Iraq Parliamentary economic committee pushes for amending investment law

Iraq’s Parliamentary economic committee affirmed on Thursday that the investment law requires some modifications that go in line with economic orientation in Iraq.

Bank guarantees are among the hindrances that impede foreign investments in Iraq, the committee said noting that Iraqi banks are close to exchange offices.

“In 2009, the investment law no 13 of the year 2006 was amended but still needs further amendments. These amendments should comply with Iraq’s free economic system”, head of the parliamentary economic committee Ahmad Al Alwani told Alsumarianews.

“Bank guarantees constitute a hindrance before foreign investments in Iraq. Corruption in certain directorates and properties issue add up to investment impediment in Iraq”, Al Alwani argued.
The economic committee is working on amending the investment law while it is set on providing fruitful legislations and issue Iraqi banks legislation, he added.

“Iraqi banks are close to being exchange offices at the present time due to minor capitals while they are isolated from the world economic system in exception for Iraq’s Trade Bank”, Al Alwani said.

Iraq is still a fertile environment for investment, yet, it needs security stability and managements free of bureaucracy and corruption that have impeded many projects, head of the economic committee said.