By John Lee.

The head of Iraq’s National Investment Commission (NIC) has said that the Iraqi provinces are “fertile lands for investment” and have natural and human resources that enable them of making any investment project succeed.

Dr Sami al-Araji added that if capital is looking for a secure environment, then Iraq welcomes it under the umbrella of the investment law and a solid legislative environment.

(Source: NIC)

By John Lee.

NIC Hosts Franchise Workshop which Aims to Expand the Activities of International Commercial Brands in Iraq

Iraq’s National Investment Commission (NIC), in coordination with the US Department of Commerce and the US Embassy in Baghdad, has hosted a franchise granting workshop over four days for the Iraqi private sector to expand the activities of international commercial brands in Iraq.

Dr. Sami Al-Araji, NIC Chairman, said in his opening speech that Iraq is on its way to opening up its services sector by providing support to the Iraqi private sector, adding that obtaining the licenses of international commercial brands can provide important economic revenues represented by the opening up of the big world companies towards Iraqi Market and creating many job opportunities all over Iraqi provinces.

The US Counsel said that US franchisers are looking to Iraq as “a unique key market“.

Ms. Mays al-Ebosy, the coordinator of the US Department of Commerce and the and the supervisor of the session, invited the attendees to open discussions to listen to the obstacles that face the Iraqi private sector. The second and third days of this workshop were dedicated to the provincial investment commissions (PICs) and promoting investment in provinces, while the fourth day focused on hotel investments to Iraq.

(Source: NIC)

By John Lee.

NIC Hosts Franchise Workshop which Aims to Expand the Activities of International Commercial Brands in Iraq

Iraq’s National Investment Commission (NIC), in coordination with the US Department of Commerce and the US Embassy in Baghdad, has hosted a franchise granting workshop over four days for the Iraqi private sector to expand the activities of international commercial brands in Iraq.

Dr. Sami Al-Araji, NIC Chairman, said in his opening speech that Iraq is on its way to opening up its services sector by providing support to the Iraqi private sector, adding that obtaining the licenses of international commercial brands can provide important economic revenues represented by the opening up of the big world companies towards Iraqi Market and creating many job opportunities all over Iraqi provinces.

The US Counsel said that US franchisers are looking to Iraq as “a unique key market“.

Ms. Mays al-Ebosy, the coordinator of the US Department of Commerce and the and the supervisor of the session, invited the attendees to open discussions to listen to the obstacles that face the Iraqi private sector. The second and third days of this workshop were dedicated to the provincial investment commissions (PICs) and promoting investment in provinces, while the fourth day focused on hotel investments to Iraq.

(Source: NIC)

By John Lee.

NIC Hosts Franchise Workshop which Aims to Expand the Activities of International Commercial Brands in Iraq

Iraq’s National Investment Commission (NIC), in coordination with the US Department of Commerce and the US Embassy in Baghdad, has hosted a franchise granting workshop over four days for the Iraqi private sector to expand the activities of international commercial brands in Iraq.

Dr. Sami Al-Araji, NIC Chairman, said in his opening speech that Iraq is on its way to opening up its services sector by providing support to the Iraqi private sector, adding that obtaining the licenses of international commercial brands can provide important economic revenues represented by the opening up of the big world companies towards Iraqi Market and creating many job opportunities all over Iraqi provinces.

The US Counsel said that US franchisers are looking to Iraq as “a unique key market“.

Ms. Mays al-Ebosy, the coordinator of the US Department of Commerce and the and the supervisor of the session, invited the attendees to open discussions to listen to the obstacles that face the Iraqi private sector. The second and third days of this workshop were dedicated to the provincial investment commissions (PICs) and promoting investment in provinces, while the fourth day focused on hotel investments to Iraq.

(Source: NIC)

By John Lee.

A delegation of major Lebanese companies have arrived in Baghdad for a series of meetings with Iraq’s National Investment Commission (NIC).

The were accompanied the Lebanese Minister of Telecommunications, Dr. Muhamed Shuqair, and the opening meeting was attended by the Iraqi Minister of telecommunications, Dr. Naeem Al- Rubaiee; NIC Chairman, Dr. Sami Al- Araji; Chairman of the Damaged Areas Reconstruction Fund, Mustafa Al- Heti; and the Head of the International Finance Corporation (IFC) office in Iraq, Mr. Ziad Badr.

In his opening speech, Dr. Al-Araji invited Lebanese companies to get involved in the Iraqi market “in a way that is consistent with the historical and social relations between the two countries“.

(Source: NIC)

By John Lee.

The National Investment Commission (NIC) has announced a new investment opportunity in Iraq:

(Source: National Investment Commission)

(Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)

By John Lee.

The National Investment Commission (NIC) has announced a new investment opportunity in Iraq:

(Source: National Investment Commission)

(Picture: Business opportunity word cloud, from ibreakstock/Shutterstock)

The National Investment Commission (NIC) and the Iraqi Civil Aviation Authority (ICAA) have announced the investment opportunity to build Nasriya International Airport.

The airport is located to the south–west of Imam Ali (PBUH) air force base in Thi Qar province.

The area of the passengers terminal is 3000m².

Interested foreign and local companies can apply by filling the investment licenses available on our website and submit all required documents to our email address info@investpromo.gov.iq within 45 days from the date of announcing this advertisement.

