Hashemi, Iraq asserts that the investment law will be amended following the observations of foreign investors
Vice President Tareq al-Hashemi, Tuesday, that Iraq is working to amend the investment law based on the observations of foreign investors, in what was considered that the leaders of the blocks may disagree politically, but they agree in the views on the economic side.
Hashemi said in a conference on investment to the province of Anbar, which was held today in Istanbul, said that "what is happening in Iraq today is a real progress in the security file compared to what happened during the past years," noting that "Iraqi leaders if they differed politically will not differ in the economy, investment, or any law or resolution on the promotion of investment in Iraq. "
He also added that "the law on investment in Iraq was released in 2006 and was revised during the year 2009, and today we are working to modify the basis of observations investor outside himself and not only on the observations the Iraqi side," adding that "Iraq agreed today to encourage foreign investment, which provide all guarantees and requirements of success in it. "
Hashemi stressed that "the risks faced by foreign investors in Iraq is shrinking over time due to the improvement being in the security situation", pointing out that "those who are still hesitant to invest in the country may miss the opportunity if they remain on the current position."
The Vice President of the Republic that "Iraq can provide the ground and a good environment to invest in it, and there is a chance to review all the legislation on investment and systems to facilitate the task of the investor of State," adding that "investment opportunities in Iraq is much better than that of the world."
Hashemi pointed out that "this openness and flexibility and provide opportunities to adapt the conditions of conscious Iraq, in accordance with the requirements of the success of any investment," stressing "the existence of restructuring of the Iraqi economy."
Hashemi called business and international investment companies to "actively contribute to the development process and reconstruction of Iraq will be witnessed during the next phase that will improve its relations with foreign countries in the world."
The al-Hashemi arrived in Turkey on Monday (24 October now) to take care of the investment Anbar, which aims to open new horizons for investment in the province at all levels, especially oil and natural gas as well as to inform companies on projects of industrial cities which will be announced during the conference.
Participate in the conference which is held in the Turkish city of Istanbul for the period from 24-26 October 2011 present, some 340 companies from different countries, including U.S. companies, Canadian, European and Asian, as well as local, Arab, to take advantage of investment opportunities available in Anbar and the facilities provided by the Iraqi government to investors.
The size of the investment in the province reached during the year 2011 the current two billion U.S. dollars, were distributed among several sectors, including housing, agriculture, industry, and is expected to double that figure this year in light of plans by the Investment Commission of Anbar to create many of the industrial cities in gray and white with him.
And Iraq's parliament approved in October 2006 Iraqi investment law, which it was said at the time that he would open the doors wide open to foreign investment, due to introducing a lot of facilities to foreign investors, 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 to ownership of the property the project, and equated the Iraqi investors and foreign, in each of privileges, with the exception of real estate ownership, as can a foreign investor to rent the land for 50 years, renewable, according to paragraph 11 of the Investment Law.
It is incumbent upon investors to submit their projects for the National Commission for Investment, or the Investment Commission of the region, or province, to get investment licenses, and can apply for investment license to the "circle of single-window", developed by the National Investment Commission, and authorized to inform the investor's decision to the final in 45 days, to eliminate administrative red tape in granting investment license.
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