National Investment Commission will hold a workshop to promote economic development in Iraq

[yota691]

02/03/2014 15:29

National Investment Commission will hold a workshop to promote economic development in Iraq
Sami al-Araji: Workshop come to discuss and assess the experience of economic cooperation between Iraq and the organization in general and the National Investment Commission in particular

 

 

BAGHDAD / obelisk was held the National Investment Commission, for on Sunday and Monday, in cooperation with the investment program in the Middle East and North Africa, the Organization for Economic Cooperation and Development (OECD), and a workshop to discuss policy aimed at promoting economic development in Iraq.

The head of the National Commission, Sami al-Araji, "The workshop comes to discuss and assess the experience of economic cooperation between the Organization and Iraq in general and the National Investment Commission in particular, and are summarized in three main axes first is how to choose the areas of investment and how to attract investment to these areas, starting from the legislative side and down to the so-called file investment to help investors choose the appropriate area in the whole of Iraq in various disciplines aimed at technology transfer and assistance in the development of the economy. "

"The second axis represents the process of attracting private investment for infrastructure projects, the different types, including residential, while representing the third axis by creating a legal environment to create partnerships between the private sector, foreign and national levels with the Iraqi public sector to engage in infrastructure projects, touching the future relationship of bilateral cooperation between the Commission The mechanics of the organization and implementation of common goals to achieve comprehensive development in the country.

He thanked the president of the National Investment Commission and the U.S. State Department and the U.S. Embassy in Baghdad to assist in the financing of the program of work (OECD) also welcomed the willingness of the state to enter Sweden in the financing of these projects in the future.

For his part, Chairman of the Committee on Economy and Investment parliamentary Mohammed Salman al-Saadi, "The House of Representatives is working on legislation and amend the laws relating to the development of economic work in the country, its aspects multi including financial, commercial and industrial, in addition to finding a legislative environment attractive to the major investments for the advancement of the Iraqi economy and make it Bmsaf counterparts countries in the region ".

For his part, Abdul Aziz Xuan in a speech on behalf of the Deputy Prime Minister Ruz Nuri Shaways that "the establishment of these workshops contribute to the discussion of the most important steps that must be taken in the way of economic reform," noting that "the work of an organization as large (OECD) comes from the conviction among international experts that Iraq can achieve the goals of economic development, which is looking forward to it and which is clearly confirmed by the National Development Plan in Iraq for the years 2013 - 2017, and it announced a few days ago to achieve a growth rate of GDP at a rate (9%) confirms this. "

Between the head of the advisers Thamer Ghadban said that "the government is working with international organizations, the UN and the United States and the European Union on economic reform in Iraq and the promise of reform of the public sector companies and the development of the private sector and create legislation encouraging and attracting investment capital, according to the Iraqi constitution," noting "This cooperation has resulted in projects and drafts of laws and the formation of specialized committees to implement those reforms and overcome the obstacles that stand in the imam."

For its part, expressed Robin Mateuman economic adviser at the U.S. embassy in Baghdad, thanks to the major role played by the National Commission for Investment in the development of economic relations between the two countries on the basis of common interests, adding that "this workshop comes as part of a series of workshops and seminars held by the Embassy to support the Iraqi economy belief them that this economy will have an important role at the global level. "

And across Andersen anise Program Coordinator (OECD) in Iraq, expressed his thanks and appreciation for the fruitful cooperation between the National Investment Commission and the organization, noting that "the organization is ready to continue cooperation in many areas for economic development in Iraq."

It should be noted that the workshop lasted over two consecutive days offered through a number of research for the development of administrative work and legal, have also seen our investment areas and mechanisms constructed in accordance with the Investment Law No. 13 of 2006, as amended, was done with the participation of various ministries including Industry Metal and planning of Construction and Housing and Finance.

