Economists: the investment process needs a solid legal environment

Baghdad / follow Mashreq: – Despite the availability of investment opportunities in all sectors of the economy except that wheel investment in Iraq is still slow, for a variety of reasons, including related legislative aspects and other banking system and routine long prevailing in the state departments, what made investors reluctant to invest in the country .

Has confirmed a number of deputies and economic experts (of the Agency news) that overcome obstacles to investment requires a sober law facilitates investment operations and reduce red tape in reviewing departments and the presence of a banking system that works well in accordance with the regulations the Modern World.

Member of the economy and investment MP / National Alliance / Abdulabas Xiaa, said: that investment as a whole is a new subject on Iraq Valenhod it needs to several factors, including legal environment legislative sound and solid line with what exists of evolution in action the process of granting leave investment in the world without The existence of obstacles.

And added Xiaa although a good law for investment but when it is applied on the ground collide with many hurdles and obstacles, including Multi regard to land ownership and overlap between the provinces and ministries and the existence of the bureaucracy and complexities in the proceedings.

He added: must amend the investment law and add paragraphs remove some obstacles and facilitate the procedures of granting leave investment in order to attract investors to invest in Iraq, noting that the investor when he presents the request for a vacation, the process continues two years or more to be completed procedures for granting leave, which makes investors averse and resort to places Other attractive investment. The Iraqi government had announced earlier that Iraq agreed today to encourage foreign investment in it and provide all guarantees and requirements of success in it.

The economic expert on behalf of Jamil, confirmed the existence of many obstacles prevented advancement of the investment process in Iraq, including no legal environment despite the presence of investment law, but the law alone could not solve all the obstacles and barriers that stand in front of investors when they come to invest.

Jamil said the report issued by the World Bank put Iraq late mattresses between countries in the field of investment and select a number of obstacles that impede the investment process in the country, calling for the benefit of the recommendations identified by the International Monetary Fund (IMF) to overcome obstacles and advancement of the investment process.

He added: that investment has a big role in the economic development of the country must encourage investment and corporate by removing all obstacles and amend legislation. According to the survey of companies conducted by the World Bank, pointed out that Iraq is ranked the 165 worst in the world to do business included the three largest obstacles in front of it: the lack of electricity and insurance instability and corruption.

In general, the Iraqi companies lose 22 percent of its sales because of what he describes as the World Bank weak investment climate, “which is much larger than the losses suffered by companies in Yemen, Lebanon, Egypt, Jordan and Morocco. While select rapporteur of the committee of economy and investment MP / coalition of Kurdish blocs / Khalil Mahma , a series of obstacles that have made Iraq down in the area of investment, including the security situation and financial corruption and economic witnessed most of the state departments and the legislative rules repellents for investment and the difficulty of acquisition of land, in addition to failure of the banking system.

said Khalil must issue a bouquet of decisions and laws in support of investment and work on restructuring banking sector and make it a global system developed, in addition to solving the political problems and the fight against corruption to provide a safe environment for investors and encourage them to invest in Iraq.