Jan 19 2010 |
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Gov't nears finalising new investment law
AMMAN - The government is planning to pass legislation soon to facilitate local and foreign investment in the Kingdom, according to a senior official.During a seminar on "Climate of Investment", held on Saturday, Jordan Investment Board ( JIB ) acting Executive Director Issa Gammoh said the government is currently working on drafting the bill, which is expected to be ready in the near future.
Gammoh said the new law, which would likely be passed as a temporary law in the absence of parliament, could serve as a tool to implement one stop-shop policy that the government has been working to develop.
He added that such legislation would guarantee foreign investors an easy access to the market especially via the creation of a central committee that would help overcome red tape.
During the one-day seminar, officials conceded that the global credit crunch had affected the Kingdom, but expressed confidence the days ahead will be brighter.
Official figures released during the seminar showed the volume of investment in 2009 dropped by nearly 50 per cent, but Gammoh said funds would be flowing back to the Kingdom this year.
The Kingdom possesses an investment-friendly climate, strong infrastructure and consistent official policies that help attract investor.
"All such factors help position the Kingdom as a destination for investment," said Gammoh.
JEA President Abdullah Obeidat said the investment unit of the association is working on diversifying its local investments including real estate development as well as financial tools.
He indicated that JEA officials recently made field visits in Saudi Arabia to offer investment opportunities to Jordanian expatriates in the oil rich kingdom including a mega-project to build a resort in the port city of Aqaba.
The project includes also building a housing complex on 400 dunums of land.
By Mohammad Ben Hussein
© Jordan Times 2010
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