Economy: Investment Law required run rate of 70% of employment in Iraqi projects

Parliamentary Economy: Investment Law required run rate of 70% of employment in Iraqi projects

2015/10/7 10:31

Economy - Investment Law required run rate of 70 percent of employment in Iraqi projects[Baghdad-where]
the economic and investment commission in Parliament, said that “the amended Investment Law No. 13 of 2006 will give great facilities to investors, and is required to run 70% of the Iraqi labor in the projects.”
He said committee member Burhan Mamouri told all of Iraq [where] that “the important investment and Iraq desperately need a law being passed circumstance Mali awkward and difficult and it is today that does not depend only on the financial budget on oil imports only, but work on maximizing state resources from other sources.”
He added “There are companies and ministries dependent on the work, particularly in the field of investment, so it must be approved this law in this period,” referring to “the existence of a personal intervention prevented passed in the last sessions.”
He explained Almamori “for the law of investment rate is unique for all countries world in terms of facilities and encourage investment, and within which the granting of loans to investors and their right to international prosecution if there is a dispute in the execution of contracts, and those supporting them to work in Iraq and ensure their rights, “adding that” this law of important laws and adopted has been to take advantage of investment laws in neighboring countries and stress that he will meet the ambitious investors.
“He continued,” There are also limitations and conditions on investors run the Iraqi labor and be represented in the projects of more than 70%.
“He pointed to the Committee of Economy parliamentary member that” the law is an existing originally but there ill for application to the presence of obstacles The routine for the adoption of the single window and he should give facilities for investors, because most of them left and the failure to invest in Iraq because of the deadly routine in state institutions, so our work to amend the investment law and found solutions, but the challenge remains the corruption.
“He added that” the investor and because of the security conditions and corruption experienced by Iraq made him does not risk his money, but we put in law the right to international arbitration to resolve disputes to encourage the investor to ensure their rights, no more, and there is no fear in this aspect, and this does not affect Iraqi sovereignty, it is a conflict law solution makes no difference whether local courts or international.
“He stressed Almamori that “Investment is the only way to get Iraq out of this difficult economic situation, and this depends on properly and serious application of the law and the elimination of corruption that exists in all state institutions.”
He pointed out that “after the law was passed in the House of Representatives there will be a positive step in the field of investment in various projects infrastructure and to achieve the quality of the investment boom, if the labor law correctly.
“The Chairman of the Committee of Economy and Investment parliamentary Jawad al-Bolani said at the parliamentary session on Monday that” the draft law amending the investment law, satisfies all aspects of the debate was an agreement to hold a joint meeting between the Commission and the economy Finance Committee on 14 of this month to mature and vote the law on 19 of the same month, “.anthy 2