Academy: Iraq’s old economic laws hinder investment

Posted by on Oct 28, 2013 | Leave a Comment

24/09/2013 12:00 AM

saw the academic economic Dr Majid Baidhani that economic laws old, which is still in force until now limit the activity of the private sector and impede the investment process.

said in a statement (morning) that the private banking sector, for example, has the desire to enter into the process of economic development, but the Article 28 of the Banking Act represents the main obstacle to private banks as it prevents them from direct investment in various projects.

He stressed the importance of expediting passage of a new banking law that would improve performance by banking by giving the opportunity for banks to exercise commercial activities and engage in development of investment projects to serve the country’s economy. He pointed out that the process of transition to a market economy is not easy but it is required for the purpose of re-productive economic cycle and reduce the contradictions and overlap between the laws of the market and the needs of economic and social development. He called for reducing the dominance of the public sector to the joints of the economy in general, and support the private sector to attract investment companies.

in the context of relevant refused a member of the Committee on the economy and investment MP Amer winner, the proposal pass laws important economic, which is still code inside the House of Representatives a basket and one, describing it as a non- and lacks legal legitimacy. He said in a statement that he can not collect the laws all economic basket and one approved without discussion article by article, this measure would hurt the country and serve the interests of factional and will enter into quotas political.

, adding that no country in the world works this mechanism, any approved laws without discussion as detailed knowledge of what serves the country and Midharh, noting that there are some paragraphs and articles of laws that do not fit, how the law is approved without a vote on the article. He called for the discussion of all economic laws and develop appropriate solutions for the purpose of legally approved a law is not passed one basket.

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