The head of the National Investment Commission, Sami al-Araji, has said that the main obstacle standing in the way of attracting the foreign investment is the ownership of the land on which the projects will be carried out.
He said that the Commission worked to overcome these obstacles but the ownership of the land and administrative laws adopted by some government institutions stood against them.
“The next stage requires great efforts to resolve issues of land ownership and divesting government institutions such as the Provincial Councils and the Ministry of Finance of their land ownership.”
“Investment in Iraq cannot improve unless there is coordination between government institutions.”
The National Investment Commission approved Iraq’s new investment law in 200, and according to the law it is the only body responsible for all strategic investment projects, while the regional and provincial bodies are responsible for investment planning and granting investment licenses in their areas.