Iraq: Amendment to Investment Law allowing foreigners to own land for housing projects
Description
According to a Reuters article on 23 November 2009, Iraq’s parliament passed the first amendment to Investment Law No 13 of the year 2006 allowing foreigners to own land for housing projects. Iraq’s old real estate law only allowed leasing of land to foreign investors for a limited time.
Although the law does not cover the oil sector and hotel construction, it is still a huge achievement, which will remove many obstacles blocking investment process in Iraq according to a statement of National Investment Commission Chairman Ami al-Araji to Reuters. Housing is a potentially huge growth industry in Iraq. Gulf construction and real estate firms have shown increasing interest in the country according to Iraqi officials reports to Reuters.
The law also aims to speed up the process of applying for investment licenses and to clarify federal and provincial powers when dealing with investors.
Iraq’s presidential council must now approve the law.
Any Evidence-Based Deliberation:
| Question | Result |
|---|---|
| Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations? | |
| Is there any evidence that alternatives to the proposed measure were considered? | |
| Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government? | |
| Was such evidence identified? | |
| Is such evidence publicly available? | |
| Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives? | |
| Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken? | |
| Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory? | |
| Did the government state its intention to review the measure within one year of implementation? |
Date Discovered: 08/01/2010
Implemented: No
Date of inception:
GTA Evaluation: Green
Source:
Reuters, 23 November 2009 (http://www.reuters.com/article/idUSTRE5AM2CY20091123)
Investment Law No. 13 of 2006, unofficial translation (www.investpromo.gov.iq/files/investment_lawenglish.pdf)
Government Response:
- 618 reads
