OPEC member Iraq intends to enact a new law that will facilitate investment in its three main free zones within a strategy to diversify its oil-reliant economy, the official Iraqi Alsabah newspaper said on Tuesday.
The law comprises more incentives for investors and will remove obstacles that had blocked capital inflow, the paper said, quoting Abdul Amir Asad, Director General of Iraq’s Free Zones Authority.
The law will be enforced soon in the Arab country’s main free zones in the Northern Nineveh Governorate, the Southern Al-Zubair Port and Al-Qaim in West Iraq near the border with Syria, Asad said.
“We are in the process of enacting new legislation to increase capital flow into the free zones…this law will allow Iraq to keep abreast with economic and financial developments worldwide,” he said.
His figures showed the three zones have attracted 91 projects covering industry, services, trade and other sectors.
(Writing by Nadim Kawach; Editing by Anoop Menon)