Iraq: Five-Year Plan to Attract Foreign Investments

Baghdad - INA

The National Investment Commission announced, today, Saturday, a five-year plan to attract foreign investments, while indicating that amending the investment law ensures addressing the problems and obstacles of the investment process.

The spokeswoman for the commission, Hanan Jassim, told the Iraqi News Agency (INA): "The commission has developed a five-year plan to attract foreign investments by increasing exemptions, facilities and benefits stipulated in the legislation regulating investment, such as joining international agreements that protect foreign investors by allowing them to resort to international arbitration centers as a mediator to settle disputes arising from the implementation of investment contracts and proceeding with amending Investment Law No. (13) of 2006 as amended and the regulations issued according to the law that resulted from the second amendment to Investment Law No. 2 of 2009, which regulated the investment process and the powers of investment commissions."

She added, "The commission sought to establish regulatory controls for investment to ensure equality between foreign investors and local investors, and to activate the one-window system and investor services in a way that facilitates the work of investment companies and gives them the necessary fluidity in obtaining sectoral approvals for investment projects according to the periods stipulated in the law."

Regarding the third amendment to Investment Law No. (13) of 2006, as amended, Jassim explained that “this amendment would ensure that some of the problems and obstacles facing the investment process are addressed by increasing the powers of investment authorities in the governorates according to the constitution, in addition to increasing the benefits and guarantees granted to investors and facilitating the conclusion of investment contracts between the owners and investors.”

Regarding investment in the tourism sector, Jassim indicated that “Baghdad and a number of governorates are witnessing a remarkable growth in the number and type of completed hotels due to the increase in tourist movement and delegations, but the volume of investment in this sector is still average and does not meet the ambition set for it,” indicating that “the authority is proceeding in cooperation with the relevant authorities to establish major tourist investment cities in tourist areas such as (the city of Babylon, Ur, Nasiriyah, and the city of Mosul), in addition to encouraging religious tourism in the governorates of Najaf, Karbala, and Samarra.”

Regarding the most important sectors targeted for investment in Iraq, she pointed out that "there are a number of sectors that have had the greatest share in the number of investment licenses granted, including (transportation, oil industry, electricity, health, education, housing, communications, agriculture, youth and sports), which will contribute to implementing the objectives of the government program and the national development plan."

Regarding the implementation of the Authority's axes in the government program, she explained that "the Authority is working to approach ministries, sectoral bodies and all governorates regarding the provision of lands suitable for investment; to announce them as real investment opportunities, in addition to starting to approach investment agencies in the governorates based on the approval of the Council of Ministers on the importance of defining the economic and administrative identity of each governorate in a manner that is consistent with its population, needs and components and helps attract capital and global companies."