The Investment Law No (13) of 2006 

 

 

 

In the name of the people 

The Presidency Council 

 

 

Pursuant to what was approved by the Council of Representatives and endorsed by the 

Presidency Council and based on the provisions of paragraph (First) of Article (61) and 

paragraph (Third) of Article (73) of the Constitution, the following law is promulgated: 

 

No (13) of 2006 

The Investment Law 

 

 

 

Chapter One 

 

Definitions 

 

 

Article (1) 

The following terms, wherever mentioned in this Law, shall have the following specific 

meanings unless the context indicates otherwise: 

A. The Council: The Council of Ministers 

B. National Commission for Investment: The Commission established in 

accordance with this law responsible for drawing up the national policy and 

laying out its guidelines and monitoring the implementation of these 

guidelines and instructions in investment. It shall specialize in investment 

projects of a federal nature exclusively. 

C. Region’s Commission: The investment commission of the region responsible 

for granting investment licenses in the region. 

D. Governorate Commission: The investment commission of the governorate not 

organized in a region responsible for investment planning and granting 

investment licenses in the governorate. 

E. The Commission: The National Commission for Investment or the Region’s 

Commission or the Governorate Commission as the case. 

F. Chairman of the Commission: The Chairman of the National Commission for 

Investment 

G. The Project: The economic activity subject to the provisions of this law. 

H. The Assets: The tools, apparatuses, equipments, machineries, requirements, 

 gear, transportation means and office furniture specified for exclusive use in 

 the project, and the furniture, furnishings and the requirements of the hotels, 

 tourist cities, hospitals, schools and colleges  Page 2 of 16 

I. The Foreign Investor: Is the investor who does not hold the Iraqi nationality in 

the case of a real person, and is registered in a foreign country in the case of a 

juridical or legal person 

J. The Iraqi Investor: Is the investor who holds Iraqi Nationality in case of a real 

person and is registered in Iraq in the case of a juridical or legal person. 

K. Taxes and Fees: All types of taxes and fees levied in accordance with the 

applicable laws. 

L. The designed production capacity: Is the production capacity designed within 

a specific unit of time (hour, unit, day … etc) in accordance to what is fixed in 

the documents incoming with the machines of the supplier. 

M. Investment Portfolio: A collection of investments in shares and bonds. 

N. Investment: Is the investment of capital in any economic or service activity or 

project that results in a legitimate benefit for the country. 

 

 

Goals and Means 

 

 

Article 2 

This law aims at the following: 

First: To promote investment and transfer modern technologies in order to 

contribute to the process of developing and enhancing Iraq, and expanding and 

diversifying its production and service base. 

 

Second: To encourage the Iraqi and foreign private sector to invest in Iraq by 

providing the required facilities for establishing investment projects and 

enhancing its competitive capacities in the local and foreign markets for projects 

included in this law. 

 

Third: To develop human resources based on market demands and provide work 

opportunities for the Iraqis. 

 

Fourth: To protect the rights and properties of investors. 

 

Fifth: To expand exports and improve the balance of payments and the balance 

of trade of Iraq. 

 

 

Article 3 

The following means shall be adopted to realize the objectives of this law: 

First: To grant projects covered by the provisions of this law the necessary 

privileges and guarantees for its continuation and development by providing 

support in a way that enhances the competitive capacities of these projects in the 

local and foreign markets. 

  Page 3 of 16 

Second: To grant projects that obtained an investment license from the 

Commission, additional facilities and exemptions from taxes and fees in 

accordance with the stipulations of this law. 

 

 

 

Chapter Two 

The National Commission for Investment and the 

Investment Commissions in the Regions and Governorates 

 

Article 4 

First: A Commission shall be established and called the “The National 

Commission for Investment”. It shall enjoy a juridical personality and shall be 

represented by the Chairman of the Commission or the person authorized by him. 

It shall be responsible for drawing up the national policies for investment and 

drawing up its plans, regulations and guidelines as well as monitoring the 

implementation of these guidelines and instructions in investment. It shall 

specialize in strategic investment projects of a federal nature exclusively. 

 

Second: The National Commission for Investment” shall be managed by a Board 

of Directors comprised of nine members who must be competent and specialized, 

and hold a college degree that suits the specialty of the Commission. They must 

not have been sentenced for a felony or misdemeanor of moral turpitude, or have 

declared their bankruptcy 

 

Third: 

A. Upon a request by the Prime Minister, the Council of Ministers shall 

nominate a Chairman of the Commission at a grade of Minister and a 

Deputy Chairman at a grade of Deputy-Minister for a period of five years 

and present them to the Council of Representative for approval. 

