NIC Takes Steps to Facilitate Investment in Iraq

On Sunday, December 15, 2024, the National Investment Commission (NIC) held its ninth regular meeting, chaired by Professor Dr. Haider Muhammad Makiya. The meeting focused on a number of important topics aimed at improving Iraq’s investment environment and supporting economic growth.

One of the main topics discussed was the investment license process. The NIC reviewed proposals to make it easier for investors to extend their investment periods, adjust project capital, and change their legal status. This flexibility is designed to encourage more investors to commit to long-term projects and adjust their plans as needed, which can lead to more successful investments in Iraq.

The meeting also addressed changes to the Investment Law, particularly the third amendment to Investment Law No. (13) of 2006. The NIC decided to hold an expanded conference with parliamentary committees and local investment bodies from across Iraq to finalise these amendments. The goal is to make the law more practical and better suited to the needs of both local and foreign investors.

Additionally, the Commission discussed how to improve the process for amending plans and designs for ongoing projects. This ensures that investments remain relevant to Iraq’s development goals and can adapt to changing circumstances.

The discussions highlight the NIC’s ongoing efforts to create a more investor-friendly environment, streamline procedures, and support long-term development in Iraq. These changes are expected to make it easier for investors to navigate the system, ultimately boosting economic activity and contributing to Iraq’s overall growth.

The meeting was attended by senior officials from the NIC, including the Vice Chairman and various general managers and advisors, demonstrating the collaborative approach to these important reforms.

Source: National Investment Commission