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Delay in the Approval of Investment Law Hampers Afghan Economy

Delay in the Approval of Investment Law Hampers Afghan Economy

The Ministry of Mines (MoM) have expressed concerns over the delay in the approval of the Investment Laws that is yet to be studied by the Parliament.

Spokesperson to MoM, Rafi Rafiq Sediqi, said the Investment Laws have not been prioritized by the Parliament.

“The New Law on Mines is the only way to woo foreign investors to Afghanistan. The investment is held up due to delay in the approval of this law,” said Sediqi.

In July, MoM reported that contracts for four new mining projects were on hold due to the pending decision of the Lower House of the Parliament on the approval of the new Investment Laws.

“Holding up the approval process is  slowing down the economic development of Afghanistan and is failing Afghanistan in reaching its economic targets. The Parliament must take immediate action on this,” said Azrakhsh Hafizi, head of international relations committee at Afghanistan Chamber of Commerce and Industries (ACCI).

Meanwhile, Lower House Secretary Sayed Ikram said a committee would be created to study the Law would soon be included in the agenda of the Lower House.

A number of economic pundits have expressed concerns over the delay in the approval of the new Mining Laws, as it could adversely affect the activity of the mining sector. (wadsam.com)

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