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Experts to draft ‘modern’ investment law

By Omar Obeidat - Mar 22,2014 - Last updated at Mar 22,2014

AMMAN –– A team of experts will work on drafting a “modern” investment law to be presented to the government and lawmakers. 

During a recent session at Talal Abu Ghazaleh Organisation (TAG-Org) to talk about the current investment and business environment in Jordan, experts reviewed recommendations made by a group of economists and experts and highlighted the need to improve legislations governing investments. 

TAG-Org has formed several committees to address economic issues in the Kingdom, including a special panel for investment and doing business. 

The investment panel is headed by Maen Nsour, former chief executive officer of the Jordan Investment Board. 

Talal Abu Ghazaleh, chairman and founder of TAG-Org, indicated that the team will send a formal letter to MPs to explain the flaws in the investment draft law currently being debated by the Lower House Economic and Investment Committee, saying the legislation includes several negative issues that affect the inflow of investments in the country. 

At the session, attended by former ministers, MPs and a large number of businesspeople and economists, Nsour detailed the recommendations made by the team, highlighting several obstacles hindering better investment environment in Jordan. 

Among the obstacles, he said, is the lack of harmony between economic and investment policies, the fact that there are several government agencies concerned with the investment sector, and the drop in Jordan’s ranking in international business reports. 

There is a dire need to draft “modern” investment strategies to meet the current regional and international conditions, Nsour said. 

The Lower House should also give priority to economic legislations, he added, calling for equipping investors with the necessary information that are related to the Kingdom’s economy and business climate. 

He said: “The panel had also stressed the need to establish development banks such as industrial and agricultural banks to offer long-term and cheap financing”. 

Nsour also highlighted the need to target Jordanian expatriates in order to attract them for carrying out investments in the Kingdom.

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