During the Provincial Investment Commissions meeting,

The National Investment Commission Chairman emphasizes on integrating the Board of Directors in each commission and follow up the granted investment licenses

Dr. Sami R. Al Araji, NIC Chairman, emphasized Mon. 1^st June 2015 during PICs meeting on integrating their Boards of Directors according to investment law no. 13 of 2006 in addition to following the granted investment licenses up in each province and apply legal actions against investors when violating instructions.

He also stressed the importance of giving a clear and precise picture concerning the allocated lands for investment in their provinces. investors must start their projects within a maximum of six months in the absence of any technical or administrative problem which can be solved by the PIC granting the investment license, otherwise investors are to be warned and license shall be then withdrawn if manipulation or lack of seriousness of the investor in the implementation of the project is proven which can cause harm to the province.

He referred to the importance of counting all allocated lands for investment in each province and re-announce and adjust the withdrawn opportunities of the delayed projects to fit with the province need, calling the PICs directors to undertake the full legal responsibility and not submit to pressures and deals that may prevent reconstructing their provinces.

He added that NIC was able to achieve the investment map for 2015 which included 920 investment opportunity from all ministries in 15 provinces in different economic sectors and according to provinces nature. Dr, Sami asked PICs directors to nominate the most important opportunities mentioned in the investment map to be focused on and consider them as a priority in local and international investment conferences and forums and other promoting means.

NIC Chairman listened to a number of problems and challenges relevant to the above mentioned issues and discussed them with PICs directors to reach solutions that serve well the investment process in Iraq.

Attended by Mr. Bahaa Al Araji, the National Investment Commission holds the eighth Iraqi –British Investment Conference

Under the slogan (Together We Build Iraq) a two-day investment and business conference started in Baghdad on the 29^th -30^th April 2015 attended by high level officials.

Vice PM for Energy affairs, Mr. Bahaa Al Araji, said in his speech that the presence of these companies today refers to a clear indication that Iraq is vital for investment heading towards security stability and its far from what other trying to reflect. If we want to achieve economic stability we have to leave slogans and conferences behind and start with actual steps. This target cannot be achieved without an active dynamic relation between companies and state enterprises.

He also confirmed that the Government of Iraq has realized the importance of investment and created, for the first time, an article in the government budget law concerned in encouraging investment not only for being one of the solutions to solve the financial crises but because it became an economic must. He also referred to the historical relation between the two countries and Iraq’s desire for a fruitful cooperation which helps creating an actual construction in Iraq. Mr. Al Araji welcomed all British companies visiting Iraq and called them for a promising and real investment in a country of potentials.

Dr. Sami R Al Araji, NIC Chairman started the conference with a welcoming speech and confirmed that the best companies and representatives from the Iraqi and British private sector are there sending a message to the international community that Iraq is moving on with building and constructing and in the same time fighting terrorism conspiracy against it. The actual planning with the best international companies and private sector is continues with a strong will to change.

He also briefed that the challenges Iraq is going through is not the only and main obstacle preventing investment but the (wills conflict) represented in changing from central economy to a free one played the biggest role due to various point of views relevant to this issue.

Dr. Al Araji reviewed a number of fundamental issues that should be considered to improve investment in Iraq by activating the One Stop Shop for the benefit of the foreign investor, providing a suitable banking environment and developing the relation between NIC and provinces councils seeking an attractive investment environment for the international interest.

Jaafer Al Hamdani, Chairman of Iraqi Trade Chambers expressed the Iraqi private sector interest to create strong base for a strong relation between the Iraqi private sector and the international one. The United Kingdom is one of the most important countries that can help the economy in Iraq through partnership; he hoped to establish a more strong relation with countries supporting Iraq and UK. England is the best representative to those countries.

The conference agenda contained speeches for Mrs. Emma Nicolson, head of the Iraqi –British Business Council, Mr. Frank Baker, the British ambassador in Iraq, and Mrs. Linz Grant, Vice representative of the Secretary General of the United Nations.

After speeches, a general session regarding the available investment opportunities in the energy sector headed by the Minister of Oil Dr. Adil Abdul Mehdi was held.

