Gov’t mulls ‘investor window’ to cut red tape

AMMAN — The government is planning to launch an "investor window" with the aim of unifying all business licensing and registration measures, Minister of Industry and Trade Tareq Hammouri has said.

Hammouri told The Jordan Times that the investor window, which will be implemented in cooperation with international institutions, will allow investors to conduct all their processes and transactions through one e-gate that enables them to register and license their businesses.

The minister said there will be a comprehensive revision of registration and licensing measures currently completed through various government institutions, which aims at cutting these measures short to create an effective registration window that serves investors within a faster timeframe.

Commenting on the step, economist Husam Ayesh said that it is surely important to have quick measures to finish the application process of any investors with all transparency and simplicity in a way that reduces efforts and costs, and thereby tuns the investment idea into a project. 

This, nonetheless, requires full knowledge of the project with experts able to identify the needs of the investors and their project as well as the procedures needed to quickly implement it, Ayesh said.

In this way, the window will not only help investors obtain licences and finish registration but will also ensure they have all the information and data that they need to start their project, Ayesh continued. 

The economist stressed the need to focus on the quality and type of investments with a long-term vision of their sustainability for the investor and how they benefit the community, the incubators and the country.

Ayesh also called for employing stable economic regulations and creating an environment that exudes safety and comfort for local, Arab and foreign investors for three to five years, in addition to keeping them informed about changes in relevant laws.

On a related note, net foreign investments dropped by $33 million during the first quarter (Q1) of 2019, registering the lowest decline in a year, according to the Central Bank of Jordan's (CBJ) primary data released in July. 

The data showed that direct foreign investments in the Kingdom fell to $251 million by the end of Q1, in comparison with a $284 million drop during the same period last year.

Ayesh voiced hope that the window will not only focus on expediting investments registration but also help attract long-term investments that benefit all.