Investment Authority: Iraq’s entry into the New York and Singapore agreements achieves its transitio

The head of the National Investment Commission, Haider Mohammed Makiya, confirmed on Monday that the presence of a high-ranking Egyptian economic delegation in Baghdad represents a genuine common desire to increase economic and commodity exchange between the two countries, pointing out that Iraq’s entry into the New York and Singapore agreements has achieved a noticeable transition in attracting funds to the Iraqi market.

A statement by the Commission, seen by "Al-Eqtisad News", stated that the Chairman of the National Investment Commission, Haider Mohammed Makiya, received at the Commission's headquarters a delegation from the Arab Republic of Egypt headed by Deputy Prime Minister and Minister of Transport and Industry Kamel Al-Wazir and his accompanying delegation, in the presence of the Vice Chairman of the Commission, Salar Mohammed Amin, the Directors General of the Commission, the Egyptian Ambassador to Baghdad, Ahmed Samir, the Second Secretary, Mohammed Shahat, and the Foreign Affairs Advisor, Labib Al-Khudari. 

Makiya stressed - according to the statement - that "the presence of a high-ranking Egyptian economic delegation in Baghdad represents a real common desire to raise economic and commodity exchange between the two countries, and an actual translation of the recent visit of Prime Minister Mohammed Shia Al-Sudani to the Arab Republic of Egypt, which expressed a common desire to establish effective partnerships between the two countries," indicating that "the Commission is concerned with drawing up the investment policy for Iraq, in accordance with Investment Law No. (13) of 2006 and its latest amendment in 2015."

He explained that "the Commission seeks to localize many industries in various economic sectors, including projects supporting solar energy, food security, and renewable energies (blue and green ammonia), in addition to projects in various sectors." Pointing out that "Iraq's entry into the New York Convention, which is the recognition of foreign judgments, in addition to the pre-arbitration mediation agreement (the Singapore Convention), will achieve a noticeable shift in attracting funds to the Iraqi market."

The statement explained that "Makiya welcomed the heads and representatives of the Egyptian companies present in various specializations," calling for "creating a state of effective economic and qualitative integration between the two countries," and at the same time directing "an invitation to Egyptian companies and investors to attend the Iraq Investment Forum, which is expected to be held in early October of this year." For his

part, the head of the Egyptian delegation explained that "the type of partnership we are looking forward to is a joint Iraqi-Egyptian investment that does not serve the interests of a specific party, but rather represents an integrative and effective model," stressing that "the recovery and stability of the Iraqi economy represents an addition and support for the Egyptian economy and the economies of the region."

The Egyptian minister referred to "the experiences of the Egyptian economy in the field of industrial and investment zones, in addition to electricity, cables, wires, factory rehabilitation, sewage, ports, and others."

The statement concluded by saying, "The Egyptian Minister expressed his country's desire to participate and attend the International Development Road project, in which Iraq and Turkey are original parties, along with the states of Qatar and the Emirates, and for Egypt to be the fifth partner contributing to the establishment of this vital corridor that draws the future of the region's economies for the next stage."