Experts Urge Changes to Iraqi Investment Law

Two Iraqi economists criticized the Iraqi investment law for supporting foreign investors and sidelining local businessmen, urging the government to amend the law radically.

The law opens all sectors and areas of investment to foreign and Iraqi investors, except for oil and gas extraction and production, and banking and insurance.

AKnews reports that according to the law, all investors have the right to repatriate capital brought into Iraq and any profits derived from that investment in convertible foreign currency.

Speaking to AKnews, Tahir Dokhi, one of the country’s economic experts, said that the current Iraqi investment law has failed to create mutual confidence between the government and Iraqi investors.

Iraqi investors are discriminated against, especially in the allocation of land needed to set up new projects, he said, and reiterated his call on the government to make "radical" changes to the law.

"The former parliament rushed in the law due to the large number of bills it had to finalize," he stated, adding that the law needs to be revised.

He described Iraq as a profitable country for businessmen, but feared that the political instability may "ward off" international investment firms.

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