Parliamentary Investment and Development Committee calls for commitment to the “Investment Law”
The Parliamentary Investment and Development Committee called on the National Investment Commission and investment authorities in the governorates to oblige investors and developers to abide by the Investment Law, stressing the endeavor to amend its provisions to appear in the form of an integrated draft law that guarantees the investor's right and at the same time guarantees the state's right.
The committee stressed the importance of attracting real estate developers to contribute to the development of residential lands, in implementation of an item in the budget stipulating the necessity of distributing government lands after preparing them for housing. Committee member, Diaa Al-Hindi, explained in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "this item gives developers the opportunity to develop areas by paving roads and providing basic services, which makes them ready to receive residents, provided that the collection of revenues is allocated to them after the development process."
He pointed out that "current housing projects focus on building complexes that aim to achieve quick profits without paying full attention to the quality of infrastructure or services," noting that "most countries in the world are currently moving towards resorting to real estate developers to ensure an appropriate housing level that meets the needs of citizens and achieves sustainable development."
Regarding the laws that the Parliamentary Investment Committee is working on, Al-Hindi revealed that the committee has completed the “Industrial Investment” law, which is now ready for a vote in Parliament, and has also completed discussing the “Investment Law Amendment” to present it as an integrated project that supports investment efforts in the country and encourages attracting local and international investors.
In turn, committee member Susan Mansour said, “The investment law exists and is legislated, and although it is relatively solid, some of its provisions are elastic and need to be amended, as it is one of the most important laws, especially at this stage when Iraq needs to open up to the economic world,” indicating that “the investment law is the tool that properly regulates the investment process in the country
She added, “Most investors do not adhere to the current investment law, calling on the National Investment Commission to adhere to the standards of the law and implement its provisions on investors in a real manner, so that investment in Iraq can rise and become an attractive international environment for investment.”link
No comments:
Post a Comment