Jordan Times
Friday, February 13, 2004
Fayez asks for detailed report on investment impediments
AMMAN (JT) — Prime Minister Faisal Fayez on Thursday directed the Jordan Investment Board (JIB) to draw up a comprehensive report within one week, detailing the problems and obstacles impeding investment projects so that the government can take action and find appropriate solutions.Speaking during a visit to the JIB, accompanied by the ministers of industry and trade and finance, the prime minister stressed the need for the implementation of His Majesty King Abdullah's directives and speeding up procedures for the execution of the “investment window.” The facility aims at unifying measures and simplifying procedures.
Granting more power to concerned officials would also accelerate settlement of investment-related issues, the premier said.
King Abdullah on Wednesday visited the JIB and urged it to take steps to cut down on routine and remove obstacles in the way of investment.
The JIB “investment window” is tasked with licensing and obtaining the required approval for commencing projects.
The prime minister said the JIB report should contain specific proposals on speeding up the measures and procedures related to investment and on amending laws to help the process in a manner that would offer Arab and foreign investors more incentives.
Fayez promised to circulate directives to various government offices to regard the JIB as the sole department for terms of reference regarding investors.
In passing his directives at the meeting with JIB on Wednesday, the King suggested that more attention should be given to the tourism sector.
Fayez said investment remains the perfect solution to the present economic crisis noting at the same time that it contributes to the solution of unemployment and poverty problems.
He added that an adviser at the Prime Ministry will be entrusted to handle investment questions on the ground.
JIB Director General Reem Badran briefed the prime minister on the main problems facing investors saying they are related to licences for projects and subsequent executive steps.
The ambiguity surrounding the interpretation of certain laws and regulations and the limited authority under the JIB disposal are among the main obstacles at hand, said Badran.
However, she expressed belief that the opportunity exists for improving the investment environment and accelerating solutions to problems facing investment if the JIB is granted more decision making powers and authorised to take executive decisions concerning investment projects.
Badran proposed that the creation of an “investors services bureau” at the concerned government departments with direct link to the JIB would make the JIB the main reference for investors.
“In this way, the investors could obtain approval for their projects from one source and within a relatively short time,” she said.