At His Meeting with the South Korean Minister of Economy

NIC Chairman Dr. Sami Al- Araji stresses the Desire to Reinforce Investment and Economic cooperation between Iraq and South Korea

NIC Chairman, Dr. Sami Al- Araji stressed the NIC desire to reinforce means of economic cooperation between Iraq and South Korea through implementing huge investment projects by South Korean companies in Iraq.
This came during his meeting with the Minister of Economy of South Korea Mr. Choi Joong Kyung who emphasized that Iraq is a rich country and enjoying an abundance of natural resources that make it a fertile investment land in the various sectors.
Dr. Al- Araji praised the big economic expertise and capacities Korean companies have and which Iraq is in need for the advancement of different sectors like industrial, agricultural, energy, housing, transport and telecommunication referring that NIC is currently negotiating with a number of South Korean companies to participate in implementing part of the project of the one million housing units in all Iraqi provinces, which reached the advanced stages of negotiations hoping that the next few months shall witness the implementation of the project.
NIC Chairman showed the commission’s readiness to submit all facilities and guaranties mentioned in the investment law No. 13 for the year 2006 and its amendments to the South Korean companies and other companies willing to invest in Iraq stressing that NIC is following a careful selective strategy in choosing the companies to implement investment projects in Iraq.
The South Korean Minister in his turn expressed his happiness with the warm reception the Korean delegation was met with assuring his government desire to reinforce investment cooperation in a way that serves both countries benefits.

At His Meeting with a Delegation of American Economic Specialists
NIC Chairman, Dr. Sami Al- Araji:
Economic Reform Is the Most Important objective in the Government Five Year Plan

NIC Chairman, Dr. Sami Al- Araji stressed that the economic reform is one of the most important objectives focused on by the government for the next period through its five year plan 2010-2014
Dr. Sami added, at his meeting with a delegation of American economic specialists and expats, that the National Investment Commission is currently negotiating implementing huge strategic projects that could vitalize the investment process all over the country, one of these important projects is the project of the One Million Housing Units in all provinces explaining that the project will be implemented by the biggest international companies.
He also said that the NIC is adopting other huge strategic projects like Dhifaf Karbala in Karbala province and Al- Mustaqbal and Al- Rasheed Projects in Baghdad, reassuring that Iraq is a fertile investment land and that Iraqi investment law is enhancing investors to enter the promising Iraqi market.
NIC Chairman stressed the commission’s readiness to submit all privileges and guaranties granted by investment law No. 13 for the year 2006 and its amendments and to overcome all difficulties facing investment companies willing to invest in Iraq in different sectors.
The visiting delegation in its turn highly praised the progress Iraq is currently witnessing hoping that NIC could achieve all objectives assigned to it by attracting foreign investments in to Iraq.

NIC Chairman, Dr. Sami Al- Araji:

The Success of the Investment Process in Iraq is Subject to Unifying all National Efforts

NIC Chairman, Dr. Sami Al- Araji stressed the necessity of unifying all national efforts in all sectors to make the investment process in Iraq a success referring that the NIC had worked since it had been established to attract foreign direct investments in to the country and to achieve real partnership between Iraqi Public and private sectors with developing the private sector abilities.

Dr. Sami also added, in the speech he gave during the conference of “Business for Business” held in Baghdad university, that NIC is keen to attract investments in various sectors to push the Iraqi economic wheel forward and keep abreast of the global economy.

Al- Araji referred to some challenges that hinder achieving goals, assuring that the commission is working to remove them all and especially the problem of land allocations in addition to the importance of activating the role of the provincial investment commissions and ensuring their independence.

He also announced that NIC had adopted huge investment projects like the project of the One Million Housing Unit hoping that the next months will witness the implementation of this important project.

Al- Araji also listened to a number of interventions from businessmen and specialists who attended the conference where ideas and opinions were exchanged concerning improving the national economy.

On the other hand, NIC chairman visited the exhibition held on the sidelines of the conference saying that the participation of international companies in such conferences and exhibitions in Baghdad has significantly good indications and reinforces economic relations between Iraq and the international community.

NIC Urges PICs Chairmen to Contribute to Update Information Contained in the Investment Map

NIC Advisor, Mr. Abdullah Al- Bander urged the PICs chairmen to contribute to update information contained in the investment map so as to enable the National Investment Commission to prepare the new investment map that covers all sectors in all provinces in a way that clarify economic visions and available investment opportunities in order to facilitate the opportunity selection for investors
Mr. Bander also said during the third meeting for the investment sector team, one of the seven teams that make up the team of Economic reform in Iraq led by UNDP and UNIDO, that the investment map must be based on accurate economic bases in order to ensure a successful investment process referring that investment is a new experience in Iraq guaranteed by investment law No. 13 for the year 2006 and it had been set on to keep pace with the global economic bases.
Mr. Bander added that investment is one of the most important factors that might develop the private sector capacities since it represents a new economic variable within the economic reform process adopted by the state stressing that the country is in need for huge investments for the advancement of infrastructure and that the private sector is capable of covering such requirements.

In a Meeting with the Chairmen of the PICs
NIC Chairman discusses a project of Unifying Investment Licenses in all Provinces

NIC Chairman, Dr. Sami Al- Araji put forward the idea of unifying the investment license template to be granted to investors in all provinces while excluding the NIC template the matter which comes within the framework of systemizing the process of granting the investment licenses and facilitating the role of other relevant departments especially that of the State Customs Commission.
The new license template was discussed during a meeting headed by Dr. Sami and attended by PICs chairmen, Dr. Sami also gave his directives to accelerate the process of allocating lands required for implementing investment projects in all provinces in order to enable investors to commence their projects especially the project of the One Million housing Unit to be implemented all over Iraq .
In terms of updating the provincial investment maps, Dr. Sami referred to the importance of taking privacy and economic hubs in to consideration in drawing the investment map for each province with including the appropriate projects for the province nature and requirements.