Government announces privileges and tax exemptions for investors, says PM's Advisor

Athens - INA

Hamoudi Al-Lami, the Prime Minister's Advisor for Industry and Private Sector Development, announced on Thursday that the government has implemented a series of decisions designed to offer privileges to investors, including tax exemptions.

Speaking at the Greek-Arab Economic Forum in Athens, attended by the reporter of INA Al-Lami emphasized that since the formation of the current government two years ago under the leadership of Prime Minister Mohammed Shia al-Sudani, supporting the industrial sector has been a top priority. He assured that the government has started fulfilling this commitment.

Al-Lami revealed that “significant decisions had been made, including the activation of the Investment Law No. 13 of 2006, which has been amended to offer additional privileges to investors”.

Furthermore, he explained that the government has formed committees to provide incentives, advantages, and investment guarantees. Foreign investors are now eligible to lease industrial land for 50 years, with the option to extend the lease.

Highlighting Iraq's investment potential, Al-Lami noted that the country now enjoys greater security stability, with Arab investors playing a vital role in revitalizing diverse sectors across all Iraqi governorates. 

He assured that “Iraq is currently experiencing a resurgence in sectoral development, with investment opportunities announced earlier this year and more to be revealed soon.”

The advisor also pointed out that Iraq holds vast mineral resources, which are becoming increasingly important, surpassing even oil in significance. While the oil sector faces challenges due to political conditions and environmental concerns, Iraq is now focusing on its extensive mineral wealth, including 10 billion tons of phosphatic rocks, essential for producing phosphate and chemical fertilizers, which are in high demand to support global food production.

Al-Lami explained that phosphate production is also accompanied by uranium extraction, which could be utilized for energy production or sold to power plants. He emphasized that the national investment law, which initially focused on construction sector investments, has expanded to include opportunities in industrial sectors such as chemicals and petrochemicals.

Finally, Al-Lami confirmed that investors are granted full tax exemptions on the importation of production line equipment and raw materials.