During a meeting with the Heads of Union of chambers of commerce in Iraq the
NIC Chairman, Dr. Sami AIaraji ….. The private sector is an important partner in the process of rebuilding Iraq

The chairman of NIC said that the existence of database or Bank of information includes all the economic data in the private sectors taking into consideration the miscellaneous function in all provinces is an essential and an urgent matter to develop the private sectors.
He added during the meeting held with the Union of chambers of commerce that the Union represents the most important player in the economic process in Iraq and also plays an important historical role in economic policy. AIaraji hailed the history of the private sector in Iraq presented by the economic and commercial entities such as INBC which includes more than 100 businessmen. AIaraji also stressed the importance of participation of all representatives of the private sectors in the organized economic activities inside and outside Iraq to reflect a deep investment and economic vision expressing positively the activities of the private sectors in Iraq .Regarding the cooperation with the big international organizations which seek to benefit from the experience of the private sector in Iraq he referred to the importance of making alignment between the private sector in Iraq and some international organizations that have their conditions and requirements which can open new horizon in the free economy in Iraq. He stressed the importance of sustainable relationship between the two parties and not limited to attending the forums and conferences only which help to attract these international gatherings through professional organization, foreign and domestic, owners of capital and businessmen who present our substrate abroad and contribute to attract the companies to enter the Iraqi market through their contact and acquaintance with the private sector in Iraq. on the other hand the chairman of NIC explained that the big and important projects waiting for the private sectors such as investment projects and deferred payment as well as the investment partnerships with the public sector which became a vast field for the private sector and he confirmed the importance of the cooperation with the provincial investment commissions to play an important role in the economic development of provinces to produce the best services for the citizens. From his part Mr. Gaffer -Alhamdany, the chairman of the Union of Chambers of Commerce, submitted a detailed historical presentation about the Union of Chambers of Commerce in Iraq that was established in 1889 including more than million merchants and (176) thousand registered company. He also expressed the readiness of INBC to build bridges of cooperation and put all abilities of the union under the disposal of the government and NIC which sponsors the private activity in Iraq to participate in the construction, stressing the union’s constant need to support the government materially and morally to involve the union with its representatives in the investment activities inside and outside Iraq which contributes to develop their abilities and experience. At last Alaraji listened to some suggestions and opinions of the Heads of Chambers of Commerce in the provinces which are related to investment in the various sectors as well as the participation of Chambers of Commerce in the investment opportunities in cooperation with the provincial investment commissions and facilitating their tasks in building and reconstruction also the NIC promised to address all problems in coordination with the concerned entities.

During his Meeting with the Chairmen of the Provincial Investment Commissions
NIC Chairman Reasserts the Necessity of Activating the Investment Process in all provinces

NIC Chairman, Dr. Sami Al- Araji reasserted the importance of allocating lands suitable for investment in the provinces with classifying them in terms of sectors (industrial, commercial, agricultural or housing) lining with the aspirations of the investment map in Iraq for the year 2012, referring to the necessity of preparing a data base for these lands in each province that can actively help in the evaluation process.
The above speech came during heading an expanded meeting for chairmen of all provincial Investment commissions during which Dr. Al- Araji stressed the importance of finishing the new investment map for each province in the various sectors which is to be promoted during all events and international investment conferences for companies and capitals holders.

About investment law and the requirements of the coming phase, NIC Chairman made clear that the coming period shall witness modifying some articles of the investment law No. 13 of the year 2006 and a number of other laws that contradict with the investment law in a way that grants investors more privileges with concentrating on activating the One Stop Shop special role to be played in order to facilitate the procedures needed to be taken to obtain the investment license through granting Ministries representatives wider authorities to make final decisions on behalf of their ministries.

NIC Chairman also listened to a number of suggestions and opinions of the chairmen of PICs regarding the investment in the various sectors promising to eliminate all obstacles that hinder implementing investment projects in all provinces.

Aiming at Developing the Strategy of Funding Housing Projects in Iraq
NIC Participates in the workshop held by the UNDP

NIC participated in the workshop meant for developing the construction projects market in Iraq, the workshop was held in Amman under the patronage of the UNDP and devoted for discussing ways of eliminating main challenges that are facing the funding of the Housing sector in Iraq.
NIC Vice Chairman – Mr. Salar Muhammad Ameen who had represented the NIC in the event said that the workshop had witnessed prolonged discussions on funding the housing projects especially for low income Iraqis and the volume of the guarantees submitted by the Iraqi private banks to the companies ready to implement these projects in
addition to the importance of reinforcing the governmental banks role and developing its work to fund housing projects all over Iraq.
Mr. Ameen also said that the workshop had presented the similar experiments for some countries as Yugoslavia and Ukraine so as to benefit from these experiments to enrich the investment process in Iraq especially in this vital field referring that funding companies and private banks can play an important role in funding the big investment projects especially the housing ones.
The workshop also witnessed bilateral meetings that had gathered the NIC vice chairman with the chairmen of a number of big companies like the American (Council Capital) which is specialized in funding investment projects and had funded many projects in several African, Asian and East European countries.

