New Investment Law Allows Foreign Investors to Buy Iraqi Land

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On Wednesday, a source from Iraqi parliament said that Iraqi Parliament voted on new investment law and the new investment law paragraph enables the foreign investors to buy Iraqi land.

The source further added in a press statement that the head of the economic and investment commission Sami Al-Araji has forwarded instructions to the members of the economic and investment committee to allow the foreign investors to own land in the country because it is a part of the new amended investment law which passed and voted by the Iraqi House of Representatives.

He further added that this paragraph has its own importance and it is more attractive for local and foreign investors. This new feature would build a much better confidence to the existing investors and new investors will be encouraged to take part in the investment sectors in Iraq. Point to be noted that leasing land for investors would not give any loss to the Iraqi people. The Deputy Chairman of the parliamentary economic and investment commission Harith Al-Harthy also agreed with the words of head of the commission Sami Al-Araji and said that this step would boost up the development process in the investment sector as foreign investors would be able to buy Iraqi territory.

Al-Harthy further added in a press statement that Al-Araji has declared it as a Bomb in the Iraqi investment sector by adding this paragraph in the new investment law. He further added that we consider that this paragraph would give benefits for those parliament members that are involved in the investment procedures. He added that these points were included as the second modified paragraph in the new investment law that approved by the Iraqi economic and financial committees.

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