Welcome to The Iraq Peace programme (IPP)
The Iraq Peace Programme (IPP) has been established in order to help investors to promote their business in Iraq, and to help to improve the economy in Iraq.
The purpose of the programme is to organise meetings-based summits, between industry leaders and Iraqi decision makers from government and business. The conference brings together ministers, policymakers, business leaders, and others.
Our conference is set aside for two days. The Iraq Peace Programme is proud to bring you a long future of dedicated forums for partnership, and we pleased to announce the Iraq Security Oil & Communication Summit to take place in London, in October 2017.
Iraq Security Oil & Communications Summit 2017
London, 30-31 October 2017
The Government of Iraq and the Iraq Peace Programme are pleased to announce the important follow up in Iraq security, oil & communications. The focus of this summit is security, oil and communication procurement and with a multi-billion dollar budgets in hand, the Iraqi Government are intending to procure the best in class products and solutions from the world’s leading suppliers. This is the first opportunity that global market leaders and suppliers from the security, oil and communication sector will get to engage with the new Interior and Oil Ministries and their procurement teams.
Iraq attracts opportunities for investments. The National Investment Commission (NIC) was established in accordance with Investment Law 13 of 2006. In 2006, the Iraqi Federal Government passed the Investment Law No. 13 (Federal Investment Law) which lays out the foundation for enticing foreign investment into Iraq. The Federal Investment Law was amended in 2009 to include foreign land ownership rights in relation to a foreign company’s investment.
The private sector has grown more important and, for the first time in decades, Iraq is open to foreign investment. These factors combine to create opportunities for trade and investment on an unprecedented scale.
To attract foreign investment into Iraq, generous benefits, guarantees and exemptions have been set out in Iraqi investment laws. Qualifying investments are eligible to:
- Receive 10 years’ exemption from taxes.
- Repatriate investment and profits from investments.
- The right to employ foreign workers when needed.
- Obtain three years’ exemption from import fees for required equipment.
- The guarantee that the government will not nationalize or confiscate investments.
The National Investment Commission has established a “One Stop Shop” department to help investors obtain investment licenses through the procedure as below:
- Investors submit a request to the NIC indicating a desire to invest, including the proposed investment sector and geographic area. This request shall be made via a standard form which is available from the NIC directly or on the NIC website (www.investpromo.gov.iq).
- Foreign investors must include a certificate of good standing from a certified bank.
- Investors may include a list of projects completed both inside and outside Iraq.
- Investors must provide details of the investment project, including an economic and technical feasibility study.
- Investors must provide a timetable for executing the project.
Once these materials are received, the National Investment Commission shall execute the investment license in a period of time not exceeding 45 days from the date of submittal.
The Kurdistan Regional Government, also passed its own Investment Law No. 4 in 2006 (Kurdistan Investment Law). The Kurdistan Investment Law establishes the Kurdistan Board of Investment (KBI) with similar functions and responsibilities to those of the NIC.
More information relating to the investment in the Kurdistan Region of Iraq can be obtained from the KBI’s website at http://www.kurdistaninvestment.org/, or alternatively by email correspondence to firstname.lastname@example.org. Although certain specific differences exist between the two Investment Laws in Kurdistan and Federal Iraq, the policies, objectives, privileges and guarantees significantