Iraq’s parliament approved a law on investment allows foreigners to own land for housing projects, and aims to simplify the rules on foreign investment, according to Iraqi lawmakers.
Iraq hope to attract foreign investment with the decline in sectarian violence, (which erupted after US-led invasion of Iraq in 2003) over the past two years, However, the bureaucracy and red tape and the laws of land ownership formed obstacles to investors. The law should be sent to the Iraqi Presidency Council for approval.