Page 7 - Microsoft Word - The Investment Law No amended.docx

commission, including the standards of appointing Board of Directors members and depose them in
case they do not adhere to the standards and charters of the commission.
Fourth: The Investment Commissions of the regions and governorate shall coordinate their
work with the National Commission for Investment, and shall coordinate and consult with local
governments regarding investment plans and facilities.
Fifth: The regions and governorates commissions shall draw up their investment plan in a way
that does not contradict with the federal investment policy and shall prepare list of the
investment opportunities in the areas that are subject thereto, with initial data about these
projects and offer it to those wishing to invest.
Sixth: The region's Commission shall be connected to the Prime Minister of the region and is
subject to the scrutiny of the region's Council. The governorate commission shall be connected
to the Governor and is subject to the scrutiny of the governorate council in way that does not
contradict with the provisions of this law.
Seventh: Regions and Governorates Commissions board of directors shall convene upon an
invitation from their chairman. The quorum of convening and adopting resolutions and
recommendations shall be determined by absolute majority. The conduct of work shall be
organized by by-laws issued by the Commission.

Article 6
In addition to ordinary correspondences, the Commission may adopt electronic correspondences
with official entities, Iraqi and foreign investors connected with the work and activity of the
Commission through local networks or the Internet according to guidelines set by the Commission.

Article 7
A. The Commission shall accept investment license requests for projects whose capital is not

less than the minimum amount determined by the Council of Ministers or the Council of
Ministers of region as the case, by a regulation issued based on a proposal by the
Commission.
B. The Commission must obtain the approval of the Council of Ministers before granting the
license if the value of the investment project is more than two hundred and fifty million
dollars.
C. The Commission shall make its final decision concerning the requests of investment license
within a period not exceeding (45) forty five days from the date of filing a request.
D. The decisions of the Commission regarding the approved investments projects shall be
obligatory for the purposes of this law.

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