Important amendments to the investment law

by **wciappetta** Wed May 06, 2015 10:21 am

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Important amendments to the investment law

by wciappetta Wed May 06, 2015 10:21 am

Important amendments to the investment law

5/6/2015 0:00

The new version of the most prominent pillars of the transition to a market economy

BAGHDAD

in order to create the capital successful and attractive investment environment and the creation of projects needed by the country, the economic and investment commission in Parliament seeking to exit the draft final draft second amendment to the Investment Law No. Law (13) for the year 2006.

and proceeded to the investment law in 2006, which is the first of its kind in Iraq in order to promote economic and social development process, development and bring technical and scientific expertise and human resources development and creating job opportunities for Iraqis to encourage investments, in addition to supporting the establishment of investment in Iraq and expansion projects, developed on different economic levels as well as the granting of concessions and exemptions for these projects.

Member of the Committee of Economy and Investment MP Ali al-Maliki said the "morning", the determination of his committee included prominent proposals that serve the investment process and submitted by members of the House of Representatives out solid form serving orientations of the country in line with the government program.

He said the Attorney-Maliki that the draft second amendment to the Investment Act may read Qratan, which is currently in the process of recent discussions out a final format, as it is expected to include it on the agenda of the meetings agenda in the coming period to complete discussions on the proposals submitted by members of the House of Representatives and answered by the competent committees , to be the drafting of the final version intended for a vote.

It is said that the House of Representatives has ratified in October 31, 2009 on the first amendment to the Law of the Investment Law, the ratified by the Presidential Council then, and included the amendment: to allow non-Iraqis to own land for housing projects exclusively, the inclusion of strategic partnerships with state-owned public companies the benefits of the investment law, as well as giving investment authorities in the provinces of irregular personal province moral to enable them to perform their functions more effectively, in addition to the collection and counting of land returning ownership of the state and restrict the disposal of the National Investment Commission for the purpose allocated for investment projects.

A member Committee highlighting the amendments that ensured actually in the bill as a first stage, namely: "the establishment of an investment bank to be private banks is not supported by the government by inviting discreet international banks to set up this bank, returned him of investment projects successful lends investors, on the grounds that the government would provide the land that will be held by the project and periods long time and the benefits of soft, as well as local manpower. "

The Committee also ensured paragraph investor protection by granting loans after the implementation of 20 percent of the project to prevent the sale and purchase of investment projects, according to the Attorney-Maliki, in addition to the inclusion in the draft law paragraph Developer secondary and developer, an investor is developing land outside the cities and rehabilitation of the infrastructure needed by the investment project such as water, electricity, sanitation and other infrastructure services, and then contracted with the original investor to complete the work on the ground developed in advance of the establishment of the investment project is granted leave from Before Investment Authority, and the Commission supports this approach Maysaad in government support in infrastructure and service projects needed by the country's reconstruction as well as other projects, as well as to facilitate attracting foreign and local investments.

The MP added that the developer will be either domestic or foreign, and the project will be put up investment by the Authority format National Investment, also confirmed the establishment of the Union for investors gives local investors include law or foreign business cards to facilitate the movements in Iraq, and revisions in the departments involved in the project, in addition to the introduction of a special elimination investment figures efficient in this area concerned sentencing in the differences between the body and the investor or the investor and another

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