The GOI is facing a projected USD 20 billion deficit in 2015.Government contracts and tenders – the source of many commercial opportunities in Iraq – are largely financed by oil revenues and therefore will remain limited until oil prices rebound.
Liquidating iraqi dinat
Potential investors should prepare to face significant costs to ensure security, cumbersome and confusing procedures, and long payment delays on some GOI contracts.
Difficulties with corruption, customs regulations, cumbersome visa procedures, unreliable dispute resolution mechanisms, electricity shortages, and lack of access to financing are also common complaints from 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.
(A copy of the NIL can be obtained from the National Investment Commission website
Under the NIL, the National Investment Commission (NIC) and the Provincial Investment Commissions (PICs) are designed to be one-stop shops that can provide information, sign contracts, and facilitate registration for new foreign and domestic investors.Shifting and unevenly enforced regulations create additional burdens for investors.The GOI currently operates over 192 SOEs, a legacy from decades of statist economic policy.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.A 2009 amendment to the NIL, followed by 2010 implementing regulations, allows limited foreign ownership of land solely for the purpose of developing residential real estate projects.