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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Makiya: Iraq provided real guarantees to attract foreign investments

    Rocky
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    • Post n°1

    Makiya: Iraq provided real guarantees to attract foreign investments Empty Makiya: Iraq provided real guarantees to attract foreign investments

    Post by Rocky Wed 26 Jun 2024, 7:13 am

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    •  Today, 13:30




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    Baghdad - IA - Hassan Al-Fawaz

    Today, Wednesday, the head of the National Investment Authority, Haider Makiya, stressed the importance of Iraq joining international agreements to enhance the investment sector, pointing out that Iraq has provided real guarantees to attract foreign investments.
    Makiya said, in his speech, during the launch of the conference of the National Investment Commission in cooperation with the United Nations Development Programme, attended by the correspondent of the Iraqi News Agency (INA): “Iraq’s accession to the international settlement agreement emerging from international mediation and disputes that was signed in 2024, will contribute to achieving Sustainable development goals and encourage the increasing use of international mediation as an effective means of resolving 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 of 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 rating." .
    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 for investment.” 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."
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