During His Visit to the National Investment Commission
Iraqi Prime Minister … the Government will Work on Securing the Appropriate Investment Climate

The Iraqi Prime Minister H.E Mr. Nuri Al- Maliki assured the importance of liberating the Iraqi economy from all comprehensive central mechanisms to attract capitals and activate the private sector role through accelerating the process of legislating laws that shall facilitate the investors work in Iraq in addition to amending or eliminating the legal texts that contradict the investment law No. 13 for the year 2006 and its amendments.

Maliki’s speech came during his visit to the NIC premises on Sunday 30th of October.2011 and meeting Dr. Sami Al- Araji and senior cadre there where he declared that the government will support an appropriate investment climate through activating the role of the one stop shop and being open to the private sector for its important role to make the investment process in Iraq a success.

The Iraqi Prime Minister expressed his big interest in the housing sector in Iraq and encouraged constructing the big full services housing complexes like Bismayah New City project which NIC is supervising within the project of building one Million Housing Units all over Iraq stressing the government readiness to support the NIC efforts in this field.
Al- Maliki also assured that such projects are contributing a lot in bridging part of the housing shortage in Iraq with moving the Iraqi economy through creating job opportunities in the various construction phases in addition to the developed look this kind of construction add to cities.
Iraqi Prime Minister added that investment process in Iraq has developed the matter that led international companies and banks to hasten the participation in the reconstruction process of Iraq, referring that there are several laws to be introduced to the Iraqi parliament for ratification which will help in establishing big strategic projects in Iraq as the infrastructure law.

Dr. Sami in his turn declared his delightedness with this visit announcing the hour 12:00 of Monday 31.10.2011 a date for ending the registration on Bismayah New City project since the number of the registrars had surpassed the number required which are 100 thousand registrars.

NIC chairman presented a detailed explanation for a number of strategic investment projects adopted by the commission adding that the confidence had been internationally increased in investment in Iraq that led to create strategic partnerships and that a number of international banks had informed the commission about their interest to fund investment projects.
Al- Araji also referred to some important legislation which is hopefully to be accomplished soon like the third amendment of the investment law and a number of legal articles within some other valid laws that contradict activation of the investment law and lead to delay the investment process in Iraq.
Prime Minister also listened to some interventions about the problems and obstacles of investment in Iraq promising to eliminate all of these through approving the required legislations and taking the appropriate decisions.

For the Purpose of Reviewing Investment Opportunities in Iraq by the Austrian Companies

Under the Patronage of the National Investment Commission

The Iraqi – Austrian Economic Forum was held in Baghdad

Under the patronage of the National Investment Commission, the Iraqi- Austrian Economic Forum was held in Baghdad on Nov.16.2011 with the attendance of the Iraqi Minister of Foreign Affairs Mr. Hoshiar Zebari and the Deouty Prime Minister, Minister of Foreign Affairs of the Republic of Austria Mister Michael Spindelegger accompanied by a number of the representatives of the big Austrian companies

The Guest Minister expressed his country’s desire to enter the Iraqi market and to support the economic growth in Iraq through submitting Austrian expertise in the various economic fields assuring that this visit shall include a number of important meetings that aim at solidifying economic and commercial relations and mutual benefits.

Iraqi Minister of Foreign Affairs in his turn highly praised the NIC efforts in arranging the forum and hosting the Austrian delegation stressing the government ambitions to reinforce mutual visits for their importance in developing relations between the two countries considering this forum as an opportunity to exchange opinions and expertise for activating investment in the various economic fields like “Housing, Health, Industry, Agriculture, Education… etc”

Iraqi and Austrian Foreign Ministers had previously announced reaching an agreement to sign 6 economic agreements of total amount of 60 million$ and activating the Iraqi- Austrian Ministerial joint committee.

The forum also included a speech for Mr. Richard Schenz – Vice president of the Austrian Federal Economic Chamber through which he assured that Iraq is the third best market for Austria in the region after the Kingdom of Saudi Arabia and the United Arab Emirates as the commercial exchange with Iraq had reached 450 Million $ during the first part of this year rising 170% because of the fast growth Iraq is witnessing.

Mr. Schenz assured that Iraq is of big importance for economists in Austria and that the first office for the Austrian economic chamber in the region was established in Iraq in1955 after Austria got Independence.

The NIC Economic Advisor, Mr. Abdullah Albander warmly welcomed the guest Minister and the accompanying delegation saying that this forum will have high impact on activating and developing the bilateral relations expressing his hope to come up with important economic partnerships between the Iraqi and Austrian private sectors the matter that will serve both sides economic benefits.

The Forum was attended by representatives of 16 Austrian companies like MOV which is specialized in Oil industries and the Austrian airlines Company with a number of banks while attendants from the Iraqi side were the representatives of several Ministries “Industry, Housing and Reconstruction, Trade, Baghdad Mayoralty, Iraqi National Business Council, Iraqi Businessmen Union and NGOs.