Ministry of Commerce opened its markets to the central global investment

[JustNTime]

Ministry of Commerce opened its markets to the central global investment

Date: Thursday, 03/08/2012 13:20

Baghdad / WAP / said Trade Minister Khairallah Hassan Babiker that there are a lot of presentations by a number of private sector companies for the purpose of investment in supermarkets, which are now under consideration by the Ministerial Committee formed for this purpose.

The minister said in a statement to the Ministry of Commerce received the news agency reported Baghdad International / WAP / copy of it that this matter is in cooperation with the National Investment Commission to choose the best offers on the basis of reputation and gravity of those companies and high efficiency in the implementation of such a project.

For his part, Dr. Fadel Abdul-Hussein General Manager of the single window in the National Investment Commission that this step is large and efficient in the presentation of the Ministry of Trade markets to invest for the purpose of attracting major investment companies to Iraq, which leads to the rehabilitation of those markets and their ability to compete with and emulate malls in the world markets.

http://translate.goo...ew%26id%3D18759

Edited March 8, 2012 by JustNTime

[Patriotic_mess]

Are they talking about building shopping malls?

[Alex38]

I believe they are....

[JustNTime]

I believe they are talking about international trade

[Stryker365]

For his part, Dr. Fadel Abdul-Hussein General Manager of the single window in the National Investment Commission that this step is large and efficient in the presentation of the Ministry of Trade markets to invest for the purpose of attracting major investment companies to Iraq, which leads to the rehabilitation of those markets and their ability to compete with and emulate malls in the world markets.

Republic of Iraq National Investment Commission

Welcome

Dear Investors:

Welcome to Iraq

We have embarked on a mission of rebuilding Iraq by attracting Iraqi, Arab, and foreign capital investment. Such investment will contribute to the transfer of knowledge and technology in all Iraqi economic sectors currently being transformed from centralized economy to a market economy based on free competition, equal opportunity and the development of the private sector. The year 2011 had witnessed receiving many official delegations, businessmen and international companies and holding various forums with signing several agreements that facilitate the smooth entrance of investors into Iraq and guaranty them lots of privileges and incentives according to investment Law 13 of 2006:

- The One Stop Shop in the National and Provincial Investment Commissions which facilitate the processing of the investment licenses applications, issuing the license, allocating the land, securing tax exemptions, and facilitating the entry and exit of investors and their employees.

- Providing potential investors with the updated Investment Map which lists the investment opportunities with a geographic description at the different provinces as well as a product and service sectoral description.

- The Investor Guide, which provides the necessary information to facilitate entry and exit procedures to and from Iraq and how to enjoy the many benefits of the investment law.

- Amendment of Investment Law 13 of 2006 which guarantees the ownership of land by local, Arab and foreign investors for housing projects based on law No. 2 of 2010 and the amendment of the Statute (7) which organizes the lease rates for lands invested in the various fields.

We are happy to address any questions, concerns, or suggestions you may have. Please email us or visit our headquarters in Baghdad. We are committed to providing all necessary services to achieve a mutually beneficial relationship.

Dr. Sami Al Araji

Chairman

National Investment Commission

Baghdad- Iraq

Alex, this is what they are talking about the investment opportunities are endless, they are about to go international in more ways than one, if you know what I mean.....

With an economy poised for resurgence, abundant numbers of educated and talented people immediately available and an attractive pro-business fiscal environment, Iraq has much to offer.

Superb strategic location — a gateway to the region

Iraq has historically occupied a pivotal position in the Arabian Gulf and Middle East region. It has strategically important ports and airports and can prove to be a cost-effective trading and distribution location.

Numerous green and brownfield opportunities across multiple sectors

There are investment needs across all sectors of the Iraqi economy. The Government of Iraq has identified over 750 investment opportunities throughout Iraq in a variety of sectors. These include construction, manufacturing industry, agriculture, tourism, housing, telecommunications and healthcare. Most of these are immediately available and further details can be obtained by contacting the National Investment Commission.

Unmet needs of a diverse domestic market

Iraq’s strategic position, availability of people and competitive cost base make it an excellent location from which to export to the region and to the world. However, given that the majority of goods sold now in Iraq are imported, Iraq’s domestic market of 30 million people offers an obvious opportunity to produce and sell goods and service to provide import substitution.

Increasing middle class creating demand for new products and services

As Iraq’s stability and security continues to improve, its displaced professionals are slowly returning home and re-entering the workforce. Iraq’s expanding middle-class is proving to have the expendable income to demand better products and services.

Educated, talented and available workforce

The workforce in Iraq is well-educated. Over 11% are graduates or post-graduates and 20% have higher-level academic or technical qualifications. Iraq traditionally is strong in disciplines such as engineering, medicine and agriculture and has also abundant numbers of people with administrative and organizational skills.

