For Immediate Release
In his joint press conference with Iraqi Prime Minister Nouri al-Maliki on December 12, 2011, President Barack Obama noted that “In the coming years, it’s estimated that Iraq’s economy will grow even faster than China’s or India’s.”
Foreign and regional investors interested in Iraq’s economic potential, but uncertain about the country’s investment regulations, arbitration laws and tax structure, should consider consulting a series of recently published Investor Guides. Each geographically-based guide contains detailed information about the provincial demography, economy, geography, and government structure. Potential investors will find a summary of the privileges and guarantees afforded by Iraq’s prevailing investment law. TheInvestor Guides provide information on specific regulations pertaining to industrial projects, as well as laws relating to free trade zones and dispute settlements.
Three guides – Anbar, Kirkuk, and Baghdad - are available as practical tools for local investment opportunities. Provincial investment commissions in Kirkuk and Baghdad plan to make their guides available to visiting businessmen with questions about tax rates and the banking system. Guides to Basrah, Najaf and Karbala will be published in early 2012.
“The Investor Guide lets potential investors know that in addition to producing over one million barrels of oil a day, Kirkuk also has modern hospitals, reliable electrical power and a major university producing graduates skilled in nursing, science, mathematics and foreign languages,” says Falah Abdul Rahman Mohammed, chairman of the Kirkuk Investment Commission. “This is the first document about Kirkuk that is useful for foreign investors because it includes instructions on how to obtain licenses and permits necessary to establish an investment project.”
Produced by the USAID-Tijara Provincial Economic Growth Program, these guides are an example of US-Iraqi cooperation to support private sector development and economic growth in Iraq under the auspices of the Strategic Framework Agreement.
USAID –Tijara Provincial Economic Growth Program published a national investment guide to Iraq in 2009, but realized that provinces also needed a document clarifying their investment procedures. Provincial investment commissions are ready to welcome investors interested in developing hotels, housing, retail shopping malls and recreation facilities.
Investor Guides to Anbar, Baghdad and Kirkuk can be found in both English and Arabic at https://tijara-iraq.com.
Last updated: April 24, 2012