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Economy News _ Baghdad
Al-Shammari explained that the government realizes that incoming investment plays a crucial role in promoting economic development, creating job opportunities, improving the quality of life of citizens, diversifying the base of the Iraqi economy and developing non-oil sectors, and on this basis, the goal of the government of Muhammad Shiaa al-Sudani is to simplify bureaucratic procedures and enhance transparency in granting vacations. investment by making amendments to government decisions related to investment.
And Al-Shammari indicated that the amendments made by the Council of Ministers to Resolution (245 of 2019) were essential and important to bypass the circles of administrative routine, create an advanced and developed investment environment for the investor, and give more powers and flexibility to the National Investment Commission and investment commissions in the governorates to deal with investors and shorten the time for them. He pointed out that the amendments came in line with the vision of Prime Minister Muhammad Shia’a Al-Sudani of the need to provide an integrated work environment that meets the needs of the investor and reduces the time in granting the investment license . Al-
Shammari explained the most prominent amendments made by the Council of Ministers:
(30 working days maximum).
Second - The governorates are obligated to provide the National Investment Commission with the numbers of land plots, their districts, areas, gender, dependency, and uses within and outside the municipal boundaries.
Third - The Central Bank, government banks and other financial institutions granted Iraqi and foreign investors, in partnership with the Iraqis, loans and financial facilities in the event that they complete (25%) of the project.
Fourth - The National Investment Commission completes all required approvals, including land allocation, before announcing investment opportunities.
Fifth - Providing a single window that serves as an integrated data bank that provides comprehensive details about lands and investment licenses granted, which makes it easier for the investor to obtain detailed information from one place about lands in all Iraqi governorates, thus reducing reviews and simplifying procedures for the investor.
Sixth - Amending Decision 245 granting the National Investment Commission the power to amend investment licenses after they were vague and unclear previously.
Eighth - Amendment to Resolution 245 stipulates contracting with an international company to supervise investment projects and give it the authority to approve or reject the project in the event that the approved specifications and standards that must be met are not met.
In this context, Al-Shammari indicated that the government realizes that transforming Iraq into an attractive investment destination requires joint efforts by all concerned parties, including the private sector, the local community and foreign investors, and by achieving this vision, investment can have an important role in strengthening the economy. Iraq, achieving sustainable development in the country, providing job opportunities and diversifying sources of income.
Added 07/12/2023 - 11:24 AM
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