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Sami al-Araji: new amendments to the Common Investment Law



17-11-2012 | (Voice of Iraq) - Add a comment -


Baghdad / Orr News

Revealed the National Investment Commission entered new proposed amendments to the investment law and some laws related to the investment side, indicating that the amendments being discussed in the Council of State. The head of the Sami al-Araji, said that "the investment and when investment law was amended and amended application on the ground diagnosed emergence of some of the problems which are needed to modify the law."

He added that "the national investment made adjustments Jaddedah proposed to the Council of State and Council of Ministers for consideration by the discussion and approval," pointing out that "the enactment of the investment grants 45 days to get the investor on a vacation investment and the sectoral awarded 15 of the answer to a question authority on the quality of the investment project ". He said, "change from a centralized economy to a free economy still faces routine tired and that affects the final outcome in the granting of the license investment," pointing out that "it is not possible to put a paragraph in the investment law says and does not work with any text inconsistent with this law that other institutions have laws which also includes a paragraph does not work with any text contrary to law. "

Iraq acknowledged in 2006 Law No. 13 for investment to encourage foreign companies to enter the country and contribute with the government's efforts for the reconstruction of dilapidated infrastructure because of wars and sanctions.

The amendment conducted by Iraq to the law in 2009 allowed foreign investors the right to own land and property belonging to the State allowance determined in accordance with a special system, also has the right to own land and property belonging to the mixed and private sectors for the purpose of establishment of housing projects.


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