Article quote: “the parliament voted unanimously on the Second Amendment to the Iraqi Investment Law No. 13 of 2006.”
This may be the biggest day in Iraq since the war. Certainly since Chapter 7. Now, large investors can come in, secure in their investments, and can build Iraq where the government has failed.
It’s not the government’s fault. It’s just the nature of government that it can’t build an economy. Only the private sector can accomplish that, and things are about to change in a huge way.
Large investment will put large upward pressure on the dinar, as well. …Iraq will now become a dollar sponge, sucking investments, in dollars, from around the world, driving the value of the dinar up in the process as Iraq, itself, becomes more valuable.
They’re letting foreign investors own land, too, which is a big deal. If I’m an investor with millions/billions to put into a project, it would be very reassuring to know I not only own my facilities, but I also own the ground on which they are built.