Investment Law .. attractive force for reconstruction and construction

Investment Law .. attractive force for reconstruction and construction 

     
 9/24/2014 0:00 

Re-evaluation creates an attractive environment for foreign and domestic companies 
  BAGHDAD Farah pumice 
  From the requirements of the advancement of the Iraqi economy, the creation of an attractive investment environment and enhance the confidence of foreign and local investors by, so it escalated calls to review and reevaluate the Investment Law No. 13 of 2006, and the issuance of checks and instructions for each paragraph of the law to ensure proper implementation and marketing investment properly. 
Economic expert Adel Abou loaf between investment law is a cornerstone first in the building and create an attractive investment environment, but it need a period of time to review and reconsider PROCEDURE, considering that the investment is an effective tool to address the government deficit and reform the national economy, and speed to cover the country's needs of funding pumping money short for Zmn.abo loaf stressed the "morning" that one of the studies and the Ministry of Planning and Development Cooperation, pointed to the need for more than 200 billion dollars for the reconstruction of Iraq to return to the state prior to the economic blockade, plus more than 300 billion dollars to modernize the infrastructure crumbling economy, so finds it necessary to issue instructions and controls for each paragraph of the law to ensure proper implementation and attention to the mechanism and marketing investment, and marketing firms investment and other companies chock for investment bodies to ensure good performance and create an attractive investment environment and the adoption of the principle of participation in investment with Alaracaan.oagher the House of Representatives in 2006 Act investment, which aims to "advance the process of economic and social development, development and bring technical and scientific expertise and human resources development and the creation of job opportunities for Iraqis to encourage investment and support the process of establishing investment projects in Iraq and expanded and developed at different levels of economic and granting privileges and exemptions for these projects." 
He said Abu loaf that the investment law requires systems for the application and interpretation as they (the regulations) need mechanisms and controls to be implemented, and can refer to some of them, including loans and need to issue a special system which illustrates the type of loan and what are the limits and according to the type of projects, to be supported and that the establishment of a special fund to invest, in addition to the need for the formulation of the movement of the money system and how to enter and exit, and put the laws to the method of funding and modernization of the Central Bank Act and the Banking Act and funding in line and enrich the experience of investment. 
He also stressed the importance of a system of special exemptions of customs and tax breaks stating privileges for each type of projects and guarantees and privileges and the continued development of projects and not for specific periods, besides the need to modernize the tax system, financial and make it through the stages of time according to economic indicators that the most important of the full use of human and natural resources in country.
He called Abu loaf to the need to build an integrated database for the Iraqi economy and periodically updated and corrected with the international institutions and economic development to be able to reverse a clear picture of the Iraqi economy and work to raise the proportion of investment grade to these institutions and to show transparency in dealing with investors, as well as work harder on intellectual freedom and corporate governance and the establishment of holding companies and companies marketing and record companies and service offices and consulting firms in cooperation with the private sector, such that the establishment of these companies from the most important factors chock to perform investment bodies and the success of its work is one of the necessities urgent, Hada that the government takes its role Bracket and catalyst on investment through the establishment of these companies and sell them or leave its departments to the private sector, he says. 
He also hoped to follow the latest legislation in the field of investment countries of the world, especially the neighboring countries and the preparation of studies and learn about the experiences of others tirelessly and continuously and find out the reasons for their success or failure, and analyzed for the purpose of making use of them, especially that Iraq is going through those phases the first of these economic experience (investment non-governmental).


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