The second day witnessed two sessions. The first one was about economic reforms in Iraq headed by the PM Office Manager Dr. Mehdi Al Alaq. Dr. Al Alaq referred to the main points in the launched governmental program as it focused on the Iraqi private sector and providing the supporting environment to improve it. Dr. Hussian Al Anbaki submitted a study regarding (Restructuring of the State owned companies)

The second session focused on a detailed presentation about higher education role in the investment campaign. Session was headed by the Minister of Higher Education, Dr. Hussain Al Shahristani.

Recommendations of the main issues discussed for two days shall be submitted to achieve the best expected benefit.

Investment Opportunity

Ministry of Transport is pleased to announce the investment opportunity of constructing the Major Port of Faw according to investment law No. 13 for the year 2006, amended and its regulations.

Descriptions:

Project location: Faw Peninsula, Abdullah Khor beach, South of Iraq

Project total area: 40 thousand donum

Port area: 54 KM²

Designed Capacity:

• Container terminal of 16 km length with total capacity of 25 million container/year
• Bulk terminal of 5 km length with total capacity of 55 million ton/year
• General cargo terminal of 4 km length with total capacity of 4 million ton/ year
• Oil derivatives terminal of 6 km length with total capacity of 230 thousand barrel/ day

Note: the port is designed for oil products, commercial and industrial purpose but not for crude oil

Cost of project:

Total cost of the project is 7 billion Euros

• Eastern and western wave brakes phase have been funded from the general budget with total amount of 720,000,000 Euros
• The total cost of the first phase that make the port ready to operate is 2,370,000,000 Euros

Note: the land is already allocated for the project

Interested investors are required to submit their offers to the investment section in the ministry of transport or the project management office in Basra either directly by hand or through the emails shown below with enclosing the following documents:

• Interest letter
• Introductory profile of the investing firm
• A statement of the financing plan and its sources
• Project plan mechanism of running the project

Within 60 days from the date of publishing this announcement, applications shall be technically and financially evaluated, while the finally elected appliers shall be required to submit a 5 million $ letter of credit as a condition to start negotiations to ensure seriousness.

Investment section: investment@motrans.gov.iq

Project management office: fawport@scp.gov.iq

 

 

Attended by Vice PM Mr. Al Mutlaq and a number of officials

The National Investment Commission opens Bismayah Marketing Tower

NIC opened Bismayah Marketing Tower on Sunday the 12^th of April which was attended by high governmental representation. Vice PM, Mr. Salih Al Mutlaq, Minister of Municipalities Mr. Abdul Kareem Al Ansari, Secretary General of the Council of Ministers Mr. Hamid Khalaf, Chairman of Investment and Economy Committee Mr. Jawad Al Polani, Baghdad Governor Mr. Ali Al Timemi and a number of vice ministers, consultants and director generals were there in the opening ceremony.

Mr. Vice PM said, “Bismayah project is unique in its modern design which saves great time and effort in security and services. Also, it provides an opportunity for people to move away from overcrowded big cities as in Baghdad. Accomplishing this project is going to participate in solving the housing crises Iraq is facing, we need 2.5 million housing unit which obliges the governmental and legislative bodies to provide facilities and incentives to investors for more investment projects in housing and other sectors.”

He also called for international and local engineering investment companies to take part in developing and housing projects in Iraq assuring them that GoI is ready to present all required facilities and ease contracting difficulties within the law frame.

Chairman of Investment and Economy Committee Mr. Jawad Al Polani, was pleased to witness such kind of new cities and described the project as a good thing to come and represents a true call for improving the life style in our society. He was convinced that Baghdad needs four similar modern cities like Bismayah in addition to other provinces requirement for such modern housing emergence.

Mr. Polani added that the GoI is focusing on investment as it is considered the second Ministry of Oil. Iraq is experiencing new circumstances and its potentials require fast steps towards new options represented in such kind of huge housing type, especially when choosing the right company that matches with the Iraqi economic ground. He thanked NIC and S. Korean Hanawah Co. efforts in accomplishing this complete modern city.

Dr. Sami R. Al Araji confirmed in his speech in the opening ceremony that this housing monuments in Baghdad is one of many other monuments we planned to execute in all Iraqi provinces. This project is a national project based on investment mechanism that depends on Iraqi citizens and banks and solid foreign companies. He also mentioned that more is yet to come in north Baghdad and other provinces.