B. The Prime Minister shall appoint four members for a period of five years 

at a grade of Director General. 

C. The Prime Minister shall select three members from the private sector for 

five years after their nomination by Chairman of the Commission and 

specifying their compensations according to the bylaws. 

D. At the conclusion of the membership of any member of the Commission 

referred to in Paragraph (A and of this Article in cases not involving 

dismissal and resignation, the Prime Minister shall assign them to any 

governmental entity at the same grade. Those mentioned in (A) of this 

article shall be retired on pension when not assigned to a government 

position equivalent to their grade. 

E. The Council of Representatives may directly dismiss the Chairman of the 

National Commission for Investment and his Deputy, or upon a request by 

the Prime Minister for compelling reasons. 

F. The Council of Ministers may dismiss or replace any member of the 

Commission or replace him with others in case he does not adhere to the 

standards and regulations of the Commission. 

G. The Board of Directors of the National Commission for Investment shall 

meet at the invitation of its Chairman. A bylaw issued by the Commission 

shall specify the quorum, decision taking, making recommendations and 

the course of work of the Commission and any other issue. 

H. The National Commission for Investment shall be connected to the Prime 

Minister. 

I. The salary scale and entitlements of the Commission’s employees shall be 

determined by a decision of the Prime Minister based on a proposal from 

the Chairman of the National Commission for Investment. 

Fourth: 

The Commission’s headquarters shall be in Baghdad and it may appoint representatives 

in the regions and governorates. 

Fifth: The National Commission for Investment shall draw up an overall national 

strategic policy for investment identifying the more important of the sectors and shall 

prepare a map of investment projects in Iraq in the light of the information it receives 

from the regions and governorates. It shall also prepare lists of investment opportunities 

in strategic and federal investment projects with initial information about these projects 

and making it available to those wishing to invest. 

Article 5 

 

First: The regions and governorates not organized in a region may form 

investment commissions in their areas. The latter shall enjoy the powers of 

granting the investment licenses, investment planning, promoting investment and 

opening branches in their areas within the provisions of this law in consultation 

with National Commission for Investment to guarantee the availability of the 

legal conditions. 

 

Second: the Investment Commissions of the regions and governorates shall be 

composed of at least seven members including the chairman and the vice 

chairman of at least seven years of experience and competence and with a 

university degree appropriate to the specialization of the commission and not 

convicted in a felony or a misdemeanor involving turpitude or has declare his 

bankruptcy. 

 

Third: The regions and governorates not organized in a region shall establish a 

mechanism of forming the investment commission of the region and the 

governorate and removing the Commission’s members in case he/she does not 

adhere to the standards and charters of the Commission in a way which is not in 

conflict with the provisions of this law. 

 

Fourth: The Investment Commissions of the regions and governorate shall 

coordinate their work with the National Commission for Investment, and shall  Page 5 of 16 

coordinate and consult with local governments regarding investment plans and 

facilities. 

 

 Fifth: The regions and governorates commissions shall draw up their investment 

 plan in a way that does not contradict with the federal investment policy and shall 

 prepare list of the investment opportunities in the areas that are subject thereto, 

 with initial data about these projects and offer it to those wishing to invest. 

 

 Sixth: The region’s Commission shall be connected to the Prime Minister of the 

 region and is subject to the scrutiny of the region’s Council. The governorate 

 commission shall be connected to the Governor and is subject to the scrutiny of 

 the governorate council in way that does not contradict with the provisions of this 

 law. 

 

 Seventh: Regions and Governorates Commissions board of directors shall convene 

 upon an invitation from their chairman. The quorum of convening and adopting 

 resolutions and recommendations shall be determined by absolute majority. The 

 conduct of work shall be organized by by-laws issued by the Commission. 

 

 

Article 6 

In addition to ordinary correspondence, the Commission may adopt electronic mail with 

the official entities connected with the work and activity of the Commission through local 

networks or the Internet according to guidelines set by the Commission. 

