Major Reasons for not Voting on the New Investment Law

vote-1On Tuesday, Harith Chanchal, the Deputy of the Iraqi Parliamentary Economic and Investment Committee issued a statement that there are a number of reasons for not voting in the Monday session on some specific paragraphs of new investment law.

One of the reasons was that only nine members were present in the board meeting instead of eleven members. He further said in his press statement that there is an objection in the first paragraph and the second objection was about second changing in the investment law by the Parliamentary Economic, Financial and Legal Committees.

Chanchal also pointed out that Finance Committee also knows that there are several objections in the new investment law draft. All members of Board of Directors of the economic and investment board were not present in the session.

There are eleven members but only nine of them were attended the Monday session. One objection was regarding to the number of advisers in the body because the president of the Council of Ministers decided to reduce the numbers of advisers and experts, but the investment committee demanded minimum three advisers for the President of the Investment board.

He further added that this issue in the paragraph is still under discussion. There is another important allegation that the Commission is assuming the economy by investment board land Notes for corporate investment. But the Iraqi Finance Committee raised objection regarding its ownership process that can create a bottle-neck in the future for the country.

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