Issuing the legal guide for investment in Iraq

15/05/2017 17:21:26


The legal adviser to the US Department of Commerce, Mr. Abbas Abbasi, announced the issuance of a legal guide to invest in Iraq.

Aboussi said during a press conference held at the headquarters of the US Consulate in Basra that this guide would help the investor to identify the investment opportunities available in Iraq.

The issuance of this guide took three years of joint work between the Iraqi government and the US government in coordination with the National Investment Commission and the Trade Law Development Program (CLPD) of the US Department of Commerce, as well as other partners from their counterparts in the European side as well as international and local experts and experts in the field Commercial and legal and investment, and was written in Arabic and English, and became available on the site of the National Investment Authority and its branches in the provinces and the location of the US Department of Commerce.

She added that the objective of issuing this guide to define the investor type of procedures in terms of the search for investment opportunities and licenses investment contracts and to see the Investment Authority’s law and its amendments, and the basic conditions without the need to hold workshops while not denying the difficulties and procedures faced by the investor while investing in Iraq.

The legal adviser at the US Department of Commerce said that investment in Iraq requires compliance with awareness in the development of law and international conventions. It also requires awareness of the investment law and the amendments made to it in terms of its acceptance with the foreign investor and comparison with all new laws.

The press conference was preceded by a workshop held at the US consulate, which included representatives of the National Investment Authority, investment bodies in southern Iraq and representatives of a number of ministries, the fifth of its kind to promote investment and its law and attract the investor.

The guide includes the legal framework of the investor, taking into consideration his point of view and his desire to invest in the country. He also helps legal staff working in the investment bodies to formulate model contracts, regardless of the nature of the investment contract sector.

For his part, the Chairman of the Investment Commission of the province of Dhi Qar Luay Khairullah that the issuance of this guide will encourage investors and attract them through the access to investment opportunities and the law of the Commission and sends a message reassuring them through the laws that support them with opportunities available.

While Haidar Hamad Mustafa, representative of the Ministry of Industry and Minerals that the removal of obstacles to the investor of the most important conditions must be available to develop the investment sector in the country, the government’s cooperation with the investor.



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