Sudanese advisor: The government has taken decisions that grant privileges to investors
Sudanese advisor: The government has taken decisions that grant privileges to investors
11-28-2024
Information/Baghdad..
The Prime Minister’s Advisor for Industry and Private Sector Development, Hamoudi Al-Lami, announced that the government has taken decisions to grant privileges to investors, while indicating that the facilities include granting tax exemptions.
Al-Lami said in a speech at the Greek-Arab Economic Forum in Athens, that “Iraq, after the formation of the current government two years ago headed by Prime Minister Mohammed Shia Al-Sudani, had one of its priorities to support the industrial sector, and the government has begun to implement this promise it made,” noting that “the government has taken decisions, including activating Investment Law No. 13 of 2006, and additional amendments were made to it to grant more privileges to investors.”
He explained that “the government has taken decisions, including forming committees to grant incentives and privileges to investors and guarantees for investment,” noting that “foreign investors have the right to lease industrial lands for a period of 50 years, renewable.”
Al-Lami explained that “Iraq has great opportunities for investment, especially after the security stability, and the Arab brothers played a major role in activating various sectors in Iraq and they are now spread across all Iraqi governorates,” stressing that “Iraq is now witnessing a renaissance in activating sectors, and there are investment opportunities that were presented two months ago and will be followed by other opportunities that will be announced soon.”
He continued: “Iraq has a great wealth of minerals that exceeds its importance, oil, as oil is now suffering from some disturbances due to the political situation, the issue of the environment and carbon emissions,” explaining that “Iraq has begun to invest in the great wealth of minerals as it has 10 billion tons of phosphate rocks that are used in the phosphate and phosphate fertilizer industry, which has become a great need due to the increasing demand for food that requires agriculture, which in turn needs fertilizers.”
He added that “any production of the phosphate industry is accompanied by uranium production, and the investor can use the uranium to produce energy or sell it to power plants,” noting that “the National Investment Law began with simple and specific investments in the construction sector and has now shifted to investing in the industrial sectors (chemical and petrochemical).”
Al-Lami stated that “the investor obtains full tax exemptions for importing production line equipment and raw materials.”
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