New procedures contribute to higher rates of growth in the Iraqi economy

New procedures contribute to higher rates of growth in the Iraqi economy

10/01/2013 12:00 AM

Bandar : objectives of the Commission to facilitate the entry of investors
BAGHDAD - Farah pumice

ذللت National Investment Commission many of the obstacles faced by the investor when he entered Iraq for the purpose of implementation of investment projects in different sectors and, therefore, are important steps to contribute to the support of the local economy.

Director General of the single window in the National Investment Authority , Dr. Abdullah al - Bandar said (morning) , that the objectives of the Commission to facilitate the entry of investors to Iraq , as well as privileges and guarantees provided by him through the law in force .

Visa
And between Bandar said of one of the factors helping to facilitate entry investor, and as directed by Prime Minister Nuri al-Maliki , which is an important incentive to attract foreign investors and Arabs, granting visa during a maximum period of three days, indicating that it was one of the constraints faced by the investor is receiving a visa access to Iraq , since each country has its own system .

Electronic transactions
He said the Director-General that it was agreed with the Ministry of the Interior, on the recommendation of an officer authorized by the ministry as a delegate in the National Commission has the authority to grant a visa to the foreign investor or the Arab world, and to get rid of the contract and red tape that accompanies this process , saying that every investor purports to enter Iraq for the purpose of investment in various sectors, it provide a copy of his passport to the National Commission , specifically sent by e-mail to the President of the Commission and which in turn converts it to the competent committee on this subject, to obtain approval through the roof of a time duration of 72 hours , since this whole process electronic and not paper or hand grenade .

Najaf airport
The province of Najaf had announced some time ago for enabling it to obtaining all approvals for granting any investor holds an Arab or foreign nationality wants to invest in maintaining a visa at the airport in the province window for a full year .

The chairman of the investment committee of the provincial council charm Fatlawi in a press statement : "The decision came after a decline in the number of investors desire to enter the province due to the entry procedures ."

Obstacles facing investors
He said Bandar that overcome this obstacle gave a real boost morale for investors , both for investors who have projects inside Iraq or wish to have access to the opportunities available to the Authority and investment agencies in the provinces, explaining that the application of every law which constraints the most important revisions of the many, especially that there are circles linked to the process of investment called circles or the relevant authorities any parties sector , noting that by having a single window in the body has softened and reduced red tape , as are revisions during a certain period specified by law duration of 15 days within which to write to the sectoral and sending the economic feasibility of the project and to answer during the period identified two weeks , to relieve investor in order to ICON in contact with these revisions long and complicate things for routine bureaucratic or routine adopted in these transactions , for example , the investor who wishes to make a tourism project for him to review the honesty and the municipality and the Ministry of Tourism and the Tourism Authority , all the joints and reviews many repellent for investment.
Owns the land
As for the land allocated for investment and entities owned by the Director General pointed out that the authority dealing with the land according to the detailed first housing and the second in the other sectors of non-residential , as it has been the formation of a higher committee to follow up the issue of land and allocated to investors , as it is considering projects and economic feasibility provided by the investor and designs basic and availability of land are allocated according to the strategy drawn up by the Commission for this purpose , saying : "The law was giving the right of the investor to retain flattened ," as occurred objections to the term retention , on the grounds that it is vague , is it the ownership or transfer of ownership ? , so the Commission initiated modify this the term was actually the amendment to the law in this direction was to allow the investor in the housing sector ownership of land , one of the important factors that encouraged him to enter and strongly attracts attention in this area, especially that there are a lot of residential projects in the provinces.

Large turnout
He said Bandar that investment in projects in other sectors of non-residential gives the investor the right to lease wages symbolic simple for fifty years , renewable and approval of the Commission after studying the needs of the project and its economic feasibility and its importance as well as topics of funding and the work of banks and banking also is one of the obstacles faced by the investor , so it has to be the development of mechanisms of action of banks in Iraq and the development of this important sector , which has a role in all investments in Iraq , saying that this contract, which dislodge Authority for investors , especially in the housing sector, one of the significant achievements that have contributed to the high turnout by foreign companies , in the areas of several of them housing projects and tourism sector projects , particularly in the areas of religious , archaeological and recreational .

Provide a positive atmosphere
The saw economic expert on behalf of Jamil Antoine in answering a question (morning) about the challenges of investment that the creation of the investment environment ideal require the provision of a climate of political and security appropriately, and support the investor by creating methods serve choices , to bring what he wants from the hands of working without a hitch, and get banking facilities , and pave the bridges of communication with relevant departments , away from the complexities of the routine followed in Iraqi institutions in the country is trying to attract investors and owners of capital for development.

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