Parliamentary Economy: Investment Law will be amended for the third time in order to suit the conditions of the country

07/27/2015 13:25

Tomorrow Press / Baghdad: Economic Commission representative confirmed Monday that the Investment Law No. 13 of 2006 will be amended for the third time in order to keep pace with the evolution in investment, noting that the third amendment needs to study in order to suit the conditions of the current country, as revealed that sessions the next Council of Representatives will vote on the law.

Said committee member Nora Albjara for "tomorrow Press," that "investment in the situation in Iraq is still below the level of ambition and there are problems faced in particular with the law, which carries the number 13 in 2006 and organize its work."

She added that "the law was amended twice but the current requirements of the situation calls for that there is a modified third so the national investment provided a modified version and the Commission now is considering the participation of experts, but under the current version needs to be an in-depth study because it has a lot of problems, in order to make it consistent with the the development of the country. "

Albjara confirmed that "the next House of Representatives sessions will read and vote on the law," predicting that "the law will be resolved during the current year."

She noted that "the launch of the third amendment to the investment law to work effectively it is possible that a quantum leap in the field of investment to happen, because that Iraq has the infrastructure to work and according to the amended law."

The House of Representatives passed in 2006, the Iraqi investment law, which it was said at the time that it would open the doors wide open to foreign investment, due to submit a lot of facilities to foreign investors, but that many foreign companies are still hesitant because of fears that the security situation is stable in Iraq.

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