BuckeyeTree: We are at the end of June, and Sunday, June 30, is mid year, an opportune time. Almost daily there is a cascade of news in articles from Iraq and Eddie. IMO, June may end with great news, and, if not with what we seek, but maybe news that brings us yet closer to what we seek.
There have been times which looked good that have come and gone. More needed to get done, and we have waited. Now ATMs are out and official WTO full member status as of July 18. IMO, the window seems to be getting smaller and startup of those idle ATMs dispensing and working maybe closer! IMO.
TBJohnston: I agree, Buckeyetree, IMO we are CLOSER than EVER to this blessing finally happening, and tomorrow from Today’s perspective looks very promising indeed!
Frank26: “KTFA FAMILY… SUDANI GUARANTEED THE CONTRACTS FOR INVESTMENTS WITH A NEW EXCHANGE RATE, THEN HE TOLD THOSE AGAINST THE MONETARY REFORM………. DON’T YOU DARE TOUCH MY INVESTORS BECAUSE I GUARANTEED THEIR MONEY, INVESTMENTS & CONTRACTS!!!”……….F26
What is the importance of Iraq joining international agreements?
6/26/2024 Baghdad
The Chairman of the National Investment Commission, Haider Makiya, stressed today, Wednesday, the importance of Iraq joining international agreements to enhance the investment sector, noting that Iraq has provided real guarantees to attract foreign investments.
Makiya said, in his speech, during the launch of the National Investment Commission conference in cooperation with the United Nations Development Programme, that “Iraq’s accession to the International Settlement Agreement resulting from international mediation and disputes that was signed in 2024, will contribute to achieving the goals of sustainable development and encouraging the increasing use of international mediation as a means.” Effective for settling cross-border disputes, for the purpose of maintaining trade and investment relations between the parties involved in the investment process.”
He added, “This agreement has a pivotal dimension, foremost among which is finding an alternative method to litigation procedures before international arbitration bodies in disputes arising from investment, especially since Iraq joined in 2015 the International Center for the Settlement of Investment Disputes between States and Citizens of Other Countries, and this “It will give foreign investors the right to resort to the Washington Center.”
He continued, “Also, the Republic of Iraq’s accession to the New York Convention on the Recognition of Foreign Judgments of 1958 means completing all the necessary legislative environment to provide real guarantees and protection for foreign investors, and this will reflect positively on attracting foreign capital to Iraq, which aims at the construction and reconstruction process, and will raise Iraq’s classification.” .
He explained, “This agreement enhances the Iraqi investment reality, because it includes many international and qualitative strategic investment opportunities that impose contracts with specialized foreign companies for investment purposes. This requires Iraq to provide legal protection to those companies by resolving disputes in the event that they arise from investment contracts that It is imposed by state institutions on these companies, which prefer to resort to international arbitration to guarantee their rights, as stipulated in Article 27 of Investment Law No. 13.”
He pointed out, “Iraq’s accession to the International Mediation Agreement (Singapore Agreement) is necessary to attract foreign investments and achieve intended development, especially in light of Iraq’s transformation and dependence on a free market economy. This agreement will also create a legal framework that allows reliance on agreements.” The settlement resulting from mediation is easily implemented by all countries.”
Makiya stressed that “the legal department at the National Investment Authority and the investment authorities in the governorates will work to include international investment contracts by relying on mediation mechanisms in investment-related disputes before resorting to international arbitration, which will send a message of reassurance to foreign investors and foreign companies in order to proceed with resolving disputes.” related to these contracts, is easier than entering into international commercial arbitration procedures.”
He pointed out, “The Republic of Iraq’s accession to the International Commercial Arbitration Agreement and the Singapore Mediation Agreement, in addition to concluding many agreements to encourage and protect mutual investments between Iraq and many international countries, made Iraq occupy fourth place in the classification of foreign direct investment.”
And the best emerging markets to invest in 2024.”
He stressed that “the noticeable improvement in the investment climate in Iraq comes as a result of government efforts made to strengthen the economic and investment sector, in attracting foreign investments,” calling on foreign companies, foreign investors and businessmen to “visit Iraq to learn about the investment opportunities included in the investment map, and to attend the forum.”
“Iraq Investment Bank, which will be held next November, will launch more than 100 investment opportunities with integrated approvals, and review the benefits and guarantees that the investment law will provide to investors.” LINK
