OPEC member Iraq intends to enforce a new construction law with the aim of attracting investment as part of an ongoing post-war rebuilding programme, the official Alsabah newspaper reported on Friday.
The new law has to be approved by the planned new cabinet before it is passed to parliament for final endorsement, the paper said.
It quoted Baqer Al-Saadi, a member of the Parliament’s Construction Committee, as saying the new law includes the establishment of a “construction and investment council” to organize investments and activity in this sector.
“The new law includes amendments to the old one, especially the articles related to investors…it is a very important law as it will give a strong push to construction activity and creates more than 300,000 jobs,” Al-Saadi said without giving further details.
Iraq, which controls the world’s 5th largest proven oil deposits, has been locked in a drive to rebuild war-damaged facilities.
(Writing by Nadim Kawach; Editing by Anoop Menon)