Liquidating iraqi dinat
But Investment Commissions still generally lack the authority to intercede when investors encounter bureaucratic obstacles with other Iraqi ministries. Under the Iraqi Constitution, some competencies relevant to the overall investment climate are either shared by the federal government and the regions or are devolved entirely to the regions.Currently, the IKR, comprising three northern provinces, is the only area of Iraq with a designation as a region.Executive Summary Investors in Iraq continue to face both tremendous opportunities and significant obstacles.The Government of Iraq (GOI) is currently facing the dual challenges of fighting the Islamic State of Iraq and the Levant (ISIL) and the financial impact of declining world oil prices.Budget transfers have resumed, albeit on a lower basis. S.-Iraq Strategic Framework Agreement and the Trade and Investment Framework Agreement.
Further restrictions apply to the ownership of banks and insurance companies.
Laws/Regulations of Foreign Direct Investment The 2006 National Investment Law (NIL) provides a legal structure to protect foreign and domestic investors while also providing investment incentives.
The NIL allows both domestic and foreign investors to qualify for investment incentives equally.
Otherwise, there are no laws or practices that explicitly discriminate against foreign investors.
Other Investment Policy Reviews In the past three years, the GOI has not conducted any investment policy reviews through the Organization for Economic Cooperation and Development (OECD), the World Trade Organization (WTO), or the United Nations Conference on Trade and Development (UNCTAD).However, the security situation varies throughout the country and is generally more stable in Iraq’s southern provinces and the Iraqi Kurdistan Region (IKR). Iraq has the fifth largest proven oil reserves in the world and needs tremendous reconstruction and infrastructure development. Iraq imports large volumes of agricultural commodities, machinery, and consumer goods.