Iraq Fosters Energy Investment with New Economic Cities

In a bid to diversify Iraq’s economy and attract foreign investment in the energy sector, the National Investment Commission (NIC) held a preparatory meeting for the Specialized Economic Cities Initiative for Energy Services. The session, presided over by NIC Chairman Professor Dr. Haider Mohammed Makiya, underscored the strategic role of these cities in bolstering the oil, gas, and sustainable energy industries.

Dr. Makiya highlighted that these specialized cities will serve as key hubs for both international and local companies, offering integrated infrastructure, industrial and economic zones, and cutting-edge research centres. By localising energy-supporting industries, Iraq aims to reduce reliance on imports, create job opportunities, and facilitate technology transfer. Additionally, these cities are expected to anchor the Development Road project, enhancing Iraq’s connectivity and economic integration with regional and global markets.

The meeting, attended by NIC Vice Chairman Engineer Salar Amin, explored investment incentives, supporting legislation, and the urgent need to establish such economic zones, aligning Iraq with global and regional best practices. Discussions also touched on the challenges and opportunities associated with the initiative, ensuring a favourable investment environment for energy-sector companies.

As part of Iraq’s national economic diversification strategy, this initiative seeks to attract foreign and local capital into energy services while reinforcing the private sector’s role in economic development. Attendees included senior officials from the Ministry of Oil, alongside NIC’s Director General of the Single Window and Investor Services Department, Director General of the Economic Department, and Advisors for Economic Affairs and Institutional Development.

Source: National Investment Commission