Prime Minister Maliki's call to change the economic laws

1.11.2011 | (Voice of Iraq) Alsumaria News / Baghdad, Prime Minister Nuri al-Maliki, Tuesday, to change all economic legislation and laws to fit the Iraq went to a market economy, emphasizing the need for the existence of laws guaranteeing all companies that wish to invest in the country. Maliki said during the opening session of the 38 normal to the Baghdad International Fair, attended by "Alsumaria News", "Iraq Mthai at the economic and procedural all to embrace anyone who wants to invest in Iraq and make friends with all countries of the world," noting that "the opening of the exhibition in this issue many companies and countries demonstrates the interaction and the increased investment activity in the country. " Maliki said that "Iraq's economy was holistic, and we need to change all economic legislation and laws as they are not suited to the changes that occurred in Iraq and go to a market economy," stressing "the need for Iraq to the laws of guarantor for all companies that want to invest in it. " Al-Maliki opened the Baghdad International Fair, "an important message by bringing foreign investment and is an indicator of political stability in Iraq," stressing that "Iraq is still amend the law stands in the way of foreign companies as well as to provide all guarantees, and this is what we have already achieved through the Investment Law 2006 and amended in 2010. " The Ministry of Commerce, announced (28 September 2011), that more than 500 companies worldwide, will participate in the session 38 to the Baghdad International Fair, indicating that they tend to develop the exhibition through investment because of "lack of financial allocations." parliament passed, in October of 2006 investment law, which it was said at the time that he would open the doors to foreign investment because of introducing a lot of facilities to foreign investors, and equated the Iraqi investors and foreign, in each of privileges with the exception of own the property the project, and the text in paragraph 11 that it can be to the foreign investor to lease the land for 50 years, renewable only that he is not entitled to possession. It is incumbent upon investors to submit their projects for the National Commission for Investment or the Investment Commission of the region or province for investment licenses and can apply investment license to the Department of the window one developed by the National Investment Commission and authorized to inform the investor's decision to the final in 45 days in order to eliminate administrative red tape in the granting of investment licenses. The Economic Committee in the House of Representatives, the committee in (4 August 2011), that the law investment need some adjustments in line with the nature guide the economy in Iraq, and in affirming that the bank guarantees one of the problems that hamper overall foreign investment in the country, and described the Iraqi banks being like the offices of banking. The Iraqi government has made ​​in (April 25, 2010) , in collaboration with experts from the United Nations projects for economic reform includes the restructuring of the Iraqi economy in accordance with the requirements of the transition from the general economy centrally planned economy to a private market to ensure the expansion of the productive base of the Iraqi economy by adopting the mechanism of free market and the organization of your prices, foreign and domestic trade.

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