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Claims to standardize and update {investment laws}
Iraq 2023/03/11
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Baghdad: Muhannad Abdel Wahhab
Politicians and economists unanimously agreed on the need to unify and update the "investment laws" to create an attractive environment for local, regional and international investments, reassure the local and foreign investor, and solve the contract and problems that arise as a result of the conflicting and overlapping clauses of the current investment laws.
The head of the Parliamentary Investment and Development Committee, Hassanein Al-Khafaji, said in an interview with “Al-Sabah”: “The committee held more than one session with the investment commissions and the National Investment Commission in the presence of the heads of the commissions, in order to unify efforts between the legislative and executive authorities, and at the same time it was agreed to unify Laws that specialize in the field of work
investment".
And he indicated that "the unification of investment laws will enhance the interaction of the investment movement and advance it a stage forward in the fields of domestic and international investment in Iraq." He added that "the National Investment Commission is responsible for investment commissions in all governorates of the country, and that the basic agreement was with the Commission."
For his part, the economist Dr. Qusai Safwan said, in an interview with "Al-Sabah", that "Iraq seeks to move the local, regional and international investment market towards facilitating the task of incoming investment and giving a set of legal facilities that ensure the creation of a safe investment environment and stable laws."
He added, "There are efforts to find a contractual relationship based on a clear legal status of joint arrangements between the parties that own the land and the investors to benefit from that by establishing specialized cities," stressing that "the process of attracting investment still needs government bank guarantees and credit facilities granted to establish these investment gatherings." .
He pointed out that "it is important to update investment laws within the framework of guaranteeing the rights of all parties, which facilitates the task of resolving any dispute between the investor, the landowner, and the beneficiaries of these investments. Therefore, investment laws - specifically from 2006 until now - need some amendments, and that Diversification in industrial and tourism investments, trade and culture all need laws of a specialized nature that grant privileges within a clear and transparent law, in addition to that international companies need a legal environment in which their rights are preserved, capital recovery and a mechanism for dealing in hard currency.
Safwan pointed out, "The matter requires a legal infrastructure and an openness to the investor's mentality and what he desires and put it in a legal framework, in order for there to be an understanding on the points of contention that occur as a result of contractual relations," noting that "Iraq's success in licensing rounds contracts in the fields of oil and gas It can be generalized in the field of launching (investment licensing rounds) in all sectors, and Iraq will be in the eyes of the world an investment opportunity based on a permanent relationship that begins from within the dome of the House of Representatives in order to enjoy continuity and even with the change of governments, but the laws remain in force and become binding on Iraq, and therefore it has Investor rest assured that his investment
legal".
He explained that "conflicts between landowners and the removal of abuses and the transfer of ownership of lands offered for investment to the National Investment Commission hindered the success of investments in the country, and that previous periods witnessed the emergence and growth of fake investment licenses, which were aimed at bringing in foreign labor and obtaining tax facilities to import some materials under the pretext of projects." investments and reselling them in the market away from customs and taxes,” noting that “the consolidation of the investment process and the development of specialized laws will facilitate the task of combating
corruption.”
In turn, businessman Rashid Al-Saadi saw that "it is necessary to unify investment laws," and he explained in an interview with "Al-Sabah" that "as an example, we have Industrial Investment Law No. 20 of 1998 and Investment Law No. 13 of 2006 and its amendments. Sometimes it is There is a conflict in the articles of the two laws, which hinders and complicates the investment process.
He pointed out that "in addition to local investment, there is a matter related to important foreign investment, which requires that laws be unified to create an attractive investment environment in the country," explaining that "the National Investment Commission has many problems and was not previously at the required level, in addition to the existence of objective issues that faced Investing, including the nature of the region, if it is tribal or governed by some political conflicts," expressing his hope that "the future will be better in the field of investment."
Edited by: Muhammad Al-Ansari
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