Investment Law between "developer" and "deferred"

October 20, 2015

BAGHDAD / Center Brief for the Iraqi Media Network (IMN) at a time when almost the vote on the investment, which are much needed because of the financial liquidity crisis of law and not rely on a single source of income is oil, has introduced the differences that have occurred in the last moments between the political blocs this law in bottleneck again.

Objections range from a single "developer" of existing projects and how to accommodate the entry of investors to and between the number of advisers in the investment authority, which ultimately led to the postponement of the vote on the law.

9 members or 11 members

Differences on the law, which explained Deputy Chairman of the Investment Committee and the economy Harith Chanchal in his press conference and of two types of understanding of the subject (the developer) of projects between the Parliamentary Finance Committee and the Investment Committee in addition to increasing the number of board members of the board of investment of 9 to 11 members.

And Rcna when the austerity policy of the Finance Committee deems it necessary to keep the number of members at 9 while deems the Investment Committee that the number of 11 members of the same applies to the number of advisers in the body caught in also the austerity regime and the number three, which is what made disagreement on these points open.

Support development

The goal of the law and, as he says economic expert Dr Majid picture in his speech (IMN) is to "create a good investment climate in Iraq in all sectors which requires more than encouraging on this road procedures such as granting privileges to investors of exemptions and soft loans and work to promote the sector Special entry in the investment sector and create a level playing field in this area in order to bring about real economic development because economic development through private enterprise is a radical solution to the economic crisis in the country by turning the consumption and the development of agriculture and industry, "adding that" this requires the promotion of the private sector through loans and other facilities. "

The government has approved $ five trillion dinars for agricultural banks, industry and real estate, housing, and this actually need to have the appropriate preparing the ground by these banks, in order to be granted more transparent operations in this area.

Differences committees

And about whether the differences on the adoption of the second amendment to the Investment Law amount to be political differences, said the Investment Committee member of the parliamentary Faris Taha's (IMN) "The differences on this law is not the differences between the political blocs are even between parliamentary committees specialized especially among Committees Economy and Investment and the Finance Committee and that it reflects part of the political visions in the end, but so far revolves around compatibility on the preparation of the members of the Board of Directors, as well as advisers. "

Taha also can alert you to other issues related to the "privileges granted by law to the investor in relation to land in terms of the possibility of buying it for a nominal fee after the end of the investment deadline and other issues are mostly technical rather than political and can hinder the voting process, especially there is a sense to everyone the importance of further in the adoption of this law in this particular circumstance. "

Reducing government spending

In the same context, the economic adviser to the prime minister said the appearance of Mohammed Saleh in an interview with ((IMN "The government is determined through reform packages, especially in the economic field to take effective measures was to reduce government spending is very large by reducing the differences in salaries and benefits and is a the same issue of the utmost importance will be built upon in the future when going development of the private sector through privatization and investments so that the wages in the private sector is better than the state salaries ", adding that" the government's actions at the level of loans for various projects in the fields of agriculture, industry, real estate and housing are Other important step to encourage investment and Tqliq dependence on oil imports, which means the process of increasing the size of Alastosmaratman by the private sector or Arab and foreign investors after the enactment of the law. "

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