The Jordanian House of Representatives approved a draft law regulating the investment environment for the year 2022. After the amendment was approved, the definition of an investor became that of a person who invests in the Kingdom in an economic activity in accordance with the provisions of the law, whether he is a Jordanian or a non-Jordanian investor, without exception of any nationality.
The reasons for the draft law came to enhance the competitiveness and ability of the Jordanian economy to attract investment, and to develop legislation related to regulating the investment environment in Jordan. Defining the principles on which the general investment policy is based, defining the rights, privileges, and duties of investors, treating them fairly, equitably, transparently, and in accordance with the principle of the rule of law and international standards and practices, as well as for approving a set of incentives, benefits and exemptions that encourage investment in the Kingdom.
The compelling reasons aim to develop and simplify the procedures that stimulate the practice of business and economic activities, encourage the attraction of investments, and enhance the competitiveness of the economy, in line with the government’s policy in organizing the investor’s journey in the Kingdom, organizing the registration and licensing of economic activities, determining the obligations of the official authorities with regard to the requirements of the license, the period required to grant it and its validity period, and the matters to be taken into account before withdrawing, canceling or suspending any license.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
