New call for investment law legislation. The current economy is repulsive to investment, says Chairman of the International Federation of Businessmen in Iraq

Posted: November 22, 2013 in Iraqi Dinar/Politics
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Calls for new legislation to amend the investment

11/21/2013 0:00

The Chairman of the International Federation of businessmen in Iraq d. Hamid punitive that the economy is suffering from structural imbalances that lasted for decades, pointing to the need to modify some of the previous legislation in order to promote the performance of the private sector to play a role in the development process in the country, which have become necessities during the next phase as well as the importance of the partnership between the public and private sector and reduce the phenomenon of import .

said punitive in an interview »Sabah» that there is a movement in recent times for the advancement of economic reality-based in terms of economic forums the Arab world, as happened at the crossroads of business and investment Iraqi and British, who had hoped for good in finding effective solutions to the economic development in the country During his calls for international companies sober.

, and reiterated the need to identify priorities for the transition economy to a market economy by providing a sound foundation and necessary to achieve the transition process the lowest possible cost, as well as complete the necessary legislation and put it into practice and contribute in alleviating the burden of the economic reform process, pointing out The priority which should target programs and policies actors to prevent falling into the block the transition process and prolong and increase mandated social and economic development.

was the National Investment Commission has complained of having problems in the law of the current investment, noting that these problems impede investment and make Iraq an environment repulsive to invest.

The committee of economy and investment in the House of Representatives revealed that the laws and regulations prevailing initiated during the former regime still control investment in Iraq indicating that there are more than 20 resolutions relating to investment have not been modified or revoked and the enactment of new laws to promote the reality of investment in the country, instead noting that Iraqi economy should be moving towards the ‘market economy’ as stated in the Constitution.

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