Investment Magazine / Special Report
The parliamentary committee tasked with studying the Investment Law draft concluded its meetings today, chaired by the Deputy Speaker of the House of Representatives and committee chair, Abdulrahman Al-Jamaei. The committee, in the presence of government representatives, including the Minister of Economy, Industry, and Investment, Eng. Moien Al-Mahaqri, and the Chairman of the General Authority for Investment, Yasser Al-Mansour, completed its discussions on each article of the draft law. The law was approved in its final form after incorporating the feedback and suggestions highlighted by the members of the council.
With the completion of its work, the committee has decided to submit the final report to the council for discussion and decision-making.
The provisions of the Investment Law draft focus on encouraging and protecting local production, boosting exports, and supporting agricultural, livestock, and fishery products, as well as local industries, ultimately aiming for self-sufficiency. The law includes the implementation of a national strategy to promote investment in line with the country's plans, addressing the requirements of the current stage of change and development.
The law also involves preparing research and studies on the investment climate, along with feasibility studies for priority investment projects. It aims to expand the pool of beneficiaries from such investments, promote and encourage the transfer and localization of industries in various sectors, particularly those dependent on local natural resources and wealth. The law ensures that these industries receive attractive incentives and benefits and strengthens the principle of public-private partnership.
The meeting was attended by several government officials, including agents and specialists from relevant authorities.
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