Iraq’s population of 30 million is one of the world’s youngest with 71% under the 30 years of age and an astounding 83% under 40. Factors such as the current unemployment rate of 15% and high levels of underemployment clearly show the enormous capacity of the Iraqi workforce to provide a strong people solution to investors’ needs.

Competitive wages and operating costs

Iraq’s cost base is one of the most competitive in the region and globally. For example, an engineering professional is 89% cheaper than the UAE and a skilled operative 92% cheaper than the UK. Whilst wages rates are dramatically below those in the United States or Europe, this factor, combined with Iraq’s availability of graduates and professionals means an overall excellent value for money investment proposition.

Strong investment incentives, tax exemptions and guarantees offered

Iraq offers investors a period of ten years free from all taxes, including corporation tax and fees. This period is extended to 15 years if the project is a joint venture with a majority Iraqi stakeholder. Additional incentives include the right to repatriate investment and profits from investment, the right to employ foreign workers when needed and three years exemption from import fees for required equipment. The Government of Iraq also guarantees that investments will not be nationalized or confiscated.

Low corporate tax rates

Even after the generous tax-free period has been completed, investors will continue to benefit from Iraq’s company tax rate of only 15% - one of the most competitive in the region and globally. Both the tax free period and the low ongoing rate help investors to become profitable more quickly and encourages reinvestment.

Ample opportunity for local partnerships

The Iraqi economy boasts a number of established companies, state-owned-enterprises and service providers. As the country continues to refine its investment environment and bring stability to its political, security and economic activities, local partners serve as good option to expedite and navigate the legal, regulatory and physical landscapes of Iraq. Local partners have access to vital market knowledge; navigate regulatory requirements; provide labor and other inputs at competitive rates; utilize pre-established sales network; and maintain other necessary business relationships, i.e. banking, legal, and distribution, which are critical to the success of an operation.

While these companies maintain room for growth, many are poised to share in both the investment risk and long-term benefits. These companies and service providers span most sectors, industries and provinces throughout Iraq.

Abundant and untapped natural resources

Iraq holds one of the principal hydrocarbon reserves in the world. With proven reserves estimated at 115 billion barrels, Iraq’s undiscovered oil reserve is considered to have the second largest reserve in the world — possibly 300 billion barrels. Iraq also has reserves of gas of 3.2 trillion cubic meters. Iraq is also rich in other minerals, including sulphur, phosphate and iron.

This is great stuff, you know we keep reading articles that say they are not ready but I am finding that they are!!!!

Edited March 8, 2012 by Stryker365

[JustNTime]

Great input Stryker!

Top Ten Reason to Invest in Iraq

And it seems they would need an international tradeable currency to accomplish all of this.

[Stryker365]

Sorry guys and gals but I got more, I think it is important that we know where they are right noe!

The One Stop Shop Mission

The One Stop Shop is the National Investment Commission's single point of contact for investors interested in entering Iraq. It aims to facilitate the investment process by providing investors with a streamlined and hassle-free licensing and investment services. In this capacity, the One Stop Shop is the gateway to investments throughout Iraq.

Goals of the One Stop Shop

• Process investment applications in a single easily accessible spot
• Create a single clearinghouse where investors can get answers to all their questions
• Streamline the investing process by clarifying legislation, and improving service quality in registration, licensing, permitting, and land allocation
• Provide investors with pre-approval support including approval facilitation, local partnering, and information on markets, sectors, and investment incentives
• Provide post-approval support including permits application, equipment and raw material import, and profit repatriation

Primary Activities of the One Stop Shop

Issuing Investment Licenses

The new Investment Law No. 13 requires investors to obtain investment licenses from the National Investment Commission or the regional or provincial Commissions. Investors may submit investment license applications to the One Stop Shop. It will inform investors of the final Commission's decision on an application within 45 days from the date of submittal of a complete application.

Post-licensing support

The One Stop Shop helps to provide support services such as registering the project at the relevant government entity, as well as assistance with project approval, and sponsoring expatriate workers.

The One Stop Shop Team

Reception and Investor Services Section

Receives, registers and inputs the application, and responds to investor inquiries.

Coordination and Follow-Up Section

Coordinates the approval process by guiding the investment application both internally and through government entities.

Government Liaison Section

Representatives that provide continued support for investors to simplify the processes faced when investing in Iraq.

Licensing Section

Coordinates final approval and issuance of license, and follow up project implementation post-approval.

Latest Activities of the One Stop Shop

1 -the one stop shop -the reception and investors' services section received many requests from Iraqi investors and global companies during the past weeks to create investment projects distributed on the industrial and housing sectors with a capital estimated at 667 million US dollars. The requests have been studied by different NIC departments and then by sectoral sides before obtaining approvals for granting them investment licenses by NIC or any of the other provincial Investment Commissions.

