Investment Authority: A five-year plan to attract foreign investments
Economy News – Baghdad
The National Investment Authority announced on Saturday a five-year plan to attract foreign investments, while stating that the amendment of the Investment Law ensures that the problems and obstacles of the investment process are addressed.
The Authority’s spokeswoman Hanan Jassim said, in a statement reported by the official news agency, and seen by “Economy News”, that “the Authority has developed a five-year plan to attract foreign investments by increasing the exemptions, facilities and benefits stipulated in the legislation regulating investment, such as joining international agreements that provide protection for the foreign investor by allowing him to resort to international arbitration centers as an intermediary for the settlement of disputes arising from the application of investment contracts, and proceeding with the amendment of the Investment Law No. (13) of 2006, as amended by the regulations issued by the law, which resulted in the second amendment to Investment Law No. 2 of 2009, which regulated the investment process and the powers of investment authorities.”
She added that “the Authority sought to develop regulatory investment controls to ensure the equality of the foreign investor with the local investor, and to activate the single window system and investor services in a way that facilitates the work of investment companies and gives them the necessary flow in obtaining sectoral approvals for investment projects in accordance with the time periods stipulated in the law.”
Regarding the third amendment to the Investment Law No. (13) of 2006, as amended, Jassim explained that “this amendment would ensure the treatment of some of the problems and obstacles that stand in the way of the investment process by increasing the powers of investment authorities in the governorates in accordance with the Constitution, in addition to increasing the advantages and guarantees granted to investors and facilitating the subject of concluding investment contracts between owners and investors.”
Regarding investment in the tourism sector, Jassim pointed out that “Baghdad and a number of governorates are witnessing a remarkable growth in the number and type of hotels completed due to the increase in tourist traffic and delegations, but the volume of investment in this sector is still average and does not meet the ambition decreed for it,” noting that “the authority is continuing to cooperate with the authorities concerned with the establishment of major tourism 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 Al-Ashraf, the holy Karbala and the city of Samarra.”
Regarding the most important sectors targeted for investment in Iraq, she pointed out that “a number of sectors had the best luck in the number of investment licenses granted, including (transport, oil industry, electricity, health, education, housing, telecommunications, agriculture, youth and sports) that would contribute to the implementation of the objectives of the government program and the national development plan.”
Regarding the implementation of the Authority’s axes in the government program, she indicated that “the Authority is working to open all ministries, sectoral entities and governorates to provide land suitable for investment; for the purpose of announcing it as real investment opportunities, in addition to starting to open investment bodies in the governorates based on the approval of the Council of Ministers on the importance of determining the economic and administrative identity of each governorate in a way that is consistent with its population, needs and elements and helps to attract capital and international companies.”
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Added 2024/12/28 – 5:46 PM
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