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Parliamentary efforts to legislate the industrial investment law
Iraq 2023/03/23
[You must be registered and logged in to see this image.]Muhannad Abdel Wahhab
The Parliamentary Investment and Development Committee believes that the industrial investment law will change the reality of the Iraqi country for the better.
Hussein Al-Sabri, Vice-Chairman of the Investment and Development Committee, said: "The law is important because we are trying through the committee to support industrial projects and industry in general in Iraq. Therefore, it is necessary to create the appropriate ground and an attractive environment for investment through the legislation that was set in the law."
Al-Sabri explained, in an interview with "Al-Sabah", that "we put in the Industrial Investment Law a lot of legislation that facilitates the invitation of the investor, through customs exemptions and investors owning the land on which the project is built," noting that the law "began with entry features and facilitating loans, provided that the project arrives." To 25% with the guarantee of the facility, and this is an important step for foreign or local investors.
And the deputy stated that “the committee pushes the law that supports industrialists and allows them to participate in industrial investments to revive the word “made in Iraq,” noting that “the difference between the old and new law is the exemptions that were for a period of 10 years, and became 12 years, while the previous factories were not covered by the exemptions. ".
Regarding the loans granted to projects, he said: "We set the condition that the facility itself be one of the guarantees, as the law proposes owning the land for the project outside the borders of the municipality or the Municipality of Baghdad," pointing out that the committee "has set up many workshops with the Ministry of Commerce, investors and industrialists, and we expect the law to update A new boom in the world of industrial investment, to absorb the workforce, while small factories will have another system to benefit from the legislation of the law.
Edited by: Ali Abdel-Khalek
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