 

Article 7 

A. The Commission shall accept investment license requests for projects whose 

capital is not less than the minimum amount determined by the Council of 

Ministers or the Council of Ministers of region as the case, by a regulation issued 

based on a proposal by the Commission. 

B. The Commission must obtain the approval of the Council of Ministers before 

granting the license if the value of the investment project is more than two 

hundred and fifty million dollars. 

C. The Commission shall make its final decision concerning the requests of 

investment license within a period not exceeding (45) forty five days from the 

date of filing a request. 

D. The decisions of the Commission regarding the approved investments projects 

shall be obligatory for the purposes of this law. 

 

 

Article 8 

The Commission shall have an independent annual budget whose revenues shall be made 

up of its allocated amounts in the State General Budget. 

 

 

  Page 6 of 16 

Article 9 

The Commission shall promote investment by working on the following: 

First: Building confidence in the investment environment, identifying investment 

opportunities, and promoting and stimulating investment in them. 

 

Second: Simplifying the procedures for registration, issuing of investment 

projects licenses, and following up on existing projects and giving them priority 

in processing with the official entities. Completing the procedures of answering 

investor requests and obtaining the required approvals for the investor and the 

project. 

 

Third: Establishing one window at the National Commission for Investment and 

the Regions and Governorates Commissions, which includes authorized 

representatives from the ministries, and members nominated by the Councils of 

the regions and governorates as the case and the concerned authorities to 

undertake issuing licenses and obtain the approvals of other authorities in 

accordance with the law. 

Fourth: Providing advice, information, and data to investors and issuing special 

manuals in this regard. 

 

Fifth: Setting forth and implementing programs to promote investment in different 

areas of Iraq in order to attract investors. 

 

Sixth: Facilitating the allocation of the needed lands and renting them out for 

establishing projects for a sum to be determined by the Commission in 

coordination with the concerned authorities. 

 

Seventh: Establishing secure and free investment areas with the agreement of the 

Council of Ministers. 

 

Eighth: Encouraging Iraqi investors (residing in Iraq) through providing them 

with easy loans and financial facilities in coordination with the Ministry of 

Finance and with the assistance of Banking Institutions, provided that the investor 

obtaining the loan shall employ a number of unemployed Iraqis proportional with 

the volume of the loan. 

 

Ninth: Any other tasks related to its work and assigned by the Council of 

Ministers. 

Chapter Three 

Privileges and Guarantees 

 

Article 10 

The Investor irrespective of his/her nationality shall enjoy all privileges, facilitations and 

guarantees and shall be subject to the obligations stated in this law. The Iraqi and foreign 

investor shall have the right for, the purposes of housing projects, the use of the land for a 

sum to be determined between him and the land owner without land speculation 

according to conditions set forth by the National Commission for Investment and the 

approval of the Council of Ministers. The Commission shall facilitate the allocation of 

the required lands for the housing projects. The housing units shall be allocated for 

ownership by the Iraqis after the completion of the project. 

 

Article 11 

The investor shall enjoy the following benefits: 

First: The investor shall have the right to take out the capital he brought into Iraq 

and its proceeds in accordance with the provisions of this law and pursuant to the 

instructions of the Central Bank of Iraq in an exchangeable currency after paying 

all his taxes and debts to the Iraqi Government and all other authorities. 

 

Second: The foreign investor shall have the right to: 

A. Exchange shares and bonds listed in the Iraqi Stock Exchange. 

B. Form investment portfolios in shares and bonds. 

Third: Renting or leasing lands needed for the project for the term of the 

investment project, provided that it does not exceed 50 years renewable with the 

agreement of the Commission, and provided that the nature of the project and its 

benefit for the national economy is taken into consideration when determining the 

period. 

 

Fourth: Insuring the investment project with any foreign or national insurance 

company it deems suitable. 

 

Fifth: Opening accounts in Iraqi or foreign currency or both at a bank inside or 

outside Iraq for the licensed project. 

