Parliamentary efforts to amend the investment law to improve the Iraqi economy and attract foreign c

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[size=52]Parliamentary efforts to amend the investment law to improve the Iraqi economy and attract foreign companies[/size]

[size=45]The investment law is still looming on the horizon, amid talk of government facilities to develop and strengthen the investment sector, as parliamentary signs have emerged of the legislative house moving towards making amendments to the investment law in order to keep pace with the need and solve the problem in it after many years of its legislation.[/size]
[size=45]The Iraqi Investment Law No. 13 of 2006 consists of 37 articles divided into several axes and paragraphs that regulate investment work in all economic joints within the country. However, experts continue to point out the existence of difficulties that require consideration in order to accelerate the wheel of projects, attract foreign capital, and provide a safe environment for them.[/size]
[size=45]The Parliamentary Committee on Economy and Development called on the Iraqi government to make amendments to 12 paragraphs of the current investment law, with the aim of improving the investment environment and attracting foreign investments to the country.[/size]
[size=45]The committee chairman, Hassan Al-Khafaji, explained that the committee discussed with the relevant parties, including university deans and the National Investment Commission, ways to improve the Iraqi investment law.[/size]
[size=45]Al-Khafaji stated that “the committee was able to obtain the government’s approval to amend 4 out of 12 articles that were proposed, but he considered that the amendments that were approved “are still below the required level.”[/size]
[size=45]Among the most important points discussed by the committee was one related to investment opportunities that investors obtain.
Al-Khafaji pointed out that some unsound companies exploit these opportunities, which leads to the flight of capital and the disruption of projects.[/size]
[size=45]Al-Khafaji stressed that the committee is striving to change this paragraph of the law, to ensure that serious investors have real opportunities to invest in Iraq.[/size]
[size=45]In addition to the amendments to the investment law, the committee also discussed several other economic laws, including laws to combat price increases and open new cities.[/size]
[size=45]These efforts by the committee come within the framework of its efforts to improve the Iraqi economy and attract foreign investments, which will create new job opportunities and improve the standard of living of citizens.[/size]
[size=45]For his part, member of the Parliamentary Economic and Investment Committee, Mohammed Al-Ziyadi, said, “The committee is in the process of amending the investment law in the coming days due to the great need to advance many vital sectors and large projects that are to be built to address crises, such as housing, commercial complexes, and others.”[/size]
[size=45]Al-Ziyadi added, “The National Investment Commission is involved in this amendment and the articles that should be considered are being discussed. The amendment came to consider many unclear points in implementing the law and granting investment licenses to unauthorized parties. The process of granting exceptions from the higher government committees in the Prime Ministry must also be re-corrected.”[/size]
[size=45]He stressed that “exceptions are not always correct, and we must be patient and give the matter importance to the relevant authorities, to consider those exceptions. Therefore, amending the investment law will be accompanied by another amendment to the fair arbitration law that will protect foreign capital from international financial sanctions, and it is on the committee’s table where it will be read initially to stimulate commercial investment in the country.”
Al-Zayadi believes that “the arbitration law is no less important than the investment law due to Iraq’s great need to open up horizons for external trade cooperation through investing foreign funds in its projects.”[/size]
[size=45]He pointed out that “the upcoming amendments to the investment law will address the large bureaucracy in granting licenses and approvals from the relevant government departments and ministries, and support will be high for the investment sector through its new organization.”[/size]
[size=45]It is noteworthy that Iraq is ranked fourth according to the FDI ranking of the best emerging markets for investment issued by the “FDI Intelligence” website, which specializes in global investment affairs for the year 2024. This rank was given to Iraq among 10 countries that were evaluated according to several criteria, including gross domestic product, inflation rate, growth in capital spending in foreign direct investment, and growth rate in foreign direct investment projects.[/size]
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