Economist: need a new companies act legislation to support the national economy

Baghdad (newsletter) … The Economist called Haidar Al-shammari, the need for a new corporate law legislation that current law is restricted local companies to contribute to the development of the national economy.

He said Al-shammari (News News Agency): the companies act of the year (1997) contains a lot of paragraphs that do not help to support domestic enterprise sector in contributing to the development of the country’s economy as well as global companies are not allowed to open branches in Iraq.

He continued that this law to make companies operate as it pleases without regulation, noting that most companies is registered with the Ministry of Commerce.

Added: a new corporate law legislation supports the corporate sector as it is one of the important sectors in the national economy.