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 Iraq: Investing

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claud39
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Join date : 2018-11-04

PostSubject: Iraq: Investing   Tue Nov 06, 2018 7:19 pm

http://www.expert-comptable-international.info/fr/fiches-pays/irak/investir2#choose


        Iraq: Investing




FDI in figures

Iraq has had difficulty attracting foreign capital because of its significant security problems, fragile institutions and lack of governance. Nevertheless, hydrocarbons continue to attract foreign companies and the majority of FDI is destined for the oil industry. Since 2013, FDI flows have been negative, reaching $ -5 billion in 2017. As a result, total FDI stocks now stand at $ 10.1 billion (5.3% of GDP) ( 2018 Global Investment Report, UNCTAD). In addition to the oil industry, cement production and construction offer interesting investment opportunities. The United States and the European Union are the first investors in Iraq: FDI stocks in the United States amounted to $ 1.6 billion in 2015 (latest data available), a drop of 37.4% % compared to the previous year.
In terms of foreign investment, Iraq has a long-term potential. In fact, the country has the fourth proven reserves in the world and it needs major reconstruction and infrastructure development efforts. Under Iraqi law, a foreign investor is allowed to invest in Iraq on terms as favorable as those applicable to an Iraqi investor, and the amount of foreign equity is not limited. However, Iraq's national investment law restricts direct or indirect foreign ownership of natural resources, particularly with respect to the extraction and processing of natural resources. More restrictions apply to the ownership of banks and insurance companies. According to the National Investment Law, the government reserves the right to filter out foreign direct investment. Iraq is slowly making progress by enacting laws and developing the institutions necessary for the implementation of economic policy. In addition, policy reforms are still needed to ease investor concerns over an uncertain business climate. The Iraqi government is keen to attract new direct investment abroad, but faces various obstacles, such as a weak political system and concerns about security and social stability. Corruption, obsolete infrastructure,

Prime Minister Haydar Al-Abadi has publicly pledged to launch a reform plan that includes the reform of Iraqi public enterprises in difficulty, the fight against corruption, the reduction of bureaucratic bottlenecks and the necessary infrastructure. 
Iraq ranks 168th out of 190 countries according to the 2018 Doing Business report , down 3 places from 2017.
 

International comparison of investor protection

[th]Iraq[/th][th]Middle East & North Africa[/th][th]United States[/th][th]Germany[/th][th]Transparency index of transactions *[/th][th]Managerial responsibility index **[/th][th]Shareholder Power Index ***[/th][th]Investor Protection Index ****[/th]
 
4.06.07.05.0
5.05.09.05.0
8.04.04.08.0
4.54.56.56.0
[size]
Source: Doing Business - Latest data available.
Note: * The larger the index, the more transparent the transactions. ** The larger the index, the more managers are personally responsible. *** The larger the index, the more shareholders have the power to defend their rights. **** The larger the index, the greater the protection of shareholders.
 
[/size][th]Foreign direct investment[/th][th]2015[/th][th]2016[/th][th]2017[/th][th]Inward FDI flows (millions of USD)[/th][th]FDI stocks (millions USD)[/th][th]Number of greenfield investments ***[/th][th]Incoming FDI (as% of GFCF ****)[/th][th]FDI stock (% of GDP)[/th]
757462565032
10.12810.12810.128
15810
-17.6-20.2n / A
8.65.7n / A
[size]
Source: UNCTAD - Latest data available.
Note: * UNCTAD's Performance Indicator is based on a ratio between the country's share of total global FDI inflows and its share of global GDP. ** The UNCTAD Potential Indicator is based on 12 economic and structural indicators such as GDP, foreign trade, FDI, infrastructure, energy consumption, R & D, education, country risk. *** Greenfield investments correspond to the creation of subsidiaries ex-nihilo by the parent company. **** Gross fixed capital formation (GFCF) is an indicator measuring the sum of investments, mainly material, made during a year.
[/size]

Why choose to invest in Iraq

The strong pointsIraq may be an attractive destination for FDI, as the country still needs investment for reconstruction and infrastructure development. 
Among the country's strengths: 
- The National Investment Code (NIL) includes several tax exemptions for authorized investments, including a 10-year tax holiday and a tariff exemption on equipment imports and essential materials 
- In the years to come, Iraq will implement several billion-dollar projects in many sectors, such as security, energy, environment, construction, social security, tourism, tourism and tourism. agriculture and infrastructure.
- Investors can repatriate capital invested in Iraq as well as profits made in Iraq 
- Iraq has the world's fourth proven reserves of oil 
- A population of almost 40 million people, with a young median age (under 20 years) .The weak spotsThe country has several factors, which are obstacles to FDI, including: 
- The heavy dependence on the oil sector 
- Investors often find it difficult to resolve the various commercial and be paid in time 
- The regulatory environment remains opaque 
- Corruption, customs regulations, poorly functioning visa procedures, power cuts and lack of access to finance are all things that foreign investors often complain about 
- The banking sector fragile and small 
- Corruption is widespread in public tenders and in the granting of authorizations or concessions
- Violence and instability remain in many parts of the country. 

Iraq ranks 168 out of 190 countries in the World Bank's Doing Business 2018 report.The measures put in place by the government

The National Investment Code (NIL) was amended in December 2015 to improve the investment climate for FDI. The new provisions allow foreign investors to buy land in Iraq for certain projects, and they speed up the process of issuing investment authorizations. Tax incentives consist of a tax exemption for permitted investments, as well as an exemption from customs duties on imports.

The National Investment Commission (NIC) and the Provincial Investment Commissions (PICs) were created to provide information, sign contracts and facilitate the registration of new foreign or local investors. The NIC can provide investors with support for applications for work permits, customs procedures and commercial registration. 

On the other hand, following popular protests, the Iraqi government lobbied foreign companies to hire more local workers.



Foreign Investment Procedures

Freedom of establishmentUnder Iraqi law, a foreign investor can invest in Iraq with conditions no less favorable than those applicable to Iraqi citizens, and there is no limit to the amount of foreign participation in companies. 
However, the Iraqi government reserves the right to filter out foreign direct investment.The regulations concerning equity investmentsForeign investors can exchange securities and securities listed on the Iraq Stock Exchange.Reporting requirementsForeign investors who are interested in opening an office in Iraq or who are applying for public bidding must be registered as a foreign company with the Company Registration Service of the Ministry of Commerce. 
Investors planning to do business only in the Kurdistan region can be registered directly with the Kurdistan Regional Government. Companies intending to do business both in the Kurdistan region and in the rest of Iraq must be registered with the Ministry of Commerce.The organization to declare the investmentGeneral Committee on Taxation
Specific authorization requestThe Iraqi National Investment Code limits the direct or indirect ownership by foreigners of most natural resources, in particular the extraction and processing of all natural resources. 
To take a stake in a company in Iraq, an investor must obtain a certificate from an Iraqi bank, which proves a minimum deposit of capital. All investors must also apply for an investment authorization to the appropriate national, regional or provincial investment commission.

Find out more about Investment Service Providers in Iraq on GlobalTrade.net, the Directory for International Trade Service Providers.

Investment opportunities

Investment aid agenciesNational Investment Commission (NIC)
Tenders, Projects and Public ProcurementTenders Info , Tenders in Iraq 
Iraq Business News , Tenders in Iraq 
Other useful resourcesKurdistan Investment Council (KIB)

 
 

Any comments about this content ?Contact us.
 
Find out more about Investment Service Providers in Iraq on GlobalTrade.net, the Directory for International Trade Service Providers.

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