Al-Najjar Reveals The Most Important Obstacles To Attracting Investments In Iraq
On August 28, 2022
The Independent/ The head of the National Investment Commission, Suha Al-Najjar,
revealed the obstacles to attracting investments, while noting that the
current laws have made it possible to exploit the loopholes they contain by (corruption groups) and led to the obstruction of investment activity in Iraq.
Al-Najjar said in an interview with the official newspaper and its independent follower,
"The National Investment Authority has strived to overcome the obstacles that stand in the way of attracting international companies, and
it has succeeded in some of them, and
there are some issues that require more time, represented by the lack of infrastructure such as roads, transportation, ports, airports, and electric power, and others."
It is one of the requirements that represent attractive points for investments.” Al-Najjar clarified that
“the obstacles do not stop at the borders of roads and transportation,
but also include legal obstacles that require finding solutions to some of the intersections between the investment law and other laws, regulations and instructions related to investment,
as well as putting the investor in a difficult environment of some observations of violence.
The appropriate banking and financial services for the success of the investment process, which should be in line with the developments taking place in similar countries in the world.” The head of the authority pointed out that
“the obstacles to attracting investments are linked to each other, and
despite the existence of a clear vision that the authority is working on in order for there to be international investment companies presenting their projects to the country,
however, a number of loopholes and intersections are included in Investment Law No. (13 of 2006 (amended) impedes achieving this.” Al-Najjar revealed,
“The current laws have made it possible to exploit the loopholes they contain by (corruption groups) and have obstructed investment activity in Iraq.
Its effectiveness is based on practical experience over the past thirteen years, especially with regard to the mechanisms for granting customs exemptions and investment-friendly lands, which represented the biggest problem in front of attracting investments.”