Investment Magazine/Exclusive
During its session on Sunday, December 1, 2024, the House of Representatives reviewed the explanatory note provided by the government regarding the new 2024 Investment Law. The discussion of the project was postponed to a future session, with the government set to withdraw the previous version of the law.
The new law aims to contribute to achieving a diversified and sustainable national economy, support and promote small and micro-enterprises, and encourage investment in community-driven economic projects. Additionally, the law seeks to foster multi-source electricity generation projects, recognizing their role as a cornerstone of economic development. It also focuses on localizing national industries that rely on domestic production inputs, particularly agricultural inputs, while increasing the added value of these industries. The law aims to protect local production, enhance national exports, and improve the balance of payments. Overall, it seeks to create a favorable and attractive investment environment.
The proposed law consists of 99 articles distributed across six main chapters:
- Chapter 1: Definitions, objectives, and scope of application.
- Chapter 2: Guarantees, incentives, and benefits for investors.
- Chapter 3: The one-stop-shop system, registration procedures, and investor obligations.
- Chapters 4 & 5: Encouraging and protecting local production, as well as the role of the General Investment Authority.
- Chapter 6: Dispute resolution mechanisms and final provisions.
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