The People's Assembly continues to discuss the new investment law ... Establishing an independent arbitration center to settle disputes arising from concluded investment contracts

Damascus-Sana

The People's Assembly, in its twenty-second session of the second ordinary session of the third legislative session, held under the chairmanship of Hammouda Sabbagh, Speaker of the Assembly, continued the discussion of the new investment bill.

The Board approved by majority the articles from 28 to 52 and dealt with in its paragraphs the rights of investors, including opening bank accounts, obtaining credit facilities, transferring annual profits and benefits abroad, and obtaining residence and work licenses, while investors are obligated to inform the Syrian Investment Authority of the date of commencement of work on the project and the actual investment costs and insure it at One of the operating insurance companies.

In accordance with the aforementioned articles, the investor must pay the taxes and fees due and all financial costs incurred by the project and submit any information, data or documents required by the authority without prejudice to the rights to protect intellectual property while determining the basis for settling investment disputes arising from the application of the law in the following ways: “Friendly methods and then Arbitration and then the competent judiciary ”in sequence.

According to these articles, an independent arbitration center called “The Federation of Syrian Chambers of Commerce Arbitration Center” is established and its internal system and arbitration system are set in it by the Federation in accordance with the rules of the arbitration law in force and in a manner that does not contradict the provisions of this law and is concerned with looking into civil and commercial disputes and disputes arising from the concluded investment contract Between the public contracting party and the investor in accordance with the provisions of this law in the event that the two parties agree to resort to arbitration.

The general provisions in the approved articles stipulate that the investment license shall be canceled as a matter of law if the investor does not implement the project during the specified establishment period unless there are justifiable reasons accepted by the Syrian Investment Authority and its decision is justified in all cases, while the investor, upon canceling the project or liquidating it, entails a number of duties. Among them is the "assignment to other Syrian citizens of real estate ownership in excess of the legally specified ceiling."

Non-Syrian workers, experts and technicians, according to the aforementioned articles, are entitled to transfer fifty percent of their wages and monthly compensation in addition to the full compensation for the end of their service abroad through one of the operating banks. The provisions of the applicable labor law and its executive instructions are also applied with regard to procedures for the recruitment and employment of experts, technicians and non-Syrian workers, granting them licenses and fulfilling them. Cash allowances and guarantees.

Based on the articles, all employees of the Syrian Investment Authority, updated by Law No. 9 of 2007, i.e. the current investment law, are considered to be transferred accordingly with their vacancies to the new body on the date this law comes into effect with the same status, categories and wages, and they retain their job footage eligible for promotion. For laws and regulations in force.

At the conclusion of the session, the Speaker noted that the report of the Economic and Energy Affairs Committee on Articles 6 and 12 of the new investment bill, which were returned to the committee, will be discussed in tomorrow's session, in addition to deciding on requests for reconsideration of some of the project's articles submitted by a number of members, and then approval. The entirety of the bill's articles.

The session, which was attended by the Minister of Economy and Foreign Trade, Dr. Muhammad Samer Al-Khalil, and the State for People's Assembly Affairs, Eng. Malloul Al-Hussein, rose to 12 noon tomorrow, Tuesday.

Wasim Al-Adawi