National Investment Commission looming conducted a second adjustment to the Investment Law

Prime National Investment Commission Sami al-Araji: “The Commission is seeking to hold the Second Amendment to the Investment Law to grant new facilities for investors in all fields, including seeking to develop new mechanisms to encourage investment and tackle unemployment through job creation through to make adjustments to the investment law current.

Araji said In a statement to the extent: “The private sector is still suffering from a number of major problems, including the problem of unemployment, which requires finding appropriate solutions, and we need to re-Iraqi economy to its leading position Previous cross-post economic sectors involved in the country by providing employment opportunities required and the promotion of the private sector and it will only be through the amendment of some provisions of the Investment Company Act of 2006.

Araji said that “the most important of these amendments land titling to the foreign investor to allow him to do that from the freedom and room for a larger movement in the investment business about more than it is now, where We managed to get the approval of the House of Representatives that have ownership only for housing projects, revealing a special clause in the Investment Law stipulates that take investment authorities in the provinces role of President in investments independently. “

He continued: Commission succeeded about significant areas of reconstruction and construction and housing, where achieved good results and new investors in the housing sector and other sectors other job, where is the City project بسماية new significant achievements of the Commission, as an example of what is implemented by the Commission in the present time of giant projects to create a residential complex modern and high specification includes nearly three quarters of a million people.

The Authority with the Ministry of Finance to overcome procedures for granting land for investment projects with a view to legislation in granting investment license, was Article 33 of the Investment Law to modify the first number 2 for the year 2010 on the establishment of ministries and departments not associated with the Ministry to provide the numbers plots allocated for investment in order to customize The investor, the body continues to demand to these authorities to provide what is needed, as well as the body works body currently granted an investment license after obtaining the approval of the sectoral investment project and allocate land for him, and is granting the license once it has the documents required by the investment law in the light of approval authorities concerned sectoral.

said Araji said the recently signed a memorandum of cooperation strategic with Enterprise South Korean development, trade and investment (KOTRA) represented by its president (or Young is) in order to increase the volume of investments and economic exchanges between the two countries in the presence of Deputy Minister of Economy and knowledge of South Korea and the ambassadors of Iraq and Korea and representatives for (200) company, as well as (60) personal business, where there was an opportunity to review investment opportunities and developmental large in Iraq, while urging Korean companies to participate in the investment process and strongly enter the Iraqi market to have this market of economic opportunities and investment big on the international level, and in various economic sectors and development in Iraq, including the interests of the two countries.