Within the framework of the State’s procedures to control the exchange rate

NIC Chairman direct investment companies to adopt Iraqi Dinar

Directives from NIC were given today Wednesday 1^st of Feb.2023 to all investment companies, licensed by it to construct housing compounds, to abide by the government exchange rate approved by Iraqi central bank which is 1470 Dinars for each 1 Dollar. NIC official spokesman added that these directives came according to the Ministers’ Council decision no. 23026 for the year 2023 which stipulated taking the necessary actions by investment companies investing in housing sector not to demand beneficiaries to pay in higher than CBI approved exchange rate otherwise companies shall be legally prosecuted.

 

NIC Chairman, Dr. Haider Makkiyah, meets the Egyptian businessman – Naguib Sawiris- Chairman of the Board of Directors of Orascom Invetsment holding company

And discussed a number of opportunities and sectors the company is willing to invest in, like taking part in the construction of new housing projects (big cities) for low and high income classes outside Baghdad with all needed services to reduce congestion in the Capital. In addition to the interest in sectors like tourism, food processing and others previously experienced by the company.

During being hosted in the meetings of the dilatory investment projects committee of the General Secretariat of the Ministers Council

NIC Chairman discusses solutions available to motivate dilatory investment projects

NIC Chairman, Dr. Haider makkiyah, was hosted on Thursday 26^th of Jan.2023 in the committee of the dilatory investment projects in the General Secretariat of the Ministers’ Council premises with the attendance of the relative sectoral sides’ representatives and other concerned sides.

A number of crippled investment licensed projects were studied to define obstructions that hinder their implementation. During the meeting, chances and possibilities of implementing governmental visions were also discussed with the ways of adopting the policies that can contribute to attracting investments to raise economic growth rates and optimize the country’s economic situation.

During his meeting with the National Security Chancellor, Mr. Qasim Al- Araji

NIC Chairman affirms.. Our plans to develop Investment are harmonious with the Governmental program and depend on the essential needs of the Iraqi economy

NIC Chairman, Dr. Haider Mohammed Makkiyah, said during his meeting with the National Security Chancellor that being in charge of investment in Iraq, in the mid of what Iraqi economy is witnessing of critical need for strategic vital projects that can run economy wheel and move it positively and actively, put us before a national and personal responsibility that abide us and all workers in this field to work relentlessly and according to realistic planning to fix shortages in the economical body.

He added during this meeting which was held on Saturday, 28^th of Jan.2023, that new projects in important sectors shall be announced after completing all their requirements, and this comes according to NIC plans for the coming phase that depends on the governmental vision

Chancellor, Qasim Al- Araji, in his turn stressed the importance of providing adequate environment for investment in shade of  the stable political and security situation to attract strategic investments and achieve the required economic growth assuring the support of the National Security Chancellorship for all NIC’s steps.

In his first meeting with Hanwah South Korean Group, NIC Chairman stresses the readiness to recover work in Bismayah new city project in an initiation to grant the executing company a new Investment license

• NIC completes the minutes of meeting of the negotiating committee and is ready to be examined by the Ministrial Committee no. (94) for the year 2022
• Finishing the draft of the annexed new contract of the project

NIC Chairman, Dr. Haidar Makkiya, announced on Thursday 26^th of Jan. 2023 the road map of recovering work in Bismayah new city project according to three essential plots that concentrated on documenting the minutes of meeting of the Ministrial committee by the new negotiating committee that was formed in NIC to obtain the needed approvals for renewing the investment license of the project by the committee in charge of studying and modifying investment licenses formed according to the decision no. 94 for the year 2022 and presided by NIC Chairman.

He added during the elaborated meeting with the South Korean side that NIC had also prepared the annexed contract of the project which is hoped to be signed with the company within the forthcoming two or three months.

Regarding the financial settlements, NIC Chairman declared that extensive supporting meetings shall be held next week with the heads of banks of (Rafidain, Rasheed and TBI) in addition to the head of the Private Banks association to reach an agreeable financial agreement that can contribute to moving the project forward.

Head of Hanwah Group, in his turn, assured the South Korean side desire to return hastily to complete the project pledging to study the draft of the new contract financial, legal, and administrational wise ASAP.

He also referred to the preparations made by the company currently to achieve the maintenance works for some of the housing blocs in the project that are ready to be delivered to the beneficiaries and ended by stating that what bring us together is not a mere project but a joint goal and willingness supported by the two governments and a beginning for additional future works for Hanwah group in Iraq.