For more information, please contact the Civil Aviation Authority headquarters:

Baghdad International Airport/ third floor

info@icaa.gov.iq

P.O Box: 23006 BIAP

(Source: NIC)

By John Lee.

The National Investment Commission (NIC), along with investment commissions in the provinces, granted 257 investment licenses during 2018.

According to a statement from the NIC, this represents a combined investment of more than 8 billion dollars in the Iraqi economy.

Four of these licenses were issued for strategic projects at a cost of more than 3 billion dollars.

Of the total of 257 licences, 88 were granted directly by the NIC, and these were spread over 12 sectors as follows: Trade sector, 21 investment licences; Entertainment sector, 1 investment licence; Telecommunication sector, 1 investment licence; Education sector, 6 investment licences; Services sector, 4 investment licences; Sport sector, 4 investment licences; Agriculture sector, 3 investment licences; Housing sector, 8 investment licences; Tourism sector, 4 investment licences; Health sector, 6 investment licences; Industrial sector, 16 investment licences, Electricity sector, 14 investment licences (2 for power stations, 12 for charging).

The source pointed out that the number of licenses granted by the investment commissions in the provinces other than the provinces of Kurdistan Region was (169) investment licenses. – 12 investment licenses for Anbar- 66 investment licenses for Baghdad- 10 investment licenses for Holly Karbala- 26 investment licenses for Wasit- 32 investment licenses for Muthana- 15 investment licenses for Kirkuk.

(Source: NIC)

By John Lee.

Iraq’s National Investment Commission (NIC) has identified five main issues hindering investment in Iraq:

  1. Not applying the One Stop Shop (OSS) law as it should be applied and denying the OSS representatives the required authorities to decision making;
  2. Difficulties in allocating lands and being subject to interpretation and wishes of various bodies;
  3. Problems with lack of funding and the banking system;
  4. Political quotas and interference in the provincial councils; and,
  5. The spread of administrative corruption.

The full statement from the NIC can be read below:

The National Investment Commission holds an elaborated meeting in the presence of the Secretary General of  the Ministers Council 

The National Investment Commission (NIC) held on Tuesday 27/11/2018 an expanded workshop devoted to discussing the investment map of Iraq for 2019 in the presence of the Secretary General of the Council of Ministers Dr. Mahdi Alallaq, the head of the Secretariat of the Coordinating Committee in the Provinces Mr. Turhan Al Mufti and Chairmen of a number of Provincial Investment Commissions in addition to representatives of a number of Ministries and concerned state institutions.

NIC Chairman emphasized in his speech that this workshop comes to complete the first meeting, which included representatives of investment activity in various ministries and departments to discuss the investment map for 2019 in response to the invitation of the Prime Minister Dr. Adel Abdul Mahdi to discuss the reality of investment situation in Iraq and develop effective solutions for issues facing investment projects in all governorates across the country. .

He also determined five main issues that participated in hindering investment in Iraq, three of them are related to investment law. The first, is not applying the One Stop Shop (OSS) law as it should be applied and denying the OSS representatives the required authorities to decision making. The second, is difficulties in allocating lands and being subject to interpretation and wishes of various bodies. Funding and banking systems represent the third issue for not supporting economic projects.

Two other big problems deviated the investment path and its law, Political quotas and interference in the provincial councils and the negative impact on investment work, as well as the spread of some administrative corruption.

NIC Chairman called for the importance of developing realistic and feasible plans for the next phase due to the possibility of world oil prices fluctuation, which forces those who practice economic activities in the country to work in accordance with the system of diversified and non-monolithic economy and bridging the widening gap between the parties involved in this activity on one hand and owners of capital, companies and businessmen on the other hand. This reflects a lack of accurate understanding to the spirit of the articles of the investment law.

Dr. Mahdi Al-Alallaq, Secretary-General of the Council of Ministers reviewed a number of issues that are challenging the investment process in Iraq, including the increasing unemployment rates and total dependence on the government sector instead of the private sector represented in large inflation in the number of workers in the form of contracts and daily wages in the various government departments. Fixing them in permanent jobs as governmental employees became a real entitlement to them but represents a major embarrassment to the budget.

All this is due to weak legislations that encourages working for the private sector such as social security and financial stability that enhance the workers feeling being equal to any governmental employee. Also, many relevant state departments are very conservatives regarding allocated lands for investment which in time created a huge obstacle to go on with investment projects.

He called to promote the investment opportunities already presented in Al Kuwait International Conference for Rebuilding Iraq last February and earned a big international interest.  He also assured the Council of Minsters’ support for those opportunities being the ideal solution for the Iraqi economy in this phase.

the head of the Secretariat of the Coordinating Commission for the Provinces, Mr. Turhan Al Mufti, asked the heads of the Provinces Investment Commissions to suggest the required mechanisms to deal with the investment departments in the ministries and other state institutions and thus contribute to bringing the views closer between the two parties, stressing that the third meeting will be between the concerned parties in investment in ministries and to accelerate adopting the necessary decisions to achieve the expected qualitative boom in the investment sector in Iraq in 2019

NIC Chairmen listened to a number of proposals and opinions from the heads of the provinces investment commissions, during which a number of things were covered, including the need to facilitate the bureaucratic procedures that the project goes through and the number of entities that inspect it and blackmailing investors and delays which makes many investors leave the country.  They also called for reducing external interventions in projects and reactivate the Department of Investors’ Protection.

(Source: NIC)