Long-Presse / Baghdad
I went back to the economic and investment commission in the House of Representatives, Tuesday, amendment of the Investment Law, an important step towards Iraq put on a new in this area threshold, and stressed that the law gave investment facilities and the protection of the investor and the granting of provincial decentralization of powers, with the Legal Committee drew that law includes financial sanctions on projects investment lagging.
The head of the economic and investment commission in the House of Representatives Jawad al-Bolani, during a joint news conference with the head of the legal committee, Mahmoud al-Hassan and attended (range Press), "The House of Representatives has made a vote to amend the investment is an important step Law towards the situation in Iraq at a new threshold in the area of investment," noting that "the law came out bright format after five to six years."
He said al-Bolani, that "the law taking into account the financial and ministries, housing, industry, municipalities and agriculture, private sector and yesterday for the first time the country's need," pointing out that "the law to ensure the development of the concepts of housing and exemptions and privileges of a new reflected on the ultimate beneficiary, as well as loans and the allocation of plots of land."
He Bolani, that "the law included a set of ideas and the Investment Authority will issue instructions to its implementation," stressing that "the law gave the facilities in the field of industry, agriculture, housing and granting the provinces to decentralize authority, and provided protection for the investor to bring in foreign investors."
For his part, Head of the Legal Committee in the House of Representatives, Mahmoud al-Hassan, "The amendment of the Investment Law guarantees a sophisticated special provisions and put strict conditions on lagging investment projects," noting that "the law put delay penalties up to large sums of money on these projects."
Hassan added, that "the law reassured investors through the possibility of resorting to international arbitration between the investor and the government," noting that "the law introduced sophisticated provisions encourage investment in the country."
The House of Representatives voted on Tuesday unanimously approved the second amendment to the Iraqi Investment Law No. 13 of 2006.
The vote came on the second amendment to the investment law after claims of economic and political actors need to amend the law to allow for the expansion of investment in Iraq in all fields, especially in light of the financial crisis currently experienced by the country.
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