Ammon News - The new investment environment law, which was issued in the official Gazette on October 16,2022, and stipulated that it be implemented 90 days after its issuance, entered into force on Saturday.

The law, which will replace Investment Law No. 30 of 2014, aims to provide a supportive environment for existing investments, in addition to creating attractive conditions for investment in implementation of the vision of economic modernization, whose realization requires investments and financing of nearly 40 billion dinars over the next 10 years.

The law provides for the equality of the Jordanian investor with the foreign investor, investment protection, freedom of money transfer, guarantees and incentives related to the added value of investment (economic growth, job creation, export, knowledge and technology transfer), in addition to digitizing and automating procedures and services to overcome administrative and procedural obstacles, and encouraging Investing in strategic and pioneering projects, innovation, research and development, and creating the appropriate environment for the development of small and medium enterprises.

The law also defines the advantages of investing in development zones and free zones, and deals with the issue of settling investment contract disputes through arbitration according to the rules.