Samson: Iraq opens its doors to foreign investors with attractive contracts and incentives
Baghdad is seeking during the reconstruction conference to reassure investors in the shadow of corruption and security situation worrying about the efforts to attract investment
13th February, 2018
Baghdad on the second day of a reconstruction conference hosted by Kuwait sought to attract investors who fear the security situation in the oil-rich country, which has been battling for nearly four decades.
“Iraq is open to investors,” said Sami al-Araji, chairman of the National Investment Commission in Iraq, to ??representatives of companies in the private sector.
He said that Iraq is offering the private sector investment in most sectors from agriculture to oil, speaking of 212 projects allocated by Baghdad to local and international investors and include “legal protection.”
These include the construction of oil refineries, housing, power plants, airports, railways, trains and roads.
Araji also said that Iraq intends to establish four free zones in the next ten years.
Oil Minister Jabbar Laibi said that Iraq intends to increase its oil production by 2.3 million barrels per day to reach its production by 2020 to 7 million barrels per day.
Iraq currently has the capacity to produce five million barrels, but it produces 4.7 million barrels per day under the agreement to reduce production signed between OPEC oil countries and producers non-members, notably Russia.
The efforts of the Kuwait International Conference on Iraq Reconstruction are focused on gathering commitments and pledges from donors and investors.
Baghdad announced on the first day of the conference that Iraq needs $ 88.2 billion, including $ 20 billion in a hurry and the rest in the medium term.
Iraq relies on international donors, especially the private sector. On Wednesday, the final day of the conference will announce the value of contributions and financial pledges.
But rampant corruption is one of Baghdad’s biggest challenges in seeking funds. Iraq ranks 166th out of 176 countries on the list of the most corrupt countries according to the latest list issued by Transparency International.
The head of the legal department of the National Investment Commission Nizar Nasser Hussein said that the laws in Iraq do not differentiate between the domestic investor and foreign, noting that foreign investors can establish Iraqi companies.
He also stressed that Iraq intends to exempt investors from income tax for a period of 10 to 15 years.
Araji gave a brief picture of opportunities, circumstances and investment gains in Iraq, saying investors “face high risks, but they come in return for big profits.”
The private sector joined Tuesday’s massive reconstruction workshop in Baghdad, seeking to raise some $ 90 billion in financial pledges at the conference to reassure investors by offering financial and legal incentives. LINK
Patriots12: Frank….many cc’s ago you mentioned when Tillerson would be visiting ABadi that this would be a sign of the revaluation or something like that…Am I close??
Samson: Prime Minister Dr. Haider al – Abadi receives at his residence in Kuwait, US Secretary of State Rex Tillerson and his accompanying delegation