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Sunday 10 November 2019
From the 2006 investment law to the present, the challenge that has hindered investment is also noted. This challenge is that all investment opportunities are offered without liquidation of their ownership and the proliferation of abuses on their territory.
Although the investment law and its three subsequent amendments try to break with the previous laws and the applicable, some administrations adhere to them and sometimes separate them as they agree with their interests without regard to the investment law that prevents laws that conflict with its implementation, which led to the failure to Compliance with new laws, and the reason is certainly because administrations are not held accountable for their personal conduct in implementing what is in their interests and corruption may take root.
The problem of the investment environment in Iraq is that it is a repellent of investment due to the behavior of some to prevent and threaten investors from acting on the opportunity provided by the Investment Authority because its ownership belongs to the state, so the investor is confined between two folds, the first of which is the intersection of laws and non-compliance of administrations By execution.
The second is the threats of people exploiting state property without any legal basis, and another factor that has disrupted the investment is that the Investment Authority gives land to anyone who owns a company and has the desire to obtain land to build housing units, and then these companies, which are not financially efficient, demonstrate the land on Investors who have financial competence by selling it or offering to participate, because it has acquired that land and if it does not find itself limited to a limited period, create saline problem in the designs under the pretext of differences between the investor and the designs and this paragraph that has disrupted investment in Iraq has a legal argument, which makes him Exceeds the investment ceiling for the completion of the project. At present, serious investors do not find suitable land for investment because the land has been allocated to these companies.
One of the requirements for the success of the investment environment in Iraq is that the state should be a guarantor of the rights of the investor, whether his money or his security situation, and then work to make way for private banks to provide the facilities needed by the investor, because the requirement of investors to provide solid banks capable of meeting Their requirements in depositing, withdrawing and transferring funds, there are some constraints in this aspect need to be reviewed and modified instructions.
Iraq's need for investment is beyond all expectations, so it is necessary to work to overcome all the challenges in the promotional requirements required to attract investment.
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