amendment to the Investment Law with the radical changes to ensure the right investor

Announced that the national investment, on Tuesday, it seeks to amend the last to the Investment Law No. 13 of 2006 which was amended paragraphs in 2009, pointing to the existence of things, mainly in the First Amendment did not apply on the ground, while confirming that it is studying the failures encountered in the process investment with the bodies of the provinces in order to be exceeded in the new amendment.

The head of the Sami al-Araji, said in an interview for “Alsumaria News”, “the body rise to the amendment to the Investment Law No. 13 of 2006 which was amended paragraphs in 2009,” noting that “one of the main things in the First Amendment which took place in 2009 did not is applied to the ground. “

Araji said that “the amendment included requiring government departments to divest all the land in the whole of Iraq candidate for investment, and are delivered to the National Commission for the purpose of presentation to investors,” attributing the cause of non-application that “the culture of investment new in Iraq and take years to overcome routine administrative procedures which we have inherited civilization from a centralized economy. “

Araji explained that “the body put all the necessary facilities for the investor to use his money and is committed to the protection and promotion of investments under the investment law,” noting that “the Board has a large and fundamental changes are required during this period to ensure the right investor.”

He said al-Araji, that “Iraq has the components and elements of a magnet for investment are not available in other countries, if the use of tools and capabilities for the legislative environment attractive for investment and mutually beneficial to the investor and the country.”

Araji confirmed that “the body to cooperate with provincial investment agencies and provincial councils and examine the failures that hinder the progress of the investment process in order to work on another amendment to some provisions of the Investment Law No. 13 of 2006.”

Announced that the national investment, in (25 October 2011), that it was the third amendment to the Investment Law No. 13 of 2006 which was amended in 2009, and as pointed out dealing with a new system for the establishment of six areas of investment and economic free in Iraq, confirmed that Iraq will be the fastest growing globally over the next two or three.

He called on Prime Minister Nuri al-Maliki, the beginning of November 2011, to change all economic legislation and laws to fit the Iraq went to a market economy, stressing the need for a law guaranteeing all companies that wish to invest in the country.

The Iraqi parliament voted in October 2009, the draft law on the First Amendment to the Investment Law No. 13 of 2006, an amendment which allowed for ownership of land in the real estate projects to investors, bonds, real estate deal, which were considered obstacles to investors.

Parliament passed, in October of 2006 investment law, which it was said at the time that it will open the doors to foreign investment because of introducing a lot of facilities to foreign investors, and equated the Iraqi investors and foreign investment in each of privileges with the exception of real estate ownership for the project, and the text in paragraph 11 of it as a foreign investor can lease land for 50 years, renewable only that he is not entitled to possession.

It is incumbent upon investors to submit their projects for the National Commission for Investment or the Investment Commission of the region or province for investment licenses and they can apply for investment license to the Department of the window one developed by the National Investment Commission and authorized to inform the investor’s decision to the final in 45 days in order to eliminate administrative red tape in granting investment licenses.