A member of the Economic Commission in the Iraqi parliament said on Saturday that the current investment law will be changed completely and replaced by a new one that fits the economic needs of the country, and which will accelerate the completion of service projects.
Salman al-Moussawi told AKnews that the Economic Commission is not convinced that the current investment law is sufficiently flexibile.
The Iraqi Planning Ministry said that the next phase requires the development of new mechanisms to implement investment projects in the country to address the problem of delays in completing service projects.
"The Commission will consider a set of international laws in countries that have succeeded in implementating investment projects."
The Iraqi government plans to remove the obstacles facing local and foreign investors.
"The new investment law will solve the problem of land allocated to projects, as well as the problem of the old laws that were legislated by the former regime and are still valid."
Since 2006 The Iraqi government has imposed levies of between 8 and 12% of the land value of a project, reports AKnews.
The Commission approved in 2006 a new investment law in Iraq, under which the commission is exclusively responsible for all strategic investment projects of a federal nature, while the regional and provincial bodies are responsible for investment planning and granting investment licences in their areas.