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Investment and legal impact
Economic 2024/08/01
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: “We find that the Iraqi legislator has been keen on enacting Investment Law No. 13 of 2006, as amended, with the aim of achieving the public interest and creating an appropriate environment for the development of investment projects in various sectors.”
To create a legal environment that attracts local or foreign investment, we need to enact a set of integrated laws and legislations to regulate the various aspects in terms of relationships and determine the legal positions of both the administration as the body responsible for granting a license to establish investment projects and the investor seeking to obtain an investment license and achieve profit rates that are consistent with the nature of his investment projects.
Here we find that the Iraqi legislator has been keen to legislate Investment Law No. 13 of 2006, as amended, with the aim of achieving the public interest and creating an environment conducive to the development of investment projects in various sectors.
From a legal point of view, we find that some of this legislation has been subject to shortcomings and has been subject to ambiguity and contradiction, given that every legislation is man-made and cannot be comprehensive and exclusive if it keeps pace with economic, social and political developments. In order to create an attractive investment environment and climate, we need to address the shortcomings in the investment legislative system in Iraq and develop solutions to the multiple economic crises that lead to the weakness of the national economy in general and halt the growth of investment projects in particular.
The legislation and laws regulating investment projects are the basic tool for achieving economic development by creating flexible legal texts that protect investment projects and contribute to creating an appropriate investment environment and climate in various sectors.
Therefore, the administration represented by investment bodies must identify legislative shortcomings, and the Iraqi legislator must develop solutions through legal texts in a manner consistent with the importance sought by the legislation and ensuring the creation of a competitive and attractive environment for local and foreign investment and a suitable climate for investors to be positively reflected in the development, construction and reconstruction of Iraq.
Iraq, far from creating an investment environment that attracts international efforts and supports local efforts, cannot achieve sustainable economic development that secures a decent life for the people of society today and guarantees the rights of future generations.
As for the large amount of work required by the country, it leads us to serious work that addresses all laws that confuse the reality of implementation and determines them accurately by specialized committees, then works to refine them and approve what is useful that guarantees the rights of all.
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