Prime Minister Bisher Khasawneh said Monday that draft laws regulating the investment environment, companies and competition are aimed to promote and spur the business environment and competitiveness.

In remarks to lawmakers, he stressed that the government meant to present the legislation package to parliament's extraordinary session and not wait for the ordinary session, as they are in line with its ten-year economic modernization scheme.

The bills seek to find jobs for one million Jordanians and achieve a growth rate of up to 5 percent as key targets to bring a "qualitative leap" in the Jordanian economy, he pointed out.

He stressed that the government, the Senate and Lower House and economic sectors have the collective responsibility to carry out the 10-year economic vision, urging the Parliamentary economic committee to improve legislation package regulating the business climate.

Khasawneh said the bills stipulate tax and customs exemptions to least growing investments, or businesses that achieve a job creation threshold, adding that the current income tax law barred such exemptions.

The premier reviewed amendments to the draft companies law that eases procedures, such as canceling the capital requirement for limited liability companies and giving them a period of 60 days after registration, and approving the notification of companies by electronic means instead of publication in daily newspapers.

He also said the amendments to the draft competition law is in line with with international best practices as they redefine key definitions, such as economic concentration and dominant position, in addition to delegating some of the powers of the Minister of Industry, Trade and Supply to the Council of Ministers.

The prime minister reiterated that the government is committed to forging a real partnership with the private sector, adding that strengthening existing investments and the business environment are the key to job creation and addressing the problem of unemployment.