New investment law to cut red tape in Jordan
The Ministry of Industry and Trade will in two weeks present the Cabinet with a new version of the Investment Promotion Law to address flaws in the law enforce by cutting red tape and facilitating investing in Jordan from A to Z, a senior official said. Industry and Trade Minister Shabib Ammari told a press conference in Amman on Saturday that the new law will ensure smooth registration and implementation of projects to benefit from the legislation.
Special committees will be tasked with facilitating and following up on all foreign investments in the Kingdom, with the authority to solve problems and hurdles facing them on the spot.
The proposed law received applause from Kuwait, the largest investor in the Kingdom, with a total value of JD10 billion, Ammari said, explaining that he had the chance to outline the main features of the suggested legislation to Kuwaiti investors and officials when he accompanied Prime Minister Fayez Tarawneh on a two-day visit to the Gulf emirate last week.
Describing the visit as a success, the minister announced that a large delegation headed by his Kuwaiti counterpart, Anas Al Saleh, is expected to visit the Kingdom to discuss prospects of further investments in Jordan. At a meeting with newspaper editors during the visit to Kuwait, the premier highlighted the government’s keenness to create an investor-friendly environment to increase Kuwaiti investments.
The Kuwait-based Arab Fund for Economic and Social Development expressed interest in investing in the Kingdom’s alternative energy projects. Fund Chairman Abdul Latif Al Hamad also said the fund is willing in principle to extend soft loans to the JD150-million Governorates Development Fund.