4 parliamentary proposals to amend investment laws in Iraq.. What about the problems?
4 parliamentary proposals to amend investment laws in Iraq.. What about the problems?
2024-06-16
Al-Sumaria News – Local
Member of the Parliamentary Investment and Development Committee, Saeb Al-Hajami, proposed today, Sunday, making four amendments to the investment laws in Iraq, while addressing the most important problems in the texts of these laws.
Al-Hajjami said, in an interview with Al-Sumaria News, that “amending investment laws in Iraq aims to create a more attractive environment for investors by improving some legal texts and simplifying procedures.”
Regarding the proposed amendments to investment laws, he pointed out “facilitating bureaucratic procedures, which reduces the time and effort required to obtain the necessary licenses and approvals to start investment projects.”
Al-Hajjami explained, “The other amendment is to provide legal guarantees, by giving investors guarantees that protect their investments from any sudden legal or political changes,” pointing out the importance of “improving infrastructure by providing advanced infrastructure that supports investment projects such as roads, electricity, and water.” .
He touched on “tax exemptions, by granting them to investors for certain periods of time to attract more investments.”
As for the problems in the texts of investment laws, he pointed to “ambiguity in some texts, which may open the way for multiple interpretations, in addition to legal instability, which may make the investment environment unstable.”
Al-Hajjami stated, “The other issue revolves around complex bureaucracy and long procedures, which may hinder the speed of starting investment projects.”
He stated, “Investment in Iraq can be mixed. While there are great opportunities thanks to the natural resources and strategic geographical location, the security and political challenges may affect the attractiveness of investment.”
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