Dr. Sami also said that “Hanawah and NIC are committed to deliver 7 thousand housing unit with services at the end of this year after we signed the services contract with the same company based on two plans, one goes along with the project as a whole while the other intensive one goes with the first delivery. 20 thousand housing unit will be delivered annually starting from next year.”

Regarding services and other parts of the projects, NIC Chairman cleared out that NIC discussed with Hanawah leaders building the Commercial Center in the city center with other services such as speed buses and train which will be provided for residents. Transportation issues will be an investment file with the private sector serving more than 600-700 thousand persons from and to the city.

Hung John Kim, Hanwha Vice Chairman, confirmed his company commitment to execute the project in time saying that his staff is ready to continue working day and night to finish the housing units and service facilities such as schools, clinics and playgrounds according to the contract signed with NIC.

He also thanked GoI and NIC for the facilities presented for investors wishing to work in Iraq appraising the trust given to his company by the Iraqi people and its government.

The tower contains marketing offices and big halls with real size for all modern and traditional apartments in addition to panorama view at the top of the tower that provides a full view of the whole city for visitors.

The company declared continuing the work to finish more than 3 thousand housing unit during the coming days and starting another 7 thousand through foundation construction and going up building the first floors. Water and sewage pipes, main roads and street lights lamp posts are done in block A. Bismayah city has wide road net connecting housing buildings and 8 main areas with each other. Paved roads and streets were established over complete infrastructure and services underground system.

Ministry of Electricity in coordination with the National Investment Commission are pleased to announce an investment opportunity to construct three solar power stations and one wind power station with a capacity that ranges between (5-10) MW in Diwaniya, Najaf and Misan provinces according to investment law No. 13 for the year 2006 as amended taking in to consideration the following specifications:

	Province	Proposed Site	Type of Energy
1	Diwaniya	Dagharah (50 donum)	Solar
2	Diwaniya	Al- Suniyah (50-60 donum)	Solar
3	Najaf	Al- Haideriyah (200 donum)	Solar
4	Misan	Ali al- Gharbi (to be allocated according to the wind Turbines path)	Wind

 

Investors willing to invest in this opportunity should submit an interest letter to the National Investment Commission within (30) days from the date of publishing this announcement with providing a profile that contains the following:

• Project feasibility study that matches with the one arranged by the Ministry of Electricity (which can be obtained with the information confidentiality form when visiting NIC)
• Signing the information confidentiality form when visiting NIC
• Preliminary engineering plans
• Financial competency with the details of the project funding sources
• Duration and stages of project implementation
• Similar accomplished projects

The project will enjoy the following privileges:

• Tax and fees exemptions according to investment law provisions
• Ministry of Electricity, NIC and provincial governments shall undertake providing all facilitations to investor in order to obtain all licenses and approvals needed through the Ones Stop Shop in addition to providing facilitations during the implementation and operation stages
• The investor has the right to repatriate capitals, revenues and workers fees according to the CBI regulations after paying all financial dues

 

For any further information please contact us through:

32_commercial.dg@moel.gov.iq –Attention: Mr. Ra’ad Qassem. Director General- Ministry of Electricity

Or  oss@investpromo.gov.iq   National Investment commission

With the attendance of the Deputy Prime Minister for Energy affairs

NIC and Hanawah South Korean Company sign Bismayah New City infrastructure contract

A contract for achieving Bismayah city infrastructure and external services had been signed Sunday 5^th of April.15 between the Iraqi National Investment Commission and Hanawah South Korean Company.

The event was attended by the Iraqi Deputy Prime Minister for Energy affairs, Mr. Baha al- Araji, Head of the Parliamentary Committee for Economy and Investment, Mr. Jawad al- Polani and Bismayah project supervising technical committee.

Mr. Baha al- Araji, through his speech in the event, stressed the importance of Bismayah project in solving the housing crisis in Baghdad, praising the NIC role in pushing investment wheel in the whole country and its role in supervising this project in particular.

Deputy Prime Minister also referred to a number of factors that contributed in hindering the investment process in Iraq including the complications found in the investment law in addition to the region exceptional conditions. He added that often crisis participate in creating successful states and economies and Iraq is now suffering of financial crisis, the matter that led all concerned officials to think about activating the most important economic substitute which is “Investment”, referring to a bunch of important decisions taken by the Council of Ministers in this regard and especially in the Oil and Energy sector that included accelerating visa granting to be obtained within a period not exceeding 72 hours with facilitating the procedures of customs and entering materials and machines for investment purposes.

