A new step by the government to attract foreign investments, 29 feb

  A new step by the government to attract foreign investments

Deputy Prime Minister and Minister of Oil, Hayyan Abdul-Ghani Al-Sawad, revealed today, Wednesday (February 28, 2024), the government’s intention to amend the investment law to facilitate the work of companies that wish to enter Iraq.

Al-Sawad said during an interview with “Baghdad Today” that “the government is determined to amend the investment law in Iraq, in a way that ensures the process of attracting companies,” indicating that “there are some observations on the current investment law, and accordingly we proceeded to propose some amendments, and they will be studied to proceed with drafting the amendments.” necessary from the government in preparation for sending the amendments to Parliament for passage.”

The Deputy Prime Minister stated, “Investment in the refinery sector is our most important priority in the Ministry of Oil, and therefore the government seeks to develop all aspects of the country, and one of the most important ways of development is to work to find an investment law that will be attractive to companies to work in Iraq.”

According to specialists in economic affairs, the country’s investment law is one of the best laws that can attract capital and international companies, in addition to being appropriate to the economic reality.

They stressed that the advantages provided by the law were not optimally exploited to bring about broad development or reconstruction moves, and the provisions of the laws were not widely exploited except in the oil field,  pointing out that legal legislation alone is not sufficient for the inflow of investment capital into the country.  link