Najib: average investment law will read today in Parliament will address all problems

BAGHDAD / follow-up justice - 04/20/2015 - 23:32 | [/ltr]

Revealed a member of the Committee on Economy and Investment parliamentary Najiba Najib for inclusion amend the draft investment law in the parliament agenda of the meeting scheduled for Monday.

She said Najib told all of Iraq [where] "Today will present the Second Amendment to the investment law in the session," pointing out that "the process of legislation discreet investment be the treatment of all the problems facing the investment private Law Committee We Heading towards privatization under the government program." She added, "We have several bills coordinate them with the government to be referred to the Parliament in relation to banks and laws that emphasize the support of the private sector." Najib stressed that "many economists believe that the Iraqi economy is not dependent on the private sector can not be out of the financial crisis or building a strong economy." The member economy parliamentary out that "building sound banking sector is the existence of infrastructure Tknlogih and modern system able to cope with the global banking system in addition to the importance of creating laws to the presence of texts hinder the Iraqi banking business and these need to legislation and amendments to laws that would boardrooms granted banks do increase its capital and the expansion of its activities. " The House of Representatives approved in 2006 the Iraqi investment law, which was said at the time that he "would open the door to foreign investment, because introducing 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 each concession, with the exception of real estate ownership, as can a foreign investor of lease the land for 50 years, subject to renewal, according to paragraph 11 of the Investment Law. Iraq and passes in the case of fiscal austerity and a crisis in the provision of liquidity what the government called for reflection and study to extend the payment of staff salaries period to forty days instead of a month, and the imposition of new pricing controversial in obtaining wage electricity consumption, which would impose new burdens on citizens in addition to the numerous taxes to fill the budget deficit.