Iraq endorses investment law for most sectors except oil

The Iraqi Presidential Council endorsed Friday a law that would encourage local and international investments in the country.

The law would allow the Iraqi private sector and foreign investors to create a financial atmosphere that would protect and help investments projects to grow in the country.

The National Investment Authority (NIA), consisting of nine investment specialists, would handle the policies and applications of this law which was described as a federal law.

According to the decision by the government, the law will not include investments in the petroleum and natural gas industry as well as the banking and insurance sectors.

The new law would provide a 10 year free of tax period for projects certified by the NIA and to top that a 15 year period would be given for projects that involve a 50 percent Iraqi participation.

Foreign investors would also benefit from the law which would facilitate their work in Iraq.