The Iraqi government has approved a bill amending the country's Investment Law, which will allow foreign companies to buy land dedicated to a specific investment project.
The changes will also permit foreign investors to trade on the Iraq Stock Exchange and form joint ventures with public and private companies.
The amendments are part of a series of measures that Baghdad has been considering to attract more foreign direct investment (FDI).
The Investment Law was passed in 2006 but potential investors have complained that it contains too many loopholes and does not guarantee the security of an investment.
Until now, foreign investors have also not been allowed to own land in Iraq.
The bill must now be approved by the Council of Ministers (cabinet) and then parliament.
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