Amman prepares investment regulations

The Jordan government has endorsed a draft investment law and refered it to the Legislation and Opinion Bureau, according to Industry and Trade Minister Shabib Ammari. In remarks during a ceremony, organised by the Irbid Chamber of Industry, Ammari said the new law will address distortions and flaws in the current law. He added that the draft  law includes 59 articles that deal with the problems facing investors in the kingdom, the Jordan News Agency, Petra, reported. The law unified all the departments and commissions concerned with investment in one entity to facilitate procedures for investors, Ammari said.   Under the law, a higher council for investment will be established to endorse strategies and national policies concerning investment besides setting up plans and programmes needed to implement these policies and promote them. The law will enable the private sector to take part in making decisions and drawing up investment policies as five members of the commission’s board will be from the private sector, the minister said. He stressed that investors will not lose any of the privileges given to them under the current law.   from:Gulftoday