Shura legislative, financial panels hold joint meeting

MUSCAT: The Majlis Ash’shura Economic and Financial Committee and Legislative and Legal Committee on Monday held a joint meeting during which they discussed a report prepared by the two committees regarding the draft Foreign Direct Investment Law which was referred by the government. The meeting was chaired by Dr Salih bin Said Masan, Chairman of the Economic and Financial Committee and attended by Khalid bin Ahmed al Saadi, Chairman of the Legislative and Legal Committee, and members of both committees. The members of the committees discussed their points of view and amendments to the provisions of the law in terms of the legislative drafting to keep pace with the developments in the global competitive environment.

The draft Foreign Direct Investment Law has five parts which are the general provisions, incentives for foreign investments, guarantees for foreign investments, administrative penalties and the punishments. The meeting also discussed the visions and the proposed amendments to the Privatisation Law which aims for the implementation of the government’s policies that target to enhance the role of the private sector in the ownership and management of economic activities. The panels discussed the draft law on partnership between the public and the private sectors.