 

Article 12 

This law shall guarantee the following for the investor: 

First: Priority in recruitment and employment shall be given to Iraqi workers. The 

right to employ and use non-Iraqi workers in case it is not possible to employ an  Page 8 of 16 

Iraqi with the required qualifications and capable of performing the same task in 

accordance with guidelines issued by the Commission. 

 

Second: Granting the foreign investor and non-Iraqis working in the investment 

projects the right of residency in Iraq and facilitating his/her entry and exit to and 

from Iraq. 

 

Third: Non-seizure or nationalization of the investment project covered by the 

provisions of this law in whole or in part, except for projects on which a final 

judicial judgment was issued. 

 

Fourth: Non-Iraqi technicians and administration employees working in any 

project shall have the right to transfer their salaries and compensations outside 

Iraq in accordance with the law after paying their dues and debts to the Iraqi 

government and all other entities. 

 

 

Article 13: 

Any amendment to this Law shall not have any retroactive affect regarding the 

guarantees, exemptions, and rights recognized by this Law. 

 

 

 

 

 

 

 

Chapter Four 

Investor Obligations 

 

Article 14: 

The investor shall observe the following: 

First: To notify the National Commission for Investment (inserted in handwriting 

), the Region or Governorate Commission in writing immediately after the 

installation and equipping of the fixed assets for the purposes of the project and 

the date of the beginning of commercial activity. 

 

Second: To keep proper records audited by a certified accountant in Iraq in 

accordance with the law. 

 

Third: To provide an economic and technical feasibility study for the project and 

any information, data or documents required by the Commission or other 

competent authorities regarding the budget of the project and the progress made in 

its execution. 

  Page 9 of 16 

Fourth: To keep records of the project’s duty-free imported materials in 

accordance with the provisions of this Law and specifying the depreciation 

periods of these materials. 

 

Fifth: To protect the safety of the environment and to adhere to the valid quality 

control systems in Iraq and international regulations accredited in this field, also 

the laws related to security, health, public order and values of the Iraqi society. 

 

Sixth: To adhere to the valid Iraqi laws regarding salaries, vacations, work hours 

and conditions and others as a minimum. 

 

Seventh: Commitment to the correspondence of the work progress schedule 

submitted by the investor with reality provided that the time difference shall not 

exceed six months, and that the National Commission for Investment shall set 

forth punitive conditions in case of exceeding the six-month period and that the 

Commission shall have the right to withdraw the license. 

 

Eighth: To train and rehabilitate its Iraqi employees as well as raising their 

efficiency, skill and capabilities. Priority in employment and recruitment shall be 

given to the Iraqis. 

 

 

Chapter Five 

Exemptions 

 

Article 15 

First: The project that has obtained an investment license from the Commission 

shall enjoy exemption from taxes and fees for a period of (10) ten years as of the 

date of commencing commercial operations in accordance with the areas of 

development defined by the Council of Ministers at the suggestion of the National 

Commission for Investment based on the degree of economic development and 

the nature of the investment project. 

 

Second: The Council of Ministers shall have the right to propose draft laws to 

extend or grant exemptions in addition to the exemptions stipulated in paragraph 

(First) of this Article, or provide incentives, guarantees or other benefits to any 

project or sector or region and for the years and percentages it deems appropriate 

in accordance with the nature of the activity, its geographical location and its 

contribution to manpower employment and its effect on driving the economic 

development, and for considerations of national interest. 

 

Third: The National Commission for Investment has the right to increase the 

years of tax and fees exemption in a way directly proportional to the increase in 

the Iraqi Investor share in the project to reach fifteen years if the Iraqi Investor 

share in the project was more than 50%. 

  Page 10 of 16 

 

Article 16 

If the project is moved during the granted period of the exemption from a development 

area to another, the project shall receive, for the purposes of the exemption mentioned in 

paragraph (First) of Article (15) during the remaining term, the treatment of the projects 

in the development areas it is moving to, provided that the Commission is informed of 

such move. 

 

 

Article 17 

The project that obtains an investment license shall also enjoy the following: 

First: 

 Assets imported for the purposes of the investment project shall be exempted 

 from fees, provided that their entry to Iraq is made within (3) three years 

 from the date of granting the investment license. 