In his turn, Mr. Jawad al- Polani, head of the Parliamentary Committee of Economy and Investment declared that continuing a big company like Hanawah in working in such a huge project like Bismayah is sending a message to companies willing to invest in our country that Iraq is a fertile investment environment, he also called for forming a joint operations room for supervising investment projects in all provinces that can specify shortages and work together to remove them.

Dr. Sami al- Araji, NIC Chairman introduced through his speech with which the event started a detailed explanation of the services file and what had accompanied it since 2012 until the contract signing moment.

NIC Chairman highly appreciated the role of the Council of Ministers and the Iraqi Parliament in allocating the needed funds from 2015 budget to achieve Bismayah city services in the way that actively participate in constructing a completely modern city for more than 600 thousand people which can be considered as a model to be followed in establishing the 1 million housing unit project in all Iraqi provinces.

Al- Araji also declared that the current plan is to deliver 7000 housing unit with full services at the end of this year while the process of building new units is moving forward according to the main project plan to be delivered in a successive manner.

Hanawah Co. Chairman pledged, in his turn, that his company will do its best and will work day and night to achieve its commitment according to the agreed specifications and timings, adding that signing this new contract shall make the city enjoy all needed infrastructure like electricity, water and sewage treatment in addition to schools, hospitals and clinks, police stations and civil defense institutions…etc.

The event was also attended by a number of high officials in Hanawah South Korean Company who arrived to Baghdad particularly to attend the signature of the contract in addition to the Directors Generals in the National Investment Commission.

A group of the students of The University of Technology visit Bismayah New City site

Bismayah project managing team organized a visit for a group of engineering students of the University of Technology to Bismayah project site in order to see the latest construction technologies adopted in building the housing units and infrastructures in the new city.

An official source in Hanawah Co. said that engineering post graduate, Master degree and PHD degree students were included in the visiting group, clearing that a technical presentation was delivered to them covered the mechanisms of administration adopted in running the pre casting factories and the modern technologies used in operating them and storing the products.

The second station for the group was the pre casting factories that include five main factories and 9 supporting ones with a design capacity of 80 housing unit/ day, these factories are considered as the biggest in the Middle East. The visit was extended to cover the achieved buildings in the project where questions and answers were exchanged between students and the project Iraqi and Korean engineers who gave the satisfying answers for all inquires.

Professors and student of the University of Technology showed their highest admiration in the methods followed to achieve the project assuring that such visits can add a lot to develop their information and field experience in construction sector.

 

 

Under the Slogan

“Solid Investment Law achieves development goals and meets investor’s ambitions”

With big local and international attendance

Iraq holds the first International Investment and Economy Conference

Baghdad witnessed Wednesday the 4^th to Thursday the 5^th of Feb.15 holding the first International Investment and Economy Conference under the patronage of Dr. Saleem al- Joboury, Head of Iraqi Parliament and organized by the Parliamentary Committee of Investment and Economy in cooperation with NIC and with the attendance of high level legislative and executive officials in addition to a number of ambassadors to Baghdad, local and international businessmen and investors.

The conference works started with a speech by Dr. Rosch Nuri Shawees, Deputy Prime Minister through which he said that the investment process in Iraq had been affected negatively by several factors as adopting old inherited laws that contradict with the investment law, beurocrasy, land allocation problems, administrational and financial corruption and the weak punitive measures taken against it in addition to the old fashioned banking laws that can’t cope with the modern investment trends.

Shawees continued, saying that achieving full economic jump requires ensuring stable investment climate reinforced by legislations and laws with comprehensive cooperation between legislative and executive authorities in this regard and cancelling all old laws that contradict investment goals, referring to the government’s determination to reinforce economic growth in Iraq and encourage investment through finding suitable solutions for all obstacles facing investors in the country.

Mr. Jawad al- Polani, Head of the parliamentary committee for Investment and Economy assured the Iraqi government keenness to adopt any real initiative to diversify economy and create sustainable economic development, stressing that an investment conference or investment law is not enough to enhance investment in Iraq, but we are in need for a package of laws that can organize the investment process in whole.

