National Investment Authority (NIA) achieves milestone of attracting $63 billion worth of FDI in a year and a half
Chairman of the National Investment Commission: Improving Iraq’s global ranking is a priority to attract foreign investment
The head of the National Investment Commission (NIC), Prof. Dr. Haider Mohammed Makiya, announced that Iraq has achieved a qualitative investment flow of about $63 billion in foreign direct investment (FDI) in just a year and a half. He explained that these investments, which were distributed across multiple sectors, represent a great opportunity to improve Iraq’s global ranking as an attractive investment destination. The entry of reputable international companies of various nationalities reflects the attractiveness of the promising Iraqi market, especially in sectors such as renewable energy, oil and associated gas, he said.
Enhancing the investment climate through international agreements
During his meeting with the Director of the Anti-Corruption and Arbitration Initiative of the United Nations Development Program (UNDP) and his accompanying delegation, Dr. Makiya pointed out the importance of Iraq’s accession to the Singapore Convention on Mediation and International Investment Disputes in New York on April 17, 2024, as well as the New York Convention on the Recognition of Foreign Judgments of 1958. He pointed out that these steps enhance confidence in the investment climate and support the completion of the legislative environment to attract international investors and improve Iraq’s ranking in the World Bank’s Ease of Doing Business Index.
Modernizing legislation and streamlining procedures
The head of the commission explained that the commission is working on amending the Iraqi Investment Law No. (13) of 2006 as amended, updating regulations and controls, in addition to activating electronic platforms to facilitate investment procedures and reduce human interaction. In addition, clear mechanisms have been adopted to resolve investment disputes through specialized courts or arbitration bodies in line with the Commission’s objectives to transform Iraq into a competitive investment destination at the regional and international levels. Dr. Makiya called on the anti-corruption and arbitration promotion team to intensify efforts by holding workshops and meetings to develop international arbitration centers, enhance efforts to confront corruption in sustainable ways, and create a suitable environment to attract foreign investments and develop the private sector. He also emphasized the importance of reviewing Iraq’s global ranking and working to improve it.
Plan 2025 to Boost Investments and Fight Corruption
For its part, the UNDP delegation reviewed its 2025 work plan, which focuses on combating corruption, promoting e-governance, and diversifying the economy. The delegation pointed out that the plan aims to improve legislative capacities, develop a strategic framework for resolving commercial disputes, and complete meetings and workshops with the staff of the National Investment Authority to support the business environment and achieve sustainable development.
