Iraq Signs The Singapore Convention To Attract Foreign Investments

 Iraq Signs The Singapore Convention To Attract Foreign Investments

 Amr Salem July 1, 2024 Part of the Iraqi capital, Baghdad. Photo: Shafaq News

Baghdad (IraqiNews.com) – Iraq hailed the ratification of the United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention) as a historic step toward attracting foreign investors.

 Iraq’s National Investment Commission (NIC) and the United Nations Development Programme (UNDP), under the auspices of Prime Minister Mohammed Shia Al-Sudani, conducted a high-profile mediation meeting on Wednesday, according to a statement released by UNDP.

The Prime Minister’s Advisor, Nasser Al-Asadi, reaffirmed the government’s unwavering focus on foreign investment.

 “We are continuing our progressive reforms and working to make Iraq an appealing and secure investment destination,” Al-Asadi explained.

 “Iraq’s admission to the Singapore Convention is a big step forward, strengthening our efforts to develop a dynamic corporate sector,” the Iraqi official stated.

 “We will continue our efforts to boost investment, eradicate corruption, and provide job opportunities for the youth,” Al-Asadi elaborated.

 Iraq took a huge stride forward on April 17, 2024, when it signed the Singapore Convention, which makes it easier to implement mediated settlement agreements, paving the way for more international trade and commerce between countries.

 The conference was attended by the European Union (EU) Ambassador to Iraq, Thomas Seiler, who confirmed that the EU is collaborating with the Iraqi government and UNDP to assist Iraq in becoming a secure and appealing destination for foreign investment, including from the 27 EU Member States.  

 https://www.iraqinews.com/iraq/iraq-signs-the-singapore-convention-to-attract-foreign-investments/