Investment law a key step for reforms

Prime Minister Abdullah Ensour Saturday headed the first Investment Council meeting which was established in accordance with the investment law.
It came into effect after it was approved by a Royal decree and was to be published in the official gazette.
The 12-member council, which is headed by the prime minster, is divided equally between the public and private sectors.
The premier said investment procedures had become easy, direct and decisive and not bogged down in detail and routine. He assured that attracting investment is a priority and a strategic choice for the government.
He added that the investment law was set up to unite the authorities concerned with investment, simplify and speed up the relevant procedures. It was also meant to cancel the overlap and duplication in the functions and powers between the institutions to stimulate economic activity and enhance confidence in the investment environment in the Kingdom.
The Investment Council also stressed that economic and social development have become a shared responsibility between the public and private sectors in the framework of an integrated schedule. It should be implemented fully and clearly in the policies and measures to be adopted.
The council discussed the necessary steps to enhance the interests of the development zones in several areas in the Kingdom and the formation of local and district committees which support the work process.
During the meeting, the council also elected the minister of industry, trade and supply as the deputy head of the council.
Source: Petra