Iraq is changing rapidly and as life is returning to normal, so too is economic activity. The country has entered a new, positive phase. Demand for goods and services is growing, and the country is proving why many believe it to be one of the world's most attractive markets. Iraq offers almost unparalleled opportunities to international corporations and investors. At the same time, Iraq can finally benefit from foreign investment into its economy. Iraq's needs are broad, range across all sectors, and include railroad and port projects, residential and urban development, electricity plants, refineries, hotels, and telecommunications infrastructure expansion - just to name a few of the larger initiatives.
In 2006, the Government of Iraq passed Investment Law No. 13, laying out the foundation for attracting foreign investment into Iraq. The Law laid out several strategic initiatives including tax incentives, investor guarantees, obligations of investors, and the creation of the National Investment Commission (NIC) in 2007 was established to be the face of private investment in Iraq and serve as promoter, facilitator, monitor, and policy advisor for investment into Iraq.
The NIC has a unique view on the country's investment needs. Through Provincial Investment Commissions (PICs), which were established under the same law as the NIC, it can support the needs and priorities of every province. Similarly, the NIC has full access to national-level bodies including parliament, ministries, and the Prime Minister's office. This has enabled the NIC to draw critical insight into the needs of the Iraqi people and economy. The NIC uses this position to promote investments that can address the country's most critical needs. Attracting private capital and modern technology, and pairing it with business management experience is essential to this mission.
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