 

Second: 

The imported assets required for the expansion, development or 

modernization of the project shall be exempted from fees in case they led to 

an increase in the designed capacity, provided they are brought in within three 

years from the date of notifying the Commission of the expansion or 

development. Expansion, for the purposes of this law, shall mean adding fixed 

capital assets aimed at increasing the designed capacity of the project in 

commodities or services or materials by a percentage exceeding (15%) fifteen 

percent. Development, for the purposes of this law, shall mean replacing 

project machines with more developed ones, totally or partially or making a 

development on the standing devices and equipments of the project by adding 

new machines and devices or parts thereof with the aim of raising the 

productive efficiency or improving and developing the quality of the products 

and services. 

 

 

Third: Spare parts imported for the purposes of the project shall be exempted 

from fees if the value of these parts does not exceeded (20%) twenty percent of 

the fixed assets value, provided that they are not be used for any other purpose. 

 

Fourth: Hotels, tourist institutions, hospitals, health institutions, rehabilitation 

centers and educational and scientific organizations projects shall be granted 

additional exemptions from duties and taxes on their imports of furniture, 

furnishings and requisites for renewing and updating purposes at least once every 

four years, provided that these items are brought into Iraq or used in the project 

within (3) three years from the date of the approval decision of the Commission 

on the import lists and their quantities, and provided that these items are not used 

for purposes other than the imported purposes.

Article 18 

If it is found that the fixed assets exempted, in whole or in part, from taxes or fees were 

sold in violation of the provisions of this law or were used in anything other than the 

project or for purposes other than the authorized purposes, the investor must pay the 

taxes, fees, and fines incurred pursuant to the law. 

 

 

 

 

 

Chapter Six 

Procedures for Granting Investment and 

Project Establishment License 

 

 

Article 19 

First: The investor shall obtain the license in addition to obtaining the rest of the 

licenses for the purpose of enjoying the privileges and exemptions provided by 

the Commission. 

 

Second: The Commission shall grant the license for investment or project 

formation based on a request submitted by the investor according to conditions 

facilitated and prepared by the Commission. The request submitted by the 

investor shall include the following: 

A. Filling a request form prepared by the Commission 

B. Financial competency from an accredited bank 

C. Projects performed by the investor inside or outside Iraq 

D. Details of the project intended to invest in and its economic feasibility. 

E. A timetable for completing the project. 

 

 

Article 20 

First: The Commission must issue the establishing license through establishing 

one window in the region or the governorate not organized in a region that 

includes authorized representatives of the ministries and relevant bodies. The 

Commission shall grant project formation license and obtain approvals from the 

entities in accordance with the law. 

 

Second: The Commission must help the investor to obtain licenses by 

approaching the competent authorities and exploring the opinions of the entities 

concerning the issuance of the formation license. These entities must issue the 

decision to reject, approve or request amendment within 15 days from the date of 

being notified. The failure to reply from the entity from which the opinion is 

solicited shall be deemed as an approval and in case of a rejection there must be 

cause for it.  Page 12 of 16 

 

Third: In case of disagreement between the National Commission for Investment 

decision and the other relevant entity regarding the granting of the license other 

than the Region’s Commissions, the dispute shall be brought before the Prime 

Minister for settlement. 

 

Fourth: In case the request for registration is rejected, the requestor may file a 

complaint to the Chairman of the region or the governorate Commission 

concerned within (15) fifteen days after receiving notification of the rejection 

decision. The Chairman of the Commission concerned shall take a decision 

concerning the complaint in question within a period of seven days. The petitioner 

may appeal the decision of the Chairman of the Commission concerned rejecting 

his complaint to the authority to which the Commission concerned is connected to 

within 15 days from the date the complaint’s rejection and its decision is deemed 

final. 

 

 

 

 

 

Chapter Seven 

General Provisions 

 

Article 21 

The project capital subject to the provisions of this law shall be made up of the following: 

First: Cash transferred to Iraq through financial banks and companies or any other 

legal means with the aim of investing it for the purposes of this law. 

