The Chairman of the National Investment Commission signed the International Settlement Agreement resulting from Mediation and International Investment Disputes (Singapore Convention). He stressed the importance of integrating international and local investment environment indicators.
Dr. Haider Mohammed Makiya, the Chairman of the National Investment Commission and a well-known international investment expert, signed the United Nations Convention on International Mediation in New York City, USA. This convention is also called the Singapore Convention on Mediation and International Investment Disputes.
During a signing ceremony, held in coordination with the Iraqi representation at the United Nations, the Chairman of the Commission emphasized the necessity of activating the Republic of Iraq’s accession to the Singapore Convention on Mediation and International Investment Disputes. This is based on the provisions of Law No. (14) of 2021, and in accordance with the Council of Ministers Resolution No. (24203) of 2024, which approved the International Commercial Arbitration Law. This law includes international standards for international commercial arbitration, which is crucial for enhancing the Iraqi investment reality. Iraq has numerous opportunities for international strategic and qualitative investment, which necessitates contracting with foreign companies specialized in investment. It is vital to provide legal protection for these companies in the event of disputes arising from contracts concluded by state institutions. These foreign companies prefer to resort to international arbitration to ensure their rights, as stipulated in Article (27/I) of the Investment Law No. 13 of 2006, as amended.
Makiya stated that the Singapore Mediation Agreement serves as a tool to promote international trade and mediation, and as a symbol of hope for a more effective and harmonious global business environment. It is an alternative and effective means of settling commercial disputes, contributing to achieving sustainable development goals and encouraging the use of mediation in settling cross-border disputes, thereby maintaining trade relations between parties involved in the investment process.
The Chairman of the Commission added that the agreement is pivotal due to its importance and several justifications for joining it. One of the main reasons being the need for an alternative method to litigation procedures before international arbitration tribunals in disputes arising from investment through commercial mediation, as outlined in the provisions of this agreement. The Republic of Iraq joined the International Center for Settlement of Investment Disputes between States and Citizens of Other States in 2015, which grants foreign investors the right to resort to the Washington Center.
He also emphasized that Iraq’s accession to the Singapore Mediation Agreement is not only necessary but a crucial step to attract investments and achieve economic development, particularly in the context of the country’s transition to a free market economy and the referral of numerous strategic projects to foreign investors and companies.
The Chairman of the National Investment Commission concluded by announcing a specialized program of introductory workshops that the Authority will hold for all ministries and state institutions in collaboration with the UNDP. These workshops aim to educate their legal departments about the legal impact of this agreement.