Home
Parliamentary amendments economy reveal the most prominent investment law and stresses: it will vote this week
05/09/2015 11:20
Long-Presse / Baghdad
Revealed to the economic and investment commission in the House of Representatives, on Saturday, on the near completion of the private investment law amendments in preparation for submission to Parliament during the current week, and stressed the need to implement the single window and soft loans to investors system and the formation of an arbitration body to resolve disputes between the investor and the beneficiary, while noting the importance of authorized ministries and the implementation of major projects through investment, and the imposition of transit fees as the case in the majority of countries in the world.
She said a member of the economic and investment commission Nora Albjara, in an interview to the (long-Presse), "The Commission has been working for eight months on the amendment of the Investment Law No. 13 of 2006, where she met the ministries concerned and investors for the main problems they face," indicating that "the Commission is preparing to put the finishing touches on the preparation for the amendments sent to the Legal Committee of the project to be on the agenda of the meeting next Tuesday. "
And on the modified or added paragraphs, Albjara confirmed, that "most notably on how to choose the heads of investment authorities in the provinces, the developer and the subject of, any person who holds the implementation of infrastructure for the investment project, giving soft loans to investors through banks, and the formation of an arbitration body to resolve disputes between the investor and the beneficiary "Usually that" the jury is better than the judiciary that disrupt the investor is. "
Albjara and added that "the amendments emphasizes the adoption of the window system one to accomplish investor transactions in the shortest time possible, as well as giving the powers of the ministries for the implementation of major projects through investment, and the imposition of passage similar to what the case in the majority of countries of the world fees," pointing out that "the ministries will be required transfer of land projects to investors and if you do not raise the Investment Authority a request to the Prime Minister for the establishment of projects. "
She Albjara, that "the Commission proposed to add a paragraph to the current law relating to compel the investor to pay a fine in the event of his release from the project, especially since the majority of the projects are sold to more than one person, leading to the inability of the last investor to achieve profits recall, which affects the quality of implementation".
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 the front of 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, adding that the law did not give investors the right to ownership of the property the project, and equated the Iraqi and foreign investors in all the privileges, with the exception of real estate ownership, as it allows the foreign investor lease the land for 50 years, subject to renewal, according to paragraph 11 of the Investment Law.
[You must be registered and logged in to see this link.]
05/09/2015 11:20
Long-Presse / Baghdad
Revealed to the economic and investment commission in the House of Representatives, on Saturday, on the near completion of the private investment law amendments in preparation for submission to Parliament during the current week, and stressed the need to implement the single window and soft loans to investors system and the formation of an arbitration body to resolve disputes between the investor and the beneficiary, while noting the importance of authorized ministries and the implementation of major projects through investment, and the imposition of transit fees as the case in the majority of countries in the world.
She said a member of the economic and investment commission Nora Albjara, in an interview to the (long-Presse), "The Commission has been working for eight months on the amendment of the Investment Law No. 13 of 2006, where she met the ministries concerned and investors for the main problems they face," indicating that "the Commission is preparing to put the finishing touches on the preparation for the amendments sent to the Legal Committee of the project to be on the agenda of the meeting next Tuesday. "
And on the modified or added paragraphs, Albjara confirmed, that "most notably on how to choose the heads of investment authorities in the provinces, the developer and the subject of, any person who holds the implementation of infrastructure for the investment project, giving soft loans to investors through banks, and the formation of an arbitration body to resolve disputes between the investor and the beneficiary "Usually that" the jury is better than the judiciary that disrupt the investor is. "
Albjara and added that "the amendments emphasizes the adoption of the window system one to accomplish investor transactions in the shortest time possible, as well as giving the powers of the ministries for the implementation of major projects through investment, and the imposition of passage similar to what the case in the majority of countries of the world fees," pointing out that "the ministries will be required transfer of land projects to investors and if you do not raise the Investment Authority a request to the Prime Minister for the establishment of projects. "
She Albjara, that "the Commission proposed to add a paragraph to the current law relating to compel the investor to pay a fine in the event of his release from the project, especially since the majority of the projects are sold to more than one person, leading to the inability of the last investor to achieve profits recall, which affects the quality of implementation".
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 the front of 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, adding that the law did not give investors the right to ownership of the property the project, and equated the Iraqi and foreign investors in all the privileges, with the exception of real estate ownership, as it allows the foreign investor lease the land for 50 years, subject to renewal, according to paragraph 11 of the Investment Law.
[You must be registered and logged in to see this link.]
