Parliament approves suspension of “Made in Iraq” bill
Parliament approves suspension of “Made in Iraq” bill
2025-09-22 06:42
Shafaq News – Baghdad
Deputy Chairman of the Parliamentary Investment Committee, Hussein Al-Saabari, acknowledged on Monday that some political blocs were obstructing the passage of the Industrial Investment Law in Parliament, while reviewing some of its provisions.
Al-Sa’bari told Shafaq News Agency, “The Industrial Investment Law is one of the most important laws in the House of Representatives. We tried to vote on the law in previous sessions, but there are objections from some members of the House of Representatives to some articles and paragraphs of the law.”
He added, “The committee held a discussion session with the objecting MPs to explain the importance of the law to the Iraqi economy. The main problem is that some MPs are unaware of ownership within the municipality. Unfortunately, some MPs are pushing to prevent the law from being passed.”
He explained that “ownership within the municipality stipulates that it be for industrial areas and districts, and at a price 50 % of the prevailing market price, a figure that contributes to financial revenues. The law stipulates that industrial areas be approved by the Ministries of Health and Environment.”
He continued, ” The investment law includes significant benefits, including a 12-year exemption from customs duties and taxes, up from 10 years, to protect foreign investors’ assets and adhere to international law. It also provides numerous other benefits, including property ownership outside of cities.”
He added, ” The articles and paragraphs in the stalled investment law are numerous, and their goal is to restore the ‘Made in Iraq’ slogan and return the country to being a producer rather than an importer.”
shafaq.com