 

Second: The in-kind assets and incorporeal rights imported to Iraq or purchased 

from the local markets by the cash transferred into Iraq: 

A. In-kind assets related to the project. 

B. The machinery, tools, equipment, buildings, constructions, transportation 

means, furniture and offices appliances required for establishing the 

project. 

C. The incorporeal rights that include patents, registered trade marks, 

technical know-how, engineering services, administrative and marketing 

services and the similar. 

 

Third: Profits, proceeds and reserves resulting from the capital invested in Iraq in 

the project if the capital of such a project was increased or was invested in another 

project covered by the provisions of this law. 

 

 

Article 22  Page 13 of 16 

The foreign investor shall enjoy additional privileges in accordance with international 

agreements signed between Iraq and his country or multilateral international agreements 

which Iraq has joined. 

 

Article 23 

If the project ownership is transferred during the granted period of the exemption, it shall 

continue to enjoy granted exemption, facilities and guarantees until the end of that period, 

provided that the new investor continue to work on the project in the same specialization 

or in another, with the approval of the Commission. The new investor must take the place 

of the former investor in the rights and obligations consequent to the provisions of this 

law. 

 

 

Article 24 

First: The investor, with the approval of the Commission, may sell exempted fixed 

assets or relinquish it to another investor benefiting from the provisions of this law, 

provided that he uses them in his project. 

 

Second: The investor, after informing the Commission, may sell the exempted 

fixed assets to any person or other project not subject to the provisions of this law 

after paying the outstanding fees and taxes. 

 

Third: The investor, with the approval of the committee, may re-export the 

exempted fixed assets. 

 

 

Article 25 

In the event two or more companies or enterprises merge, the new company or entity 

resulting from the merger must set up separate accounts for each project before the 

merger in order to register and apply exemptions and facilitations stipulated in this law 

during the remaining period of the exemption. 

 

 

Article 26 

Any project approved in accordance with the provisions of the previous applicable laws 

shall continue to benefit from all exemptions granted to it pursuant to that law and until 

the expiration of the exemption period and under the same terms. 

 

 

Article 27 

Disputes arising between parties who are subject to the provisions of this law shall be 

subject to the Iraqi law unless otherwise agreed, contrary to the cases that are subject to 

the provisions of the Iraqi law exclusively or the jurisdiction of Iraqi courts. 

1. Disputes arising from the work contract shall exclusively be subject to the 

provisions of the Iraqi law and the jurisdiction of Iraqi courts. Non-Iraqi 

laborer shall be exempted if the work contract stipulated otherwise.  Page 14 of 16 

2. If parties to a dispute are non-Iraqis and in disputes not arising from a 

crime, the opponents may agree on the law to be applied, the competent 

court or any other agreement to resolve their dispute. 

3. If a dispute between the partners or between the owner of the project and 

others in a project subject to the provisions of this law resulted in the 

stoppage of work for a period exceeding three months, the Investment 

Commission may withdraw the license and ask the owners of the project 

to settle the dispute within a period not to exceed three months. If such 

period elapsed without settling the dispute between the partners or 

between the owner of the project and others, the commission may take 

legal measures to liquidate the project and notify the owner of the project 

or one of the partners of such action. The liquidation money shall be 

deposited in one of the banks after paying the dues of the State or any 

other dues after final judgment of their entitlement is rendered. 

4. If one of the parties to a dispute is subject to the provisions of this law, 

they may, at the time of signing the agreement, agree on a mechanism to 

resolve disputes including arbitration pursuant to the Iraqi law or any other 

internationally recognized entity. 

5. Disputes arising between the Commission or any governmental entity and 

any of those subject to the provisions of this law on matters not related to 

violations of one of the provisions of this law shall be subject to Iraqi law 

and courts on civil matters. As for commercial disputes, parties may resort 

to arbitration provided that such an arrangement is stipulated in the 

contract organizing the relationship between parties. 

 

 

Article 28 

In case the investor violates any of the provisions of this law, the Commission shall have 

the right to warn the investor in writing to remove the violation within a specific period. 

