on JIC’s new procedures

AMMAN — His Majesty King Abdullah on Tuesday visited the Jordan Investment Commission (JIC) and checked on the steps recently adopted by the commission to facilitate procedures and improve the business environment in the Kingdom.

During a meeting with JIC officials that was attended by Prime Minister Hani Mulki, the King expressed his appreciation of JIC's efforts for being the gateway for any investor in Jordan.

His Majesty stressed the importance for JIC to possess the necessary capabilities and staff to present the best services for investors, according to a Royal Court statement. 

In this regard, the King highlighted the importance of all institutions to display the maximum level of cooperation to help the commission carry out its job, including its mission included in the Jordan Economic Growth Plan 2018-2022. 

The Monarch also underlined the importance of having a clear strategic vision that highlights the added value offered by the Kingdom to the region and the world in the commercial, industrial, investment and business sectors. 

His Majesty was also briefed by Minister of State for Investment Affairs and JIC President Muhannad Shehadeh on the commission's work plan and procedures it implemented to stimulate and facilitate investment.

Shehadeh said that the JIC procedures included launching a "quick line service" to help investment projects through the investment window directorate, where the JIC granted 32 licences and approvals for investment projects, with a total value of JD196 million.

These projects are in the tourist, industrial and agricultural sectors, and are expected to generate some 1,500 jobs, the minister noted, adding that the JIC also registered 27 projects for non-Jordanians in various sectors.

He noted that the JIC has finished drafting a new investment plan which includes 240 investment projects in numerous economic sectors, adding that the commission finished initial feasibility studies for 120 projects.

The studies will be announced on Sunday, in cooperation with the Ministry of Planning and International Cooperation, Shehadeh noted.

The JIC, in cooperation with the Interior Ministry, will also have a unified security approval for investors, JIC president said.

Other JIC procedures include electronic connection with customs centres to receive exemptions, without having to visit the exemption section at the commission, he added.

Shehadeh said that the JIC also worked on alleviating the procedures for registering and licensing investment projects, through reducing the number of JIC approving committees from 23 to 13 panels. 

The JIC reduced the time needed to register and license projects in development zones from five to only one day, reducing the time required to grant or renew investor cards from five to two days, the minister added.

He noted that the period necessary to grant exemptions, as stipulated in the Investment Law, was also reduced from two weeks to one, and the time needed to grant exemptions under Cabinet decisions went from seven days to one.

The steps included restructuring the procedures for presenting services to investors, reducing them from 15 procedures for each service to five, and making them accessible through the investment window’s quick line service, he added.

The procedures also included removing the Kenyan nationality from the list of restricted nationalities and facilitating the entry of Indian businesspeople, the minister noted.

King Abdullah toured the main departments at the JIC, including the investment window/quick line service, investor service, facilities and exemptions.