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Efforts to amend some investment laws
The first 06/13/2024
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During the next legislative term, the Parliamentary Investment Committee seeks to amend some investment laws in order to attract foreign investments and capital. Committee member, Dhia al-Hindi, said in an interview with “Al-Sabah”: Representatives of the World Bank Group working in investment and private projects were hosted in order to discuss some paragraphs of the laws related to investment as they conflict with sustainable development in Iraq, including the investment law, the company law, and others. Al-Hindi added that representatives of the World Bank cited the Saudi and Emirati experiences, as the foreign investor in those countries has the right to own and manage the company 100%, while in Iraq, he takes only 49%, calling for amending some paragraphs of the law to create an attractive environment for investors and capital. Al-Hindi pointed out that amending laws is within the jurisdiction of Parliament, but the laws that still govern the economic process are still “socialist,” adding that the committee is continuing to amend the commercial arbitration and investment laws, and approve the industrial investment and mineral investment law.
He stressed that the committee will address the government regarding amending some paragraphs of the investment law to be subjected to study in the State Shura Council and then sent to Parliament.
Edited by: Adhraa Juma
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