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Ministerial team reviews new system regulating investment environment

By JT - Jan 24,2023 - Last updated at Jan 24,2023

A ministerial team meets with members of the parliamentary economy and investment committee over a system regulating the investment environment on Tuesday (Petra photo)

AMMAN — A ministerial team on Tuesday met with  members of the parliamentary economy and investment committee over a system regulating the investment environment that was issued in accordance with the 2022 Investment Environment Law No. 21. 

Deputy Prime Minister for Economic Affairs and Minister of State for Public Sector Modernisation Nasser Shraideh said that discussions with the parliamentary panel fall within the government's commitment to opening a dialogue with the House before the Cabinet’s approval of the system.  

The system is intended to simplify the bureaucratic process, speed up investment procedures and ultimately improve the investment environment in Jordan.  It includes all provisions and clauses required to implement the Investment Environment Law that came into force this month, Shraideh said, emphasising that a guide will be developed to acquaint investors with the new law, according to the Jordan News Agency, Petra.

The first phase of the system — a comprehensive investment service related to licensing economic activities — will be launched next week, which would allow investors to apply for licences electronically, ensuring transparency  and saving time and effort, Minister of Investment Kholoud Saqqaf noted.

She added that the "Invest in Jordan platform"  (Invest.Jo)  which aims to share the competitive advantages of the Kingdom, highlight promising investment opportunities in all sectors and facilitate contact with investors locally and globally, is under development.

Minister of State for Legal Affairs Nancy Namrouqa said that the system aims to unite all legislation related to the business and investment environment into one system.

It will also offer services and follow up on investors' affairs in a transparent manner, in addition to protecting investors and their ventures fairly in accordance with the rule of law and international standards and practices, she added.

 

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