Economic Development Commission will process the draft Investment Law

The project of Investment Law, what promotes the Government of Guillermo Lasso, has the green light in the National Assembly to begin its analysis and debate. The Council of Legislative Administration (CAL) qualified the project and appointed the Economic Development Commission for legal processing.

The CAL held a virtual session on the afternoon of Monday, February 28, in the midst of the carnival holiday. the assemblywoman Johanna Moreira (ID) He said that he will propose that in the Investment Law include a repealing provision of the Decree Law on Economic Development and Fiscal Sustainability.

“This will be the right opportunity to repeal the tax package”Moreira said, collects a statement from the Assembly.

The Government’s project is of an urgent nature in economic matters, which gives Parliament a period of 30 days to process the standard. Within that time, the Economic Development Commission has 10 days to prepare the report for the first debate in plenary, according to article 59 of the Organic Law of the Legislative Function.

One day before the CAL session, on February 27, the Legislative Technical Unit (UTL) issued the technical-legal report on the initiative of the Executive. The document recommended qualifying the project and entrusting the process to the Economic Development table.

Likewise, the UTL concluded that there are “current legal norms that would be incompatible, that would be affected or should be repealed or reformed with the approval of the proposed rule.”

One of the observations was about the regulations and institutional framework for investment, promotion of delegated management and public-private partnerships in projects of strategic sectors and public services. The Unit warned, among other things, that in the law delegation in exceptional cases must be “clearly established”, without remaining solely at the discretion of the Executive.

The Government seeks with this law attract $30 billion in investment and create two million jobs by 2025. The proposal includes tax benefits for investors, promotion of public-private alliances, arbitration, creation of free zones, improvement of the stock market and transformation of the telecommunications sector.

Other projects qualified by the CAL

During the virtual session, the CAL also qualified for processing other eight bills promoted by several assembly members.

The initiatives are:

• Organic Law Reformatory to the Organic Code of Territorial Organization, Autonomies and Decentralization, authored by the legislator Bertha Sánchez, will be processed in the Commission of Autonomous Governments.
• Organic Law on Cybersecurity, Systemic Security and Access to the Truth of the Facts, proposed by José Luis Vallejo. It will be processed at the Comprehensive Security table.
• Organic Law Reforming the Comprehensive Organic Criminal Code, promoted by Marlon Cadena, will go to the Justice Commission.
• Organic Law for the Specialization of the Reformatory Justice to the Organic Code of the Judicial Function, promoted by Johanna Moreira, will be dealt with in the Justice Commission.
• Reforms to the Notary Law, proposed by Alejandro Jaramillo, will also go to the Justice table.
• Reforms to the Organic Law for the Comprehensive Planning of the Amazon Special Territorial Circumscription, sponsored by Mariuxi Sánchez, will be analyzed in the Biosafety Commission.
• Organic Law of Justice and Comprehensive Protection for the Moors, proposed by José Luis Vallejo, will be studied at the Biosafety table.
• Reforms to the Monetary and Financial Organic Code, presented by Silvia Núñez, will go to the Economic Regime Commission. (I)