Investment Authority requests a new amendment to the law ... The visa largest foreign problems

Investment Authority requests a new amendment to the law ... The visa largest foreign problems



03/31/2013 - 13:16
Business | Source:
12 View

Alsumaria News / Baghdad
Seven years after the adoption of the Investment Law, Authority headed by Sami Al-Araji to claim amended, and in the time that Iraqi officials say that the door is open to foreign investors are wide in the country, others assert that several problems faced by those on her head "visa".

Chairman of the National Investment Sami al-Araji said, in an interview for "Alsumaria News", "practical experience undergone by the body through the deal with investment companies wishing to invest in Iraq demonstrated the need to reconsider the number of laws and amendments task it first and foremost an amendment second Investment Law No. (13) of 2006, as amended. "

READ MORE AT RIGHT



Explains Araji that "the body submitted a working paper to Parliament outlining the procedures to be taken to amend the law, as well as giving greater powers to the delegates of ministries in the body to activate the work of single window and the provision of infrastructure for investment projects to ensure their success and completion Baltoukitat specified time for it."

The Iraqi parliament approved in October 2006 Iraqi investment law, which was said at the time that it would open the doors to foreign investment, for providing a lot of facilities to foreign investors.

But many foreign companies are still hesitant because of fear of actually unstable security in Iraq, adding that the law did not give investors the right ownership of the property for the project, and equated the Iraqi investors and foreign each privileges, except real estate ownership, as can a foreign investor from lease the land for 50 years, renewable, according to paragraph 11 of the Investment Law

In contrast, says the head of Baghdad Investment Authority Shaker Zamili, in an interview for "Alsumaria News", "Iraqi investment law granting many privileges to local and foreign investors alike notably the right to lease land for 50 years, renewable for 100 years, as well as the right of investors in converting the investment returns of the project to outside Iraq, "noting that" investors flock to Iraq for opportunities within the investment plans. "

He explained that "the Commission granted investment licenses during the period of 2010 until February 2013, worth some $ 10 billion, including 20 industrial investment license worth two billion dollars, in addition to 47 investment license in the housing sector to build 120 thousand residential units.

He continued that "the body granted 60 investment license for the commercial sector and proportions accomplish different including Mall Baghdad in Mansour, 15 hotels with five stars," pointing out that "the four investment licenses granted to the education sector to build four major universities to American companies and British, Lebanese, Malaysian".

However, these investments promise some modest and is encouraging compared need Iraq, because of the problems experienced by the Investment Company Act of 2006.

Shows investor Abdul Hamid ornaments, in an interview for "Alsumaria News", that "four major problems facing investment is Bzhma laws unfit for work in government departments that are inconsistent with the Investment Law No. 13 of 2006, in addition to the difficulty in obtaining technicians from countries of origin and trainers to the difficulty of obtaining a visa. "

, Said the ornaments, "mechanism Iraqi banks are still far from the work of the global banking system which is 50 years behind in their procedures for international banks," noting that "there is a conflict with Iraqi labor law to import foreign labor."

While consistent adviser of the National Investment Abdullah Al Bandar with those who say there was a "problems in the allocation of land to the investor and owned by a number of ministries," called to amend the investment law enhances the power of the investment and do the role delegates single window to reduce the obstacles facing investors in completing procedures get the investment license and allocation of land. "

And between Bandar, in an interview for "Alsumaria News", that "the law is before the Council of State to modify for the second time in preparation for his deportation to the government and to Parliament for approval to improve investment conditions in Iraq."

And investors should be brought their projects to the National Commission for Investment, or the Investment Commission of the region, or province, for investment licenses, and can apply investment license to the "circle of single window", developed by the National Investment Commission, and conferred upon notification investor decision of the final in 45 days, to eliminate administrative red tape in granting leave investment, but this circuit is still disabled, which made a lot of investors are suffering through their access to investment licenses.

[You must be registered and logged in to see this link.]