 

Dr. Haider Makiya, Chairman of the National investment Commission

Dr. Haider Muhammad Makiya: We developed plans and strategies according to the governmental curriculum of the Prime Minister, Mr. Muhammad Shia’a al-Sudani, to promote investment in the country

🟣 Dr. Haider Muhammad Makiya: We will work on  improving the investment environment, fight corruption and find solutions to obstacles facing investors within a short period of time.

Dr. Haider Muhammad Makiya started his duties today, Sunday, as Chairman of the National Investment Commission.

He immediately held a meeting with the Director Generals and the advanced cadre of the commission as soon as he arrived, during which he confirmed the development of plans and strategies according to the governmental curriculum of the Prime Minister, Mr. Muhammad Shayaa al-Sudani, to promote investment in the country, and move forward with an investment process in line with developed countries because Iraq has every reason for success in this important sector.

NIC Chairman stressed that staff members needs to save no effort to improve the investment environment, fight corruption and find solutions to obstacles facing investors within a short period of time.

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Department of Relations and Media – National Investment Commission

22^nd January – 2023

Chairman of the National Investment Commission discusses with the Parliamentary Investment and Development Committee unifying investment laws in one.

The meeting stressed the importance of overcoming investment laws overlap aiming at a firm ground for launching obstacles- free investment.
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Chairman of the National Investment Commission, Mr. Salar Muhammad Amin, received members of the Parliamentary Investment and Development Committee at the Commission’s headquarters, headed by the elderly Chairwoman , Ms. Vian Abdel Aziz.

During the meeting, a number of issues related to investment activity and the promoting mechanisms were discussed. Among which the committee’s proposal that includes unifying the laws concerned with investment into a single and comprehensive law in direct coordination with the NIC and the concerned authorities in the country in a serious and deliberate attempt to overcome investment laws overlap aiming at a firm ground for launching obstacles- free investment that was proven to be a factor of delay and withdrawal of this important activity.

Encouraging investment and build a proper environment are fundamental bases that go along with the governmental curriculum aiming at attracting companies and capitals to participate in supporting infrastructure and moving the economy forward by creating job opportunities in various sectors.

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Department of Relations and Media – National Investment Commission

17^th December  2023

 In preparation for the convening of the joint Iraqi-Iranian economic committee

A high-ranking Iranian economic delegation headed by the Undersecretary of the Ministry of Economy and Financial Affairs, Chairman of the Iranian Investment and Economic Cooperation Commission, visit the National Investment Commission (NIC).

During his meeting with members of the Iranian delegation, Chairman of the National Investment Commission, Mr. Salar Muhammad Amin, stresses the importance of:

🟣 establishing joint industrial zones using the enormous raw materials and human potential in both countries.

🟣 Border management and control over the quality of Iranian goods entering Iraq in a way that preserves the reputation of the sober Iranian industry.

🟣 Re-activating the bilateral trade agreement between the two countries.

The Chairman of the NIC, Engineer Amin, received today, Monday, a high-ranking official delegation from the Islamic Republic of Iran, headed by Mr. Ali Fikri Muwaqar, Undersecretary of the Ministry of Economy and Financial Affairs, Chairman of the Investment and Economic Cooperation Commission, and his accompanying delegation.

During the meeting, he reviewed the deep bilateral relations in the economic and investment field between the two countries, and the common social, cultural, religious and historical bonds that unite the Iraqi and Iranian peoples, which represent strength and support factors to enhance joint economic cooperation.

Mr. Amin expressed the desire of Iraq to benefit from the technical knowledge and advanced technological capabilities enjoyed by the Iranian side in various economic fields, including (glass, metal, petrochemical, manufacturing, mechanical industries and others).

He stressed the importance of exchanging experiences and knowledge between the two countries through opening permanent and non-seasonal exhibitions in the Iraqi and Iranian provinces, to establish a detailed and accurate knowledge of these sectors, such as automotive, construction and chemical, and other important industries, in addition to starting promotion and business management courses.

He expressed his hope that the Iraqi-Iranian joint committee would contribute to providing the necessary support to the private sector, companies, businessmen and investment in both countries, through which many obstacles and problems facing the economic and investment sectors could be overcome.

The guest minister proposed some investment forms for economic cooperation between the two parties based on benefiting from the knowledge, technical and technological aspect of Iranian companies and sometimes supporting gas and power sectors in Iraq as alternatives to the necessary financing for the proposed partnerships, referring to the idea of establishing (joint industrial zones) that are important to the Iranian government because of the diverse economic opportunities they represent with a large base attracting several industries, capitals and companies, and eventually a promising economic movement.

