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Babel announces 45 grant investment license and stresses the need to amend the property laws
On: Thu 1/19/2012 7:55
□ Babylon / range
Babylon Investment Authority announced the award of 45 investment license during the last period a total value of $ 800 million, calling on the government to allocate funds for the establishment of infrastructure projects, while confirming the need to amend the property laws.
The Director General of the Ala bayonet "Alsumaria News", his constituency, "granted 45 investment license, since its establishment in 2008 until now, companies, local, Arab and foreign countries and various sectors, including shares of running more than 20 thousand of the workforce."
The bayonet "The total value of these licenses was $ 800 million," adding that "most of the private sector projects carried out and some of them reached the level of commercial production and the other on the agenda the progress of work."
The spear that "the Investment Authority has worked with double during the last period the first to meet the urgent need of through the projects completed and distributed in the areas of agriculture, industry and services, housing, cities, games, a hospital and medical clinics and commercial buildings and construction materials, "pointing out that" the other axis, which worked by the Commission including the creation of industrial cities and tourist accommodation in the long run. "
He called spearhead the federal government to "the need to allocate amounts of its investment budget for the ministries specialized to establish some infrastructure projects, "adding that" the late adoption of the basic designs of cities led to a scarcity of real investment opportunities. "
The Director General of the Commission that "there is a need to review the laws governing land ownership and transfer," He pointed out that "the existence of the decisions issued by the Revolutionary Command Council dissolved impede the work in the access to land and complete approvals and sometimes confirmations, leading to difficulty in granting investment licenses in the territory of the state."
Parliament passed in October 2006 Investment Law No. 13, it was said at the time It will open the doors wide open to foreign investment, due to introducing a lot of facilities to foreign investors, 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 investors and foreign, in all the privileges, except own the property, as can a foreign investor to rent the land for 50 years, renewable, according to paragraph 11 of the Investment Law.
It is incumbent upon investors to submit their projects for the National Commission for Investment, or the Investment Commission of the region, or province , to get investment licenses, and can apply for investment license to the "circle of single-window", developed by the National Investment Commission, and authorized to inform the final decision of the investor within 45 days, to eliminate administrative red tape in granting investment license.
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