Chairman of the Parliamentary Commission on the economy: the amended Investment Act will open the doors wide for industry

17/10/2015 13:00

The Chairman of the Commission emphasized the economy, investment, Jawad Al-Bolani, the need to end the routine in the Government and State institutions to implement the amended investment law No. 13 of 2006.

Bolani said in a press statement Saturday that "the investment law and the new amendments will open the doors wide for Iraqi industry if invested well and that no State institutions mired in red tape and some administrative procedures and requirements of the industry crashes" likely "adoption of the amended Act of Parliament session next Monday.

"The Government through the Prime Minister's Office when it started streamlining the various State institutions is important and good start in entering the field of investment, development and construction of an industrial base in Iraq".
Bolani noted that "the sharp decline in oil prices there make a real fixed before the Government and all State institutions that inevitably activate national industry and private sector development in various fields and must rely on oil imports and expand the resources of the State with options other than oil that turns into hard currency and meet the needs of the salaries of State employees.

The "State plan today is to stimulate the private sector and the creation of partnerships with the public sector and the provision and development of both technology and production lines that help us in this regard with organizations wishing to operate in Iraq."
The head of the Parliamentary Commission on the economy and investment to "overcome the financial crisis in Iraq because of the low oil prices is, however, the Government and the House of representatives and the political forces working together to overcome this crisis if the rationalization of government expenditure and integration institutions and drew attention to the spending priorities in the productive sectors that promote income because there are many financial assets in the country valuable but disabled and non-disabled rather than income-generating State lose and add burdens and debts".

He was a member of the Presidium of the Humam hammoudi House revealed last Thursday to resolve all contentious points in the amendment draft investment law No. 13 of 2006 that would "facilitate and support the investment process at all stages, particularly in the area of a residential and industrial, agricultural," referring to the possibility of "vote in Parliament session for next Monday.