He also presented a proposal that included establishing investment projects concerned with reducing water consumption in the industrial and agricultural sectors in both countries, in line with the reality of West Asian Countries, including Iran and Iraq, facing the big water scarcity problem.

The head of the delegation extended an official invitation to the NIC Chairman  to visit the Islamic Republic of Iran to see their investments.

A number of the NIC’s Director Generals attended the meeting.

Baghdad- NIC Chairman meets with Turkish investors and businessmen

• Investment Development Cell formed by and linked to Prime Minister’s office expressing the Iraqi Government concern in the current investment process.

 

• A plan was developed to overcome issues between Iraq and Turkey for the mutual interest.

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The National Investment Commission witnessed on Sunday the 18^th Dec. the activities of the Iraqi-Turkish investment forum, headed by the Ambassador of the Republic of Turkey in Baghdad, Mr. Ali Redha Kony, and attended by more than thirty Turkish companies and businessmen.

The Chairman of the National Investment Commission, Eng. Salar Muhammad Ameen, started the forum with a speech in which he emphasized that Iraq is a great strategic partner and a promising market for Turkish trade, which has successful and distinguished experiences in Iraq with important sectors, foremost of which is the housing sector, as Iraq’s need for (3) million housing units increases.

He called on Turkish companies to view investment opportunities in various sectors, including (housing, industry, transportation, electricity, health, agriculture, etc.) attracting Turkish expertise in those sectors and prepares for an economic relationship based on mutual trust between the two countries, stressing the NIC’s full and strongly supported readiness, by His Excellency the Prime Minister, Mr. Muhammad Shayaa Al-Sudani, who ordered forming (an investment development cell) concerned with activating local investments and attracting foreign investments to Iraq and developing the management of investors’ affairs while finding solutions to the problems facing them in addition to providing all necessary requirements for new local or foreign investors until obtaining the investment license.

NIC Chairman listened to some problems and challenges facing Turkish companies operating in Iraq, including the difficulties in obtaining commercial entry visa for Turkish businessmen and financial procedures followed in the Iraqi banking system, which is considered to be a fundamental factor in  the investment process.

He also announced a short-term plan that the NIC is working on with high coordination with relevant authorities in the country to overcome these obstacles by opening other channels with Turkey to accommodate the enormous trade exchange between the two countries.

He pointed out that with a trade of this size there must be some difficulties that we are working with great seriousness to overcome in a way that serves the interests of both parties and achieves the smooth flow required for investments in addition to moving the Iraqi economy wheel and creating various job opportunities.

The Turkish ambassador extended his high thanks and appreciation to the NIC Chairman for the warm reception, indicating that the visit of such a large delegation to Iraq represents a first step to expand commercial and investment activity between the two countries and an important attempt to expand those relations to include other regions and provinces in Iraq referring to the historical and social relationship that brings the two countries together for many years.

He stressed that solving problems between the two parties would achieve fertile  soil for more economic projects that will be tangibly reflected on experiences exchange between the two countries in various sectors.

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Department of Relations and Media – National Investment Commission

18^th  December  2022

 

The National Investment Commission, Parliamentary Investment & Development Committee, and S.K Hanwha Co. meets together with the S.K Ambassador to move on with Bismaya Project

• Positive outcomes of the meeting to continue working in Bismaya residential project
• Salar Ameen: the Iraqi |Government is interested in completing the project
• Ameen: Regaining trust between both parties is the first step to move on with the project and reach the 100 k unite

The National Investment Commission held a joint meeting on Wednesday, attended by Mr. Salar Muhammad Ameen, Chairman of the Commission, and members of the Parliamentary Investment and Development Committee, with the S.Korean side represented by the director of Hanwha Co. and his accompanying delegation, in the presence of His Excellency the South Korean Ambassador in Baghdad.

At the beginning of the meeting, Chairman of NIC welcomed the resumption of discussions that pours into the interest of the project and does not cause harm to either party, expressing the government’s interest of the project details and its desire to overcome disputes between the two parties under its direct supervision.

Members of the Parliamentary Committee were briefed on the financial, legal and technical details of the project and points of contention between the two parties, stressing their continued support for any effort that pours into the return of this vital and important project that serves the Iraqi economy and contributes to meeting part of the growing need for housing units..

The meeting was full of positive air and all agreed to solve the existing problems and to reach early solutions to the return working in the project under the necessary settlements.

The Korean side presented a detailed offer including proposals to return working on the project according to technical and legal phases mechanisms that will be studied by the Iraqi side in preparation for the resumption of work on the project.

technical ,financial and legal officials from both sides attended the meeting.

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Department of Relations and Media – National Investment Commission

7 – December – 2022