Babylon economy critical of the investment law, and announces a trade-off 7/26
Babylon economy critical of the investment law, and announces a trade-off between the companies wishing to implement conservative Airport Project
Commission criticized the investment and the economy in the province of Babylon, the investment law, describing him as a "non-integrated". Committee Chairman Asaad Amuslimawi, told all of Iraq [where], "The provinces complain of the investment law, it is not integrated because it contains a number of obstacles and barriers, while the law in the Kurdistan region is quite different from the investment law in the other provinces." "The law has not done for the banks, since in most countries the investor comes in the amount of 20 to 30 percent, and the rest of the amount will be on the banks after the feasibility of the project study and after the Bank financed the investor, but this investment culture has not seen the light in the provinces."
He added that "there are investment methods in the province of Babylon, but they did not invest because of the security situation in the province, and there's biggest two investment projects in the province and are the liquidator of oil in the rump and in the cliff victory, as expressed Oil Minister readiness agreed explicitly to move to set up the project," adding " We offered investment opportunities until now did not come investor, we have a number of foreign companies have been negotiating with them, but until now it is not signed any contract. "
And between Amuslimawi "The second project is Babylon International Airport, has got the approval of the Minister of Transport and we are waiting for investors, there are about five companies and we act as a trade-off between them to determine which will implement the project."
"There are residential, commercial and agricultural projects in Babylon, ripe for investment, but in the previous period several reasons prevented the implementation emerged, including the security situation and the expiration of the Investment Authority of Babylon, led to disable some of the projects and go to the National Commission for investment opportunities."
The House of Representatives passed in 2006, the Iraqi investment law, which was said at the time that it "will open the doors wide open to foreign investment, due to submit a lot of facilities to foreign investors," but that many foreign companies are still hesitant because of fears that the security situation is stable in Iraq, adding that the law did not give investors the right ownership of the property the project, and equated the Iraqi and foreign investors in both franchises, with the exception of real estate ownership, as can the foreign investor lease the land for 50 years, subject to renewal, according to paragraph 11 of the Investment Law.
It is said that, a member of the economic and investment commission parliamentary Ahmed Kanani, had said at the beginning of April, "The amendment of the Investment Law, addressed the issue of the completion of the investor of the project by 25%, and take a loan from the government and the official bank bail the project, it shall be 25% [rate xD] guarantor, either personal guarantees do not depend on the descent. "
He's [where], that "the nature of dealing with the investor when it comes to the past, had difficulty procuring investment license and the earth from other ministries, and this shortened within edited several paragraphs for the purpose of obtaining the land as soon as possible, as it was in the past many paragraphs and now a shortcut for the purpose of speed." .
The Deputy Chairman of the Committee of Economy and Investment parliamentary Harith al-Harthy, in 20 of last March, that the amendment of the investment law, investors will be in service, and the elimination of standard routine in the state that deal with Almsttmaren.