Draft law envisions enhanced investment environment — Shraideh

AMMAN — The draft law regulating the investment environment helps bring “a new investment identity” to Jordan, Planning and International Cooperation Minister Nasser Shraideh said on Monday.

Shraideh’s remarks came during a press conference held at the Public Policy Forum, to discuss the aspects of the draft law regulating the investment environment for the year 2022.

“This draft law has outlined the features of the investment policy, thereby promoting the principles of fairness and transparency with investors,” Shraideh pointed out.

Dialogue, which has been held so far concerning the draft law, is important and much needed, the minister indicated, adding that the draft law has come up with many positive aspects that aim to enhance Jordan’s investment climate, alleviate administrative constraints and add value to the local labour market.

Turning to the articles of the draft law, the minister revealed that strategic projects of high investment value would have “the golden permission” which means they would comprehensively receive all necessary approval for their projects.

Providing exemptions and incentives to investment projects is also included in the draft law, in addition to tax advantages which would be given to projects in less developed areas in Jordan, which are in need of greater development.

“In the changing investment world, Jordan is in need of different investments that open up new markets and create job opportunities,” according to Shraideh.

The minister added that the draft law guarantees legislative stability, which preserves the rights of investors, and does not change the regulatory provisions even with the change in governments.

He noted that legislative stability is given under the draft law and for a period of seven years.

During the meeting, Head of the Lower House’s Economy and Investment Committee Khair Abu Salik highlighted that “following the celebration of Jordan’s first centennial, renewing working instruments has become necessary, especially when speaking about the economic dimensions”.

Abu Salik added that the government has focused on reform processes, particularly in political, economic and administrative scopes. 

He noted that the committee has had over 25 sessions with parties representing most sectors.

Additionally, Abu Salik said that the draft law, for the first time, included the investment policy.

The Public Policy Forum is a non-profit whose mission is to develop democratic policy framework based on dialogue.