Page 4 - Microsoft Word - The Investment Law No amended.docx

Article 3
The following means shall be adopted to realize the objectives of this law:
First: To grant projects covered by the provisions of this law the necessary privileges and
guarantees for its continuation and development by providing support in a way that enhances the
competitive capacities of these projects in the local and foreign markets.
Second: To grant projects that obtained an investment license from the Commission, additional
facilities and exemptions from taxes and fees in accordance with the stipulations of this law.

Chapter Two

The National Commission for Investment and the
Investment Commissions in the Regions and Governorates

Article 4

Article 4:
First. In accordance with this law, a commission called ( The National Investment Commission)
shall be formed, with a legal personality, and represented by the commission Chairman or
whomever he authorized, and shall be responsible for establishing the national investment policy,
establishing the guidelines for it, monitoring the implementation of these guidelines in the field of
investment, and shall be specialized in the strategic investment projects on a federal level.
Second. The Commission will be directed by a Board Of Directors consisting of (11) Eleven
experienced and specialized members, holding university degrees that are compatible with the
Commission’s field of work.
Third
A. The Council of Ministers, and per request from its president, nominates a Chairman for the
Commission, at the rank of a Minister, and a deputy Chairman, at the rank of a Deputy Minister for
a period of five years, and shall be presented to the Parliament for approval.
B. After nominating from the Commission Chairman, the Prime Minister shall select Five members
representing the Public Sector from the relevant authorities whose official ranks are equal to
Director General of part-time members in the Board of Directors of the Commission for a period of
(5) Five Years without rewards.
C. The Prime Minister shall select (4) Four members from the Private Sector for Five Years, who
have an investment project in Iraq and have not convicted of any felony or immoral offence or have
declared bankruptcy, being nominated by the Chairman of the National Investment Commission
without rewards.

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