Another finance specialist, Sabir Ayed, criticized the law saying it favors “mainly foreign entrepreneurs and does not encourage local enterprise.”
However, both the local and foreign businessmen are concerned about the law which does not guarantee their rights while their projects get underway, he added.
The National Investment Commission (NIC) was formed in 2007 after the sanctioning of Iraq’s Investment Law. The commission is in charge of formulating the national investment policy, guidelines, and regulations.
The Investment Law of the Kurdistan Region, in contrast to the rest of Iraq, is hailed as being investor friendly.
Under the law, investors are entitled to buy and own land for investment purposes, in addition to ownership of all the capital of any project, 10 year non-custom tax break, allocation of free or reduced price land for investment projects, and full repatriation of profits. (Source: AKnews)