Ebadi, Head of the economy committee in the Parliament, added in a joint press conference held with a number of members of the Committee yesterday, Tuesday, that "the investment law will regulate the investment and encourage investors. Today is an important day, and the decision of ratification was one of the most important decisions that have been taken." He continued: "Now the government has to form an Investment Committee, because the law opens the country mainly for investments, and we want the Iraqi to senses a change in his economic life."
Ebadi pointed out that the executive board will form an Investment Committee and name its members then present them to the Parliament for ratification.
He said that "the investment law falls in line with the Iraqi Constitution, which gives jurisdictions to the regions and governorates; accordingly, there will be a national investment committee, and committees of the regions and governorates."
On his part, Kanna pointed to the benefits of the law and said that it will help to attract foreign capital to participate in the advancement of the country.
He added, "The country needs $ 300 billion for the rehabilitation and reconstruction. Housing projects, alone, need 200 billion dollars."
Kanna expressed its understanding of the fears of some members of the investment law because it will pave the way for interventions and exploitation of the law, but he said "there will be a balance between national sovereignty and attracting investments." He continued: "We hope that the law provides jobs for the unemployed and thus contain unemployment and tensions, especially that some of the unemployed were induced to do terrorist operations."
The Parliament approved the investment law yesterday after discussions lasted nearly two weeks.
The investment law grants a large number of concessions to foreign investors such as the power to purchase shares and manage investment portfolios. It also stated the establishment of a national committee for investment, and grant investment projects tax exemptions up to 15 years. (Source)Aswat Al Iraq