In case the investor does not remove the violation within the specified period, the 

Commission shall summon the investor or who represents him to state his position and 

grant him other respite to settle the issue. Upon repeating or not removing the violation, 

the Commission shall have the right to withdraw the investor’s license it issued and order 

stoppage of work on the project and retain the State’s right to deny the investor the 

granted exemptions and privileges from the date of the violation and allow others to 

retain their rights to demand compensation for the damage caused by this violation, 

without breaching any punishments or other compensations stipulated in the applicable 

laws. 

 

 

Article 29 

All areas of investments shall be subject to the provisions of this law except: 

 First: Investment in Oil and Gas extraction and production. 

 

Second: Investment in banks and insurance companies sectors. 

  Page 15 of 16 

 

 

 

Article 30 

The Council of Ministers shall have the right to: 

First: Issue regulations to facilitate the implementation of the provisions of this 

law. 

 

Second: Issue bylaws defining the Commission’s formations, divisions, tasks, 

process of its work, its authorities, financial affairs, employee affairs and any 

others matters. 

 

 

Article 31 

The Committee may issue instructions to facilitate the implementation of regulations 

issued by the Council of Ministers pursuant to the provisions of this law. 

 

Article 32 

The Provisions of this law shall be applied to the existing and operating projects of the 

mixed and private sectors which have commenced before the issuance of this law and 

upon a request from its management and the approval of the Commission with no 

retroactive effect. 

 

Article 33 

No text shall be valid which contradicts the provisions of this law. 

 

Article 34 

The (dissolved) CPA Order No. 39 of 2003 shall be revoked. 

 

Article 35 

 The Arab Investment Law no (62) of 2002 issued by the dissolved Revolution Command 

Council shall be annulled. 

 

Article 36 

This Law shall enter into force from the date of its publication in the Official Gazette. 

 

 

 

Justifying Reasons 

 

For the purpose of driving the process of economic and social development and bringing 

technical and scientific experience and developing human resources, and for creating 

work opportunities for the Iraqis by encouraging investments and supporting the process 

of establishing investment projects in Iraq and their expansion and development at 

various economic levels and by granting privileges and exemptions for these projects, 

this law is legislated

Edited February 3, 2014 by yota691

[sandfly]

SHOOT THATS LONG THANKS

[yota691]

 

02/04/2014 10:54

Washington: We are working on the development of a diversified economy Iraqis to create opportunities for the growing labor force

 

 

BAGHDAD / obelisk: The United States of America, on Tuesday, its commitment to support Iraq, indicating that it is working to promote the growth and development of a diversified economy that would create jobs for the growing labor force.

A statement from the U.S. Embassy got "obelisk", a copy of the "minister-counselor for economic affairs at the U.S. Embassy Robin Mattewman participated with senior Iraqi officials and international experts in the opening series" meetings Ttawaijah "for two days to discuss ways to attract private sector investment in Iraq." .

The statement added that "the meeting was opened with a letter from Deputy Prime Minister Rosh Nuri Shaways, followed by remarks from Vice-President of the Economic and Investment in the House of Representatives Mohammed Salman al-Saadi and head of the Advisory Council to the Prime Minister Thamer Ghadban and Chairman of the National Investment Commission, Sami al-Araji."

For its part, said Mattewman in her speech at the opening session that "the United States is committed to supporting Iraq, as it works to promote the growth and development of a diversified economy that would create jobs for the workforce growing," indicating that "Iraq is facing enormous challenges, but we see every day that the Iraqis in government and society are trying to overcome these challenges and move the country forward. "

She continued, "We know that you've huge efforts to work on Astratejtm on investment, and a partnership of the public sector and private contracts, housing, and calls for the National Development Plan in Iraq projects private sector investment in the amount of 75 billion dollars, and the key to achieving this goal is to create an environment that allows for private investors Special - from local and foreign - to respond to market opportunities. "

Mattewman and concluded by stating, "We hope that these meetings will help Iraq achieve its objectives through harnessing the power of the market economy."

 

 

[TBomb]

great thread..I missed this one..thanks Yota 

 

related thread

 

http://dinarvets.com/forums/index.php?/topic/172409-during-the-conference-business-and-investment-iraqi-canadian-assertions-on-the-importance-of-economic-cooperation-with-the-international-effort/