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Iraq take steps to discreet investment projects

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Iraq take steps to discreet investment projects

07/11/2016 12:00 am
Baghdad – joy of pumice.

With the Government to promote investment sector, requiring the need for discreet these steps through self-reliance for the challenges that may arise, it ran to move the headquarters of the Arab Union for international arbitration.

In this regard, Bennett, Deputy Secretary General of the Union survival Hussein Adviser for «morning», to "move the Union's headquarters to Baghdad came to activate the coin and a plan of the near future, beginning with specialized courses maintain ministries, regarding the legal, banking and financial aspects, to develop the skills and information on international arbitration and legal culture in the area of investment that the Iraqi Government is working on advancing."

Dedicated team

Hussein referred to "the Union sought specialist legal team set up to defend Iraq and financial and economic rights, about proceedings against him, or that are held by the Government from outside contracts and investment construction and reconstruction for investors and non-Iraqi contractors, and dispense international law firms that burden the public budget and cost considerable time and effort and may not produce a positive result for Iraq."

Justice Minister Haidar Iraq confirmed that "the transfer of the headquarters of the Arab Union for international arbitration to Baghdad is a step forward in the field of international arbitration culture and adoption of legal institutions in solving Disputes. In addition to counseling, providing huge sums spent currently Iraq international law firms, to plead in cases where Iraq deduction.

Debts and loans

Hussein drew "a need in Iraq debt and credit file problems with investors, Union will follow with the expertise of its members, until the completion of the training plans and legal informatics, affiliated with the courses to be organized soon, adding to investor issues oil in Iraq within the contracting and contracts between Iraq and local companies and Arabic And foreign."

Legal work

Deputy Secretary General also said that "the objective of the Union to achieve specialized court for international arbitration in Iraq to be the first in the Middle East and Arabic area, to save a lot of time and effort, and be a platform to resolve conflicts and problems, and form the Foundation for investment and economic and financial rights

"As demonstrated that Arab Union for international arbitration emanated from the Council of economic unity of the University Arabic.

And officially registered with the United Nations, and efforts to expand the Union system and lay a solid foundation for legal work and international experience, besides consolidating Arab Arbitration Association building up of the ranks of institutions.

A sign that Iraq will be a center of attraction for training and legal institutions Arabic, by having its headquarters in Baghdad.

Characteristics of arbitration

And founded the Arab Union for international arbitration on 29 January 2012, the international Arab body operating within the economic unity League Arabic.

And enjoys international arbitration with great interest by the defendants and increased international trade and market expansion, came as an alternative to the judiciary because of its characteristic of interest to investors who are looking for suitable climate to invest their money, through the search for Justice and speed in resolving disputes, as well as to protect their investments in the light of the law is flexible and fast.

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