13. Powers of the Economic Commission

The Economic Commission shall, in the performance and discharge of its duties and functions exercise the following powers: -

to recommend the declaration of Investment Zones to the Minister;

to formulate, oversee, and direct the implementation of reforms required for improving the investment climate;

to review policies, laws and regulations relating to investments, international trade and exports, and to advise the Minister on measures that are considered necessary to facilitate the attainment of the objects of the Economic Commission by the issuance or amendment of laws and regulations;

to take all necessary measures to promote domestic and foreign investments and international trade to achieve greater export-orientated growth, economic diversification and technological advancement;

to enter into agreements with or engage in any activity in furtherance of its duties and functions, either alone or in conjunction with other governmental or regulatory institutions or international agencies or organizations, handling matters related to investment and trade;

to enter into contracts with any person as may be necessary in the exercise, performance and discharge of its powers, duties and functions;

to approve or register, as the case may be, investments or enterprises as provided for in this

to establish or create entities, including separate legal entities incorporated under the Companies

to delegate or assign such powers, duties or functions subject to such terms and conditions, to such entities created under paragraph (h), as the

to give special or general directives to any entity created by the Economic Commission for the purpose of discharging its objects and functions;

to appoint advisory committees to assist the

to recognize certification and certifying bodies in relation to investment and international trade;

to determine an amount up to ten per centum of the fees charged by the Zones SL to issue any licence under Part III, to be credited to the EC Fund;

to purchase, or take and hold any property, movable or immovable, which may become vested in it and to sell, mortgage, lease, convey, devise, assign, exchange or dispose of any such movable or immovable property;

to purchase, hold and sell shares, stocks, debentures and similar assets;

to employ such officers and staff including consultants and advisors subject to such terms and conditions as the Economic Commission may consider appropriate to enable it to discharge its functions under this Part;

to invest its funds in such manner as the Economic

to make rules and issue guidelines in respect of matters under this Part; and

to do any other acts as may be necessary or conducive to the attainment of the objects of the