March 11, 2011U.S. Embassy demanding a change in the Iraqi investment law and reveal its near return
Alsumaria News / Baghdad
Emphasized the commercial attache at the U.S. Embassy, on Friday, the Iraqi investment law, the current when the shortcomings and needs to be amendments, pointing out that the main problems included in the law is a matter of ratios Estate real estate to foreign companies, as revealed near the return of U.S. companies to work in Iraq.
Thomas said Prunan in an interview with "Alsumaria News", "The Iraqi investment law contains some gaps, and the Iraqi government is trying to modify it to be similar to laws in investment in other countries," noting that "the most important problem is the matter of attributing ownership of real estate to foreign companies, when purports to Iraqi buying a property in the United States will find the process easy, while the U.S. finds that the process of buying a property in Iraq is very complex."
The Prunan that "trade relations US-Iraqi grow month after month, and there are facilities to Iraqi businessmen to participate trade fairs held in the United States, revealing the recent visit of the delegation of Iraqi trade from the private sector to the state of Las Vegas to attend a conference buildings the U.S. is expected to take place on 21 March the current. "
The Prunan that "the United States would send a lawyer to take to help Iraq improve the level of quality in its products."
The commercial attaché that "American companies have already started work in Iraq, and opening some offices, including the Honeywell tools for electrical and communications company Harris," asserting that "American companies will come to work in Iraq gradually."
The Iraqi parliament approved in October 2006 investment law, but he did not give investors the right to ownership of the property the project, also equated the Iraqi investors and foreign investment in each concession, with the exception of real estate ownership, while giving foreign investors the right to lease land for 50 years subject to renewal.
The Council amended the House of Representatives on 13 October 2009, the Investment Law so that gave the right of the investor Iraqi and foreign ownership of land and property belonging to the State allowance determined in accordance with special regulations, as well as giving them the right to own land and property belonging to the mixed and private sectors to establish housing projects exclusively.
