The new investment law in line with government reforms

11/18/2015 0:00

BAGHDAD - the joy of pumice
After he saw late last month to approve the second amendment bill to the Investment Law No. 13 of 2006, most likely specialists in economic affairs that constitute Iraq and promising environment to attract investments, especially in the safe areas, to coincide with the passing crises on the security and financial levels.

In this regard, it underlines interested in economic affairs Adel Abou loaf that the new law is consistent with the trends of government reform, as it would be a catalyst to push forward the process of investing in Iraq. The chairman of the economic and investment commission in the Chamber of Deputies stressed that the new amendments brought modern concepts will be applied for the first time on the Iraqi economic arena, which will meet the efforts of local development, as well as meet the Iraqi and foreign investors the aspirations of both. [/U]

In a while, saw the Director General of the Economic Department in National Investment Authority d. Abdullah al-Bandar said the new investment law amended, will make Iraq a promising environment to attract investment, but it depends on the investment climate in the country, indicating that the economic, political and social conditions are still important factors in attracting foreign investment and developing domestic investment.

In summary overview of the main amendments to the the amended investment law: that runs the National Investment Commission Board of Directors consists of 11 members with experience and competence commensurate with the jurisdiction of the Commission, among them (4) members of the private sector, as well as encouraging the Iraqi private sector and foreign and mixed to invest in Iraq through the provision of the necessary facilities to establish investment projects and enhance the competitiveness of enterprises covered by the provisions of this law in domestic and foreign markets, as well as passport ownership of Iraqi or foreign investor allocated for housing projects and earmarked land for industrial projects and belonging to the state and the public sector land, and the investor Iraqi or foreign purchase of land belonging to the private sector or for the establishment of housing projects or as issued by the Authority system, in addition to the adoption of technology and conduct business electronically through the adoption of the body of electronic correspondence between them and the official bodies of Iraqis and foreigners, investors and related to the work and activity of the Commission through local networks or the Internet.

As for the developer is the person who has a vacation investment for strategic projects in residential building sectors, cities and regions of investment or any other sector development outside the design basis, while the secondary developer moves him part ownership of the investment project for the purpose of residential development within the major cities and regions safe investment projects.