Passage of the first amendment to Investment Law 13

Passage of the first amendment to Investment Law 13

The NIC is proud to announce that last week the Iraqi Parliament has reviewed and approved the first draft amendment to Investment Law 13. The amendment contains many important aspects that will foster investment in Iraq including the ability for foreigners to own land for the purposes of housing projects; placing the land designated for investment projects under the authority of the NIC instead of different ministries. Additionally the amendment details the organization and support to the Provincial Investment Commissions and as well as securing privileges for public and private partnerships especially those partnering with State Owned Enterprises. The amendment also waives the authority of Law 32, 1986 for all investment projects.