Page 4 - investment-map-En-2021

Introduction

Investment enjoys a great deal of importance by the Federal Government, the National
Investment Commission (NIC) and the Provinces Investment Commissions. They all
support investment due to its fundamental role in economic development in a time when
economic resources began to relatively decrease. Organizing various types of investments
in the national economy is the way for more efficient results compared to leaving
investments to personal decisions without planning. Investment programs, governmental
or direct investment, is one of the economic policies that enhance economic growth and
achive the country’s main goals in building balanced economic development.
More over, relation between investment and economic growth is one of the planning
factors through which economic trends can be known and focuse on main sectors which
lead growth in the right direction. Planning can bring back investment according to
growth rates to achieve the goals that are important for the future strategies. Investment is
the trigger for the new productive energy going side by side with the already existing
ones. More investment means more ability for societies to use the unused economic
resources represented in technical skills, implementing modern production methods,
enhance the types of products, and less cost to compete with local and international
markets. In spite of current circumctances, the National Investment Commission and the
Provences Investment commission steped forward since its foundation throught Law no.
13 for 2006 (amended) to improve development in the country and open up to the outside
world. NIC promoted its activities as a new foundation and tried to attrack local and
international investment in addition to making structural changes in the Iraqi Economy
which resulted in establishing a data base for investors’ guide.
NIC was the first to support private sector through workshops, seminars and local and
international conferences aiming at supporting private sectors and promote international
partnership with international companies and Chambers of Commerce. Also, NIC paied
attention to the reasons behind the delays in investment projects by being active in
amending several laws linked directly or indirectly with investments to enhance
investment opportunities as we believe that governmental investment bugets will not be
able to improve economy without a clear strategy to attract foreign investment to our
country. Based on investment projects, NIC signed contracts that require cooperation by
all governmental agencies for successful projects. Being professional in dealing with
different agencies is the main reason to encourage well-known investors to enter the Iraqi
market depending on NIC’s One Stop Shop Dept. which provides services to all investors
in addition to issuing visa to investors and staff working in Iraq. Businessmen and
investment companies focus on NIC for its transparency and quick response to meet their
requirements.
The Iraqi economy witnessed important changes in the path of openness and freedom and
the adoption of the forces of supply and demand as basic mechanisms in the economic