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Investment Encouragement Act 1999, Ammended in 2000 - Chapter 5: Investment Organs
Monday, 08 March 2010 20:38
Article Index
Investment Encouragement Act 1999, Ammended in 2000
Chapter 2: Encouragement of Investment
Chapter 3: Privilege & Guarantees
Chapter 4: Safeguard of Investment
Chapter 5: Investment Organs
All Pages

Chapter 5: Investment Organs

The ministerial committee

27. The Council of Ministers, upon the recommendation of the Minister , may constitute a ministerial committee under the chairmanship of the Minister, and membership of the Minister of Finance and the Competent Minister, and the regulations shall specify the functions thereof.

Constitution of the committee

of commissioners

27A. The Minister shall constitute the committee of commissioners, from a chairman and a number of members, representing the competent bodies, having a relation to investment, from the ministries and competent government units; provided that the post of any of them shall not be less than the head of the unit, or whoever may deputize therefor, and shall fully be officially authorized, by the body which he represents, and the committee shall include representatives of the private sector.

Functions of the Committee

28.(1) The Committee of Commissioners shall have the following functions, to :-

(a) consider the extent of compatibility, by strategic projects, with the priorities of investment, in the strategic fields;

(b) consider the needs, by strategic projects, to infrastructure and basic services, needed by the project, and the extent of availability, or possibility of providing the same;

(c) consider the needs of the project, to manpower and the specialized one, procured from abroad, in accordance with the prevailing laws;

(d) achieve the sector investment plans, by the approved and proposed investment projects;

(e) co-ordinate, between the Ministry, and the Competent Ministries, and the states, in every such thing, as may concern investment projects, especially on the map of investment lands.

(2) The Committee may call any person, or body of competence, upon discussing any such subject, as may fall within the competence of such Committee, and he shall not be entitled to vote.

Functions of federal ministries

29. Federal ministries, having connection with investment, shall have competence, as to the following :-

(a) specify priorities, and lay down the investment policies, at their ministries;

(b) prepare sector investment maps;

(c) approve, on point of principle, the establishment of the project, upon such primary feasibility study, as may be transferred thereto, by the Ministry; provided that the final feasibility study of the project shall be presented to the Ministry ;

(d) follow-up the execution of the projects concerning the Competent Ministry, and submit periodical reports, as the Minister may require.

State Investment

30. An investment Act in the states shall be promulgated, by a state law, as to the form of Federal Investment Encouragement Act, 1999.

 



 
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