Iraq seeks to attract foreign investment by amending its laws
The Iraqi Parliamentary Investment Committee aims to amend some investment laws during the next legislative term, with the aim of attracting foreign investments and capital.
According to committee member, Dhia al-Hindi, representatives of the World Bank Group working in investment and private projects were hosted to discuss some paragraphs of laws on investment, which are considered in opposition to sustainable development in Iraq, including the investment law and the company law.
Al-Hindi explained that representatives of the World Bank cited the experiences of the Kingdom of Saudi Arabia and the United Arab Emirates, where the foreign investor in those countries has the right to own and manage the company by 100%, while his share in Iraq is limited to only 49%.
Al-Hindi called for amending some paragraphs of the law to create an attractive environment for investors and capital, noting that amending laws is within the jurisdiction of Parliament, while the laws governing the economic process remain “socialist.”
Al-Hindi stressed that the committee is continuing to amend the commercial arbitration and investment laws, and approve the industrial investment and mineral investment law.
Al-Hindi stated that the committee will address the government regarding amending some paragraphs of the investment law to be subjected to study in the State Shura Council, and then sent to Parliament.
These efforts come within the framework of Iraq's efforts to strengthen its economy and attract foreign investments, especially in light of the economic crises it is experiencing.
It is expected that the amendments to the laws will contribute to improving the investment environment in Iraq and attract more foreign investments and capital, which will contribute to the development of the Iraqi economy and create new job opportunities link
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