Parliamentary committee supports the directions of the Government to amend the investment law
02/12/2011 10:46

Baghdad, 2 December / December (Rn) - The Committee on Economics and investment representative, on Friday, its support for the orientations of government efforts to an amendment to the Investment Law in force No. 13 of 2006, indicating that the problem of land acquisition by the investor is still the problem is more complex.

He revealed the office of Prime Minister Nuri al-Maliki for the latter to seek an amendment to the investment law for the granting of additional facilities to foreign investors.
Committee Chairman Ahmed al-Alwani told the Kurdish news agency (Rn), said that his committee discussed the vision of the investment law with the concerned authorities in the executive branch, and believes that in spite of an amendment to the law, it need additional modifications other in order to ensure the rights of Iraq and the investor. "

He said al-Alwani, the problem is more complex in the investment law still is the method of acquisition of land by investors, especially those owned by the defense ministries, municipalities, and financial, "noting that" the Committee hopes that the amendments to the investment law, the transition economy to a single window, as is the case in the Kurdistan region. "

Iraq acknowledged in 2006, Law No. 13 of the investment to encourage foreign companies to enter the country and contribute to government efforts to rebuild the infrastructure dilapidated by war and siege.

And the First Amendment, conducted by Iraq to the law in 2009 allowed the foreign investor the right to own land and property belonging to the State allowance determined in accordance with special regulations, also has the right to own land and property belonging to the mixed and private sectors for the purpose of the establishment of housing projects.