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Investment Authority: We are working on the third amendment to the Investment Law and the map of the new world-class


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25/10/2011 | (Voice of Iraq) - Add comments - Sumerian News / Baghdad

announced that the national investment, Wednesday, that it was the third amendment to the Investment Law No. 13 of 2006 which was amended in 2009, and as pointed out dealing with the new system to create six areas of investment and economic free Iraq, confirmed that Iraq would be the fastest global growth over the past two or three the next. The head of the Sami al-Araji, to the Conference of Anbar province, which was held today in Istanbul, attended by Vice President Tariq al-Hashemi, "The Authority is committed to protecting and encourage all inward investment to Iraq under the Investment Law, "noting that" the authority is working on a third amendment to the Investment Law No. 13 of 2006 which was amended in 2009. " Araji said that "the Authority is currently working on a map of the new investment and world-class collaboration with the Organization Altmanip Industrial Organization of the United Nations, to promote the investment environment in Iraq, "noting that" the body to deal with a new system for the purpose of the establishment of investment zones in Iraq based on the text of Article 9 / VII of the Investment Law No. 13 of 2006. " The head of the investment that "this system begins with six free economic zones and important complement to the rest of the investment projects, leading, and the allocated transfer Tknlogi large, starting from Basra and ends in Mosul," he said, adding that "the investor in each of these areas will benefit from the privacy of the building industry where" . The al-Araji, that "the IMF report, international organizations pointed out that Iraq over the past two or three years ahead will be the fastest growing globally and this is the truth," pointing out that "the Commission is facing a lot of problems in the time in which the change in the economy and the central administration of the economics of market, but the horizon in creating an attractive investment environment large and spacious and promising. " The Iraqi parliament voted in the parliamentary session earlier, in October of 2009 the past, the draft law on the First Amendment to the Investment Law No. 13 of 2006, the amendment which allowed for ownership of land in the real estate projects for investors, and handling bills of the property, which were considered obstacles to investors. 's parliament passed, in October of 2006 investment law, which it was said at the time that it will open the doors to foreign investment by introducing a lot of facilities to foreign investors, and equated the investor Iraqi and foreign, in each of privileges with the exception of real estate ownership by the project, and the text in paragraph 11 that it can be to the foreign investor to lease the land for 50 years, renewable only that he is not entitled to possession. The Economic Committee in the House of Representatives, the committee on the fourth of August last, that the investment law needs some modifications in line with the nature of the direction the economy in Iraq, and in affirming that the bank guarantees one of the problems that stand in the face of foreign investment in the country, and described the Iraqi banks being like the offices of banking. It is incumbent upon investors to submit their projects to the National Commission for investment or Investment Authority, the region or province for investment licenses and they can apply for investment license to the Department of the window one developed by the National Investment Commission and authorized to inform the investor Baqraralheiih final within 45 days from order to eliminate administrative red tape in the granting of investment licenses.

http://www.sotaliraq.com/business.php?id=4430

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It is about time! I have been saying for 2 years that nothing will change in Iraq until they amend the Investment Law of 2006. This is huge! In order to sustain and promote growth in Iraq the numerous issues had to be addressed for both foreign investment as well as creating a fair environment to Iraqi business people themselves. Foreign investors have specific lending and tax advantages over Iraqi entrepreneur's right now.

Not only that... foreign investors have stayed away because of bank guarantees. The banks can't handle the size of guarantees necessary for these large corporations as it sits today. Currency convertibility has been a problem too and is related. Their are many issues needing to be remodeled in the investment law. Hopefully they hit them all. I have been waiting forever for this move. This is a key cog that has been missing I promise you! ;)

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It is about time! I have been saying for 2 years that nothing will change in Iraq until they amend the Investment Law of 2006. This is huge! In order to sustain and promote growth in Iraq the numerous issues had to be addressed for both foreign investment as well as creating a fair environment to Iraqi business people themselves. Foreign investors have specific lending and tax advantages over Iraqi entrepreneur's right now.

Not only that... foreign investors have stayed away because of bank guarantees. The banks can't handle the size of guarantees necessary for these large corporations as it sits today. Currency convertibility has been a problem too and is related. Their are many issues needing to be remodeled in the investment law. Hopefully they hit them all. I have been waiting forever for this move. This is a key cog that has been missing I promise you! ;)

Thanks Drox for your input....makes alot of sense!

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It is about time! I have been saying for 2 years that nothing will change in Iraq until they amend the Investment Law of 2006. This is huge! In order to sustain and promote growth in Iraq the numerous issues had to be addressed for both foreign investment as well as creating a fair environment to Iraqi business people themselves. Foreign investors have specific lending and tax advantages over Iraqi entrepreneur's right now.

Not only that... foreign investors have stayed away because of bank guarantees. The banks can't handle the size of guarantees necessary for these large corporations as it sits today. Currency convertibility has been a problem too and is related. Their are many issues needing to be remodeled in the investment law. Hopefully they hit them all. I have been waiting forever for this move. This is a key cog that has been missing I promise you! ;)

[/quote

Thank you for your comment i was not sure what it implied now i understand a little better as to what this means . :)

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