Page 5 - investment Map 2019 En

relations in a way that facilitates the process of integration in the international economic
system. This is part of our new economic philosophy which contributed positively to
achieving significant growth in many economic indicators, That the Iraqi economy will
be among the most developed economies in the world in the coming years.
Iraq has achieved a number of positive economic developments over the past years
despite the economic challenges, including the global decline in oil prices, the cost of war
on terrorist organizations, law inforcment, reconstruction and returning the displaced
people to their cities, the Iraqi government succeeded in developing an efficient policy to
control inflation and control government spending and structuring The government banks
to keep abreast of developments in the banking business in the world, as well as Iraq
completed a set of policies of standby arrangements with the International Monetary
Fund and the signing of several international conventions.
It is well known that Iraq has considerable human and material resources to achieve
development in Iraq, as well as the availability of many investment opportunities
distributed across different sectors with different investment patterns, most notably direct
investment or investment partnerships with state-owned public companies.
We have also prepared legislation to enhance confidence in the Iraqi economy by
providing legal protection for foreign investments in Iraq through guarantees provided by
the investment law itself in the guarantees and arbitration articles, as well as through the
guarantees guaranteed by Iraq's accession to the Convention of international institutions,
including:
• Activate Iraq's contribution to the Multilateral Investment Guarantee Agency (MIGA).
• Completing Iraq's accession to the World Assosiation for Investment Promotion

Agencies (WAIPA) in 2008 and participating in some of its activities.
• Agreement on the avoidance of double taxation and prevention of tax evasion among

the Arab Economic Unity Council.
• Agreement on Settlement of Investment Disputes in the Arab States.
• Iraq's ratification of the amendment of the Convention for the promotion and protection

of investments and the transfer of capital between the Arab countries for the year 1980
• The approval of the Council of Ministers to join the 1958 New York Convention on the

recognition and implementation of foreign arbitral awards.
This diversity in the economy comes from the strategic tracks and policies developed to

improve the private sector within the directions of the National Development Plan
2018-2022, including:
• Promoting an economic approach based on a leading role for the private sector in all
economic and social activities.
• Raising competitiveness of the private sector and improving its productive and export
efficiency
• Increase demand and expand the local market in order to absorb domestic production
and allocate part of it for export purposes.