Dr. Sami Al-Araji, Chairman of the Iraqi National Investment Commission (NIC) met Dr. Mahmud Mohi El Din, Egyptian Minister of Investment in Cairo. The two discussed the prospects of strategic cooperation between the NIC and the Egyptian Ministry of Investment. During the meeting, they talked about capacity building at their respective Commissions through the use of specialized training courses in Egypt.

Dr. Sami Al-Araji presented investment opportunities available in Iraq to an audience of businessmen, reminding them that Iraq is “Open for Business”. Dr. Sami also met separately with Egyptian business leaders in the public and private sectors, presenting a detailed explanation of the Iraqi investment laws, the amendments that were recently adopted, and how the amendments represent a concession to Arab, foreign, and Iraqi investors alike. Special emphasis was placed on the industrial and housing sectors due to the growing need for low-cost residential communities in Iraq.

In return, Egyptian Minister, Dr. Mahmud, expressed his country’s desire to actively participate in the reconstruction work in Iraq and reinstate agreements that had remained unfulfilled between the two countries. Both will work toward joint innovation and the promotion of investment and the improvement of one-stop shop operations (an essential part in the investment process in any country). Dr. Mahmud also commented that the amendment to the Iraqi investment law, which includes provisions for land ownership by foreign investors building housing projects, is a great opportunity for Egyptian companies specializing in that sector.
The bilateral meetings yielded 16 agreements and memoranda of understanding as well as 7 agreements ready to be finalized.

The NIC will be participating in a number of investment conferences including:
Berlin, German (November 6-9th)
Paris, France (November 16-18th)
Poland (November 20th)
Japanese conference in Baghdad
Details on these conferences will be provided shortly.

Iraq’s National Investment Commission, led by Chairman Dr. Sami Al-Araji, has just concluded an extremely successful business conference at the Hyatt Regency hotel in Washington D.C. In addition to Dr. al-Araji, Iraq was represented by Prime Minister Nouri Al-Maliki, the Ministers of Oil, Trade, Finance, and Agriculture, Governors of Iraq’s provinces, and a contingent of prominent business leaders. Secretary of State Hillary Clinton represented the interests of the U.S. Government.

Approximately 1,100 investors attended the sold-out conference from across the U.S. and around the world. The conference consisted of a series of presentations highlighting the readiness of Iraq for international investment, several breakout sessions that delved more deeply into 12 main sectors of Iraq’s economy, and a series of afternoon matchmaking sessions that were structured for direct business to business meetings between Iraqi and American businesses.

The National Investment Commission presented the conference attendees with a list of over 750 projects ready for investment, across all sectors of the economy. In his speech, Chairman Al-Araji highlighted several recent positive steps that Iraq has taken to improve its investment climate, including passing an amendment to its current Investment Law allowing foreign investors pursuing housing-related infrastructure projects to own land. He also highlighted the NIC’s investor licensing and coordination department, known as the One Stop Shop. Dr. Al-Araji remarked:
“Why invest in Iraq? There has never been a better time to invest in Iraq. Iraq has emerged from the conflicts of the past with tremendous potential for investment from local, regional and global companies.”

Secretary Clinton was equally forceful in encouraging investors to seize the opportunity in Iraq with all possible speed, as she remarked,

“The security situation has improved. The conditions for investment are stronger. And in the words of an Arab proverb, ‘Dawn does not come twice to awaken a man’ or a woman. The world is watching for every opportunity to invest in Iraq, and companies that wait too long may discover they are too late.”

The NIC is proud to announce that last week the Iraqi Parliament has reviewed and approved the first draft amendment to Investment Law 13. The amendment contains many important aspects that will foster investment in Iraq including the ability for foreigners to own land for the purposes of housing projects; placing the land designated for investment projects under the authority of the NIC instead of different ministries. Additionally the amendment details the organization and support to the Provincial Investment Commissions and as well as securing privileges for public and private partnerships especially those partnering with State Owned Enterprises. The amendment also waives the authority of Law 32, 1986 for all investment projects.

Under the title (translation environment your business to a successful strategy to invest in the provinces), the Office of Private Sector Development at the U.S. Embassy in collaboration with the Center for International Private Enterprise (سايب CIPE) workshop booster for members of investment authorities in the provinces for the period 5-6 / 10/2009 has A delegation from the National Investment Commission, headed by Mr. Vice President of the Salar Mohammed Amin professor and membership Dr. Ikram Abdulaziz, Director General of the Department of Economic and Mr. Firas Hrbun, supervisor of the Provincial Coordination Section and some employees of the body.
 
The workshop was attended by representatives of the investment bodies in the provinces and Mrs. John Reid, Senior Advisor – Office of Private Sector Development in the embassy Amartikih, and this workshop aims to draw a roadmap enables members of the investment bodies of crystallizing an effective strategy to invest in their home provinces, through a series of presentations that are based on enhance the understanding of members of the investment in the provincial bodies for their role in the context of the world’s leading practice and lessons learned with the definition of axes develop a successful strategy to invest in the provinces as well as understand the characteristics of business environments in the Iraqi provinces and methods of analysis and comparison measurement reference point and arranged according to its status.
 
Also included presentations also assess the business environment through surveys and global business indicators and improve the local business environment through the world’s leading practices.
 
This has opened the Vice-President of the Commission agenda, a speech in which he praised the efforts made by the Office of Private Sector Development at the U.S. embassy in promoting the work of Government investment and the importance of this workshop in shaping the perceptions of members of the Government investment in the provinces.

Under the title (translation environment your business to a successful strategy to invest in the provinces), the Office of Private Sector Development at the U.S. Embassy in collaboration with the Center for International Private Enterprise (سايب CIPE) workshop booster for members of investment authorities in the provinces for the period 5-6 / 10/2009 has A delegation from the National Investment Commission, headed by Mr. Vice President of the Salar Mohammed Amin professor and membership Dr. Ikram Abdulaziz, Director General of the Department of Economic and Mr. Firas Hrbun, supervisor of the Provincial Coordination Section and some employees of the body.
 
The workshop was attended by representatives of the investment bodies in the provinces and Mrs. John Reid, Senior Advisor – Office of Private Sector Development in the embassy Amartikih, and this workshop aims to draw a roadmap enables members of the investment bodies of crystallizing an effective strategy to invest in their home provinces, through a series of presentations that are based on enhance the understanding of members of the investment in the provincial bodies for their role in the context of the world’s leading practice and lessons learned with the definition of axes develop a successful strategy to invest in the provinces as well as understand the characteristics of business environments in the Iraqi provinces and methods of analysis and comparison measurement reference point and arranged according to its status.
 
Also included presentations also assess the business environment through surveys and global business indicators and improve the local business environment through the world’s leading practices.
 
This has opened the Vice-President of the Commission agenda, a speech in which he praised the efforts made by the Office of Private Sector Development at the U.S. embassy in promoting the work of Government investment and the importance of this workshop in shaping the perceptions of members of the Government investment in the provinces.