Meanwhile, NIC chairman specified five solutions to remove obstacles that face investment process, if applied, shall make a dramatic jump in investment through activating the One Stop Shop to attract big investors and get rid of centrality in decision making in order to achieve economic reform.

Al- Araji also stressed land allocation problem addressed by investment law No. 13 for the year 2006. It obliged public entities to provide useful lands to NIC in order to be granted to investors. This article was not activated; therefore, we should seriously consider allocating investment lands to be available within our investment map in each province.

The other issue that Al- Araji addressed was financing investment projects by reconsidering banks law No. 94 for the year 2004 aiming at making it of developmental nature in addition to being commercial, referring that there is a suggestion to the Central Bank of Iraq to fund newly established private banks in addition to the Industrial, agricultural, real estate and other banks. NIC proposed fund would be of 5 billion $ with 0 interest as performed to activate Small & Medium projects in US and EU.

After delivering all speeches of officials, Head of Parliamentary Committee of Investment and Economy announced the hearing session arranged to listen to Iraqi, Arab and foreign investors’ requirements and problems when German and Turkish ambassadors reviewed number of impediments facing their countries’ investors and companies in Iraq. Iraqi investors required privatizing the Iraqi state owned and mixed sector companies especially those which suffer from lack of finance according to a specified time table.

Council of Ministers’ Advisors Commission Chairman, Mr. Thamir Al- Ghadhban also delivered a speech during the event through which he stressed the Government’s real willingness to change and benefit from the past lessons, adding that the current economic pressure is imposing on government taking a series of reform actions that enable the private sector to take its role according to a strategy will be announced at the end of next week, assuring that a study, have already been laid down to privatize the public and mixed sectors, will soon be submitted to the General Secretariat of Ministers Council within a comprehensive strategy under the title of “Restructuring and Reform of State Owned Companies”.

Governor of the Central Bank of Iraq, Mr. Ali Al- Alaq stressed, in his turn, the importance of announcing the state investment projects for investors according to investment law No. 13 for 2006 as amended, adding that the central bank had taken a package of procedures like increasing cash in private banks to support investment process in the country.

In the second day of the conference, there was a speech delivered by Dr. Adel Abdul Mahdy, Minister of Oil who admitted that investment in Iraq is currently facing big challenge with lots of obstacles, the matter that prompted the Iraqi government and parliament to lead important economic reforms aiming at creating new investment climate free of hindering laws. Abdul Mahdy referred that a number of Ministries and local provincial governments started to stranglehold the investment process under the pretext of pertaining the public wealth and saving the provinces. That forms one of the most serious factors that create a dismissing investment environment.

Minister of Oil also said that Oil sector is one of the biggest investment sectors especially after the licensing rounds and the international companies trending to participate.

Provincial investment opportunities, achieved and under construction investment projects were presented by the Provincial Investment Commissions Chairmen with prevailing the most prominent privileges that each province enjoys.

The works of the second day of the conference included also submitting green papers that were divided among several committees regarding the reforming actions required to be done on many laws contradicting with the investment law. These green papers were discussed in details in order to reach satisfactory recommendations can contribute to the reconstruction process of Iraq with wide participation of the private sector.

Investment Opportunity

Babylon Investment Commission is pleased to announce completing the procedures of specifying the Industrial Zone borders in Al- Kefel area to be extended on parts of the lots numbered 17/1 and 17/6 on total area of 3000 Donum according to investment law No. 13 for the year 2006, amended.

Investors are invited to invest in this zone according to the following conditions:

• The zone is allowing all environment polluting industries of types (A, B, and C) excluding Bricks and Asphalt factories.
• Investor is required to provide the following documents annexed to his/her filled application:

– Economic and technical feasibility study for the project

– The project technical drawings

– The investor’s official identification papers and documents

– Financial competency from an accredited bank with the project funding details

– A clear time table for completing the project phases

– Previous similar achieved projects

• The investor shall obtain all privileges and guaranties of investment law as tax and customs exemptions, transfer of capitals, revenues and workers fees, in case the investor is a foreigner, according to the instructions of the Central Bank of Iraq.
• Applications submitted through the email shall be accepted, providing that official documents are provided before granting the investment license.
• For further information, please visit Babylon Investment Commission website www.bic.gov.iq or send an email to info@bic.gov.iq