Amendments to the investment law this month

Announced the Economic Commission for providing the parliamentary Act to amend the investment law to Parliament for approval this month.

The Commission’s decision Mahma Khalil in a statement the “Center Brief for the Iraqi Media Network,” that “the law of the current investment does not meet the ambitious investor, one of the important laws, particularly with the trend to turn the Iraqi economy to a market economy,” noting that the constitution encourages investment in all sectors .

The aim of the investment law, according to a copy obtained by the “Iraqi gate” to the following: “First – To encourage investment and transfer modern technologies to contribute to the process of developing and enhancing Iraq, and the expansion of its production and service and diversification. Second – To encourage the Iraqi private sector and foreign investment in Iraq by providing the required facilities for establishing investment projects and enhancing the competitiveness of enterprises covered by the provisions of this law in the local and foreign markets. III – Development of human resources based on market demands and provide job opportunities for Iraqis. IV – Protection of the rights and property investors . V. – To expand exports and improve the balance of payments and the balance of trade of Iraq. “

Khalil said that “there are obstacles stand in the current law and these constraints are the acquisition of land and the regulations and banking facilities,” noting that his committee had reached to provide Act to amend the investment law, where a comprehensive and complete and meets the ambitious investors who wish to enter the Iraqi market for the purpose of investment.

He said the Commission’s decision that the most prominent changes that are made by the Committee are: “ownership of land, and the abolition of the routine, and to address the issue of financing and exit of money from Iraqi banks no sector of Iraqi banks, and overcome obstacles with some of the ministries, sectors and the National Investment Commission, in addition to the law of the single window, and the whole set of indicators on the amendment by law to be responsive to the aspirations of investors.

And held several specialists in the economic hopes on the investment law to attract more investments to Iraq, but they at the same time emphasize the importance of marketing investment laws to major international companies and industrialized countries and commercial markets in order to display as much as possible of investors, capital and companies, Economists and confirms that the investment laws of Iraq and one of the best laws for attracting investment in the region, but they attributed the delay in the arrival of companies in large numbers to the absence of the Promotion of this law and what he brought from tax exemptions or customs, as well as other great privileges.

Khalil said bridge differences and reach adjustment points agreed by the members of the committee, explaining that the members of the committee determined that these amendments be comprehensive and complete support of the Iraqi economy.