2 -Dr.Fadel.A.Al - Rahim .D.G of the one stop shop department met Mr.Mudhir.M.Saleh the Deputy Governor of the Central Bank OF Iraq on (12-10-2011) to discuss the important role that can be performed by the Central Bank of Iraq to develop the investment process through instructing Iraqi banks to depend on work procedures that commensurate with the instructions and standards of the Central Bank OF Iraq regarding the assessment of the financial efficiency for the investment companies.

3 -Industrial and housing investment projects were referred to Baghdad investment commission with a capital of (260,000,000) dollars because they fall under the authorities of Baghdad investment commission according to the investment law no.13 of 2006 amended.

4- The department of one stop shop received additional requests from Iranian investment companies during the Iraqi -Iranian economic forum during the period from (6-7/7/2011). Tables have been prepared for the submitted investment projects according to sectors to be presented to the concerned entities in ROI.

5-Mr.Saad.M.Alziady the D.G assistant of the department of one stop shop participated in the works of the investment conference of oil in London for the period from (20-27/11/2011) in the presence of many international companies. During the conference our delegation presented the investment opportunities and investment map in this sector to these companies.

6- Dr. Fadel .A. Al Rahim .D.G of the one stop shop department participated in the workshop that was held by the ministry of communication to define the project of providing the fast internet service through Fiber To The Home (FTTH) .The companies were made acquainted with the procedures of applying the investment law no.13 .2006, privileges and guaranties granted to investors. During that time Dr. Al Rahim met the minister of communication on (17-11-2011) in the presence of a delegation from (Vicicom) Swedish company during the meeting they focused on the investment opportunities in the sector of communication, on the other hand the chairman of the company expressed his intention to enter the Iraqi market to invest in many sectors such as communication, engineering consultancy and the field of processing.

7-The Follow Up department visited many sectors in the ministries that related with the department of the one stop shop such as the ministries of municipalities, industry and minerals, Baghdad Mayoralty, Real Estate and TBI to know the procedures of their working and try to overcome the difficulties of their quick answering to NIC during the legal period referred to in the investment law.

DinarDana, I will post all this in our investment thread in the Banking Section....

Edited March 8, 2012 by Stryker365

[Stryker365]

There is a lot of great info here, you can read for yourself if you want;

http://www.investpromo.gov.iq/

[Patriotic_mess]

Thanks Stryker, a lot of people just look at the Dinar as the money maker, I beleive the big bucks can be made after it RV's through the ISX and other Iraqi investments.

Do you think this Iraqi "WalMart" will be part of the ISX?

[SgtFuryUSCZ]

***///

Now ya can go to Baghdad n' git yer PIGGLY WIGGLY on... wahooo!

Oh, wait --- a supermarket named after PORK might not fly over there....

[waterman13]

***///

Now ya can go to Baghdad n' git yer PIGGLY WIGGLY on... wahooo!

Oh, wait --- a supermarket named after PORK might not fly over there....

Maybe you could call it Goatley Woatley"

WM13

[Stryker365]

Thanks Stryker, a lot of people just look at the Dinar as the money maker, I beleive the big bucks can be made after it RV's through the ISX and other Iraqi investments.

Do you think this Iraqi "WalMart" will be part of the ISX?

Patriotic,

I remember reading an article about the Chinese, they are going to open supermarkets all over Iraq, investment of millions if not billions all at once. Now if I'm a large enough company like this one should be I don't think I would be going into a market that has an high unemployment rate and a high number of citizens living below poverty unless I knew that the economy was about to boom.

This site tells me that we better be ready to move ASAP, this is the last of the frontier markets and the RV will be small change compared to the ISX, that is exactly why I and my friends have money ready to go into it...

BTW, we are fine Warka customers so no one needs to worry about our assests except us!

Edited March 8, 2012 by Stryker365

[SgtFuryUSCZ]

Maybe you could call it Goatley Woatley"

WM13

***///

LOMEY on a Camel can be their spokesman...!

Sorry, LOMEY, I couldn't help my pitiful 'ol self!

Yer still muh favourite 'ol Goat!

Edited March 8, 2012 by SgtFuryUSCZ

[Patriotic_mess]

Patriotic,

I remember reading an article about the Chinese, they are going to open supermarkets all over Iraq, investment of millions if not billions all at once. Now if I'm a large enough company like this one should be I don't think I would be going into a market that has an high unemployment rate and a high number of citizens living below poverty unless I knew that the economy was about to boom.

This site tells me that we better be ready to move ASAP, this is the last of the frontier markets and the RV will be small change compared to the ISX, that is exactly why I and my friends have money ready to go into it...

BTW, we are fine Warka customers so no one needs to worry about our assests except us!

I'm ready for it, just got my ISX number today! It kills me when people say the can't wait for this ride to be over... it will be just beginning for me when it RV.