The Lower House of Parliament began debating a draft law governing the investment ecosystem on Wednesday, passing a number of articles, including changing the name of the law to “the Investment Ecosystem Law for 2022.”
The legislators also agreed to redefine investment as “starting an economic activity in the Kingdom, including ownership, participation, development, or expansion.”
Before the House began debating the proposed law, the chairman of the Economy and Investment Committee, Khair Abu Sa’ilek, stated that the committee held a national dialogue and solicited feedback from lawmakers and other stakeholders.
In response to the MPs’ comments on the proposed law, Abu Sa’ilek stated that the recommendation to enforce the law 90 days after its publication in the Official Gazette, as opposed to 30 days, does not violate the Jordanian constitution, justifying the extended waiting period by saying that there is a major bylaw that must be completed before the law can be enforced.
In addition to facilitating business and attracting foreign investment, one of the most important mandated purposes of the bill was to establish a mechanism for resolving investment contract disputes, the applicable law, and the location of arbitration in the Kingdom, unless the investor’s contract specifies otherwise.
Source: Jordan News Agency