Legal Guide to Investment in Iraq
Legal Guide to Investment in Iraq (bilingual Arabic-English), Commercial Law Development Program (CLDP) 2015 – In an effort to promote foreign investment in Iraq this legal guide aims to provide guidance to potential investors on general investment practices in Iraq. It outlines relevant Iraqi legislation with an emphasis on the recently enacted National Investment Law, delineates critical investment procedures for key economic growth sectors, and provides a model investment contract with commentary.
The Government of Iraq attaches great importance to the investment sector and views it with tremendous interest and satisfaction. This should convey to all investors an encouraging message: the path to working and investing in Iraq is now wide open following the improved political, legal and economic climate in Iraq, including two notable milestones: the enactment of the Second Amendment to the National Investment Law No. 13 of 2006, granting further privileges to investors, as well as Iraq’s recent accession to the Convention on the Settlement of Investment Disputes Between States and Nationals of Other States (ICSID Convention).
As a result of this promising new environment, Iraq is witnessing greater momentum toward a free economy through a variety of mechanisms, including enabling the private sector to assume a leading role in running the affairs of the national economy. Further strengthening this new environment is a host of new ideas and initiatives spawned by a new spirit of free enterprise, such as greater freedom of movement, efficiency in allocating resources, and utilizing profitability as an indicator of sound economic performance. Moreover, this new spirit is acting as a catalyst for expanding investment, which will also help alleviate the burdens on the national government.
The Government of Iraq seeks to promote and diversify investment of every kind and create an attractive investment climate in the broadest sense by embracing the shift toward the private sector. By doing so, the present and future vision of the Government of Iraq rests on the fact that Iraq is now a peaceful and democratic nation that is working toward building a prosperous economy with markets that are competitive on the regional level and fully integrated into the global economy.
