The government has endorsed a draft investment law and refered it to the Legislation and Opinion Bureau, Industry and Trade Minister Shabib Ammari said on Wednesday night.
In remarks during an iftar 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, which will be placed on the agenda of the Lower House’s second extraordinary session, includes 59 articles that deal with the problems facing investors in the Kingdom.
The law unified all the departments and commissions concerned with investment in one entity to facilitate procedures for investors, Ammari continued.
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 indicated.
He stressed that investors will not lose any of the privileges given to them under the current law.
The new law will also deal with bureaucracy to facilitate the opening of businesses and attract investments, Ammari said, noting that many investors complained of problems in the implementation of their projects due to bureaucracy.