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Challenges and opportunities
Economic 2024/10/31
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The investment environment in Iraq faces major challenges that have confused local investment and created a state of hesitation among foreign investors, leading to local and international capital refraining from long-term projects, and foreign investors turning to real estate investments, which guarantee quick profits and lower risks.
The investment climate, as is known, is formed as a result of economic, social, political, legal and financial factors. When these elements are present in a harmonious and stable manner, the environment becomes attractive for investment. In Iraq, the challenge lies in achieving this harmony, as investments are hindered by several factors, including economic instability resulting from low interest rates and high inflation rates.
Legally, the lack of legislative stability and the disparity between old and new laws pose major challenges, as this is reflected in investor confidence. In addition, the judicial system is witnessing slow procedures, especially with regard to investment disputes, as these disputes often rely on civil courts that do not take into account the specificity of investment relations. Despite the existence of an arbitration system, the absence of competent arbitration cadres and the lack of judicial confidence in the outcomes of arbitration increase the complexity of this process.
To improve the investment climate and make it attractive to foreign capital, bold steps must be taken in legislation and policies, the most important of which is expanding the right to own real estate for foreign investors to include all investment projects and not just the housing sector, and simplifying the procedures for granting investment licenses, and placing them under the authority of the Investment Authority alone, without the need for the approval of other administrative bodies.
Improving the investment climate requires lifting restrictions on investment in banks and insurance companies, as these two sectors play a stimulating role in the investment process, in addition to amending the sanctions system for investors, in a way that ensures transparency and reduces the obstacles facing investors.
Iraq seeks to become a global investment destination, benefiting from its vast natural and human resources. However, achieving this goal requires a stable and attractive legal and economic environment, capable of competing with other investment destinations in the region and the world.
The serious movement that we are following by the government to improve the investment environment in Iraq, and part of it the legal detail, represents an important step on the road to reviving investment in Iraq, and attracting local and international efforts, with what it possesses of advanced technology and capital, to the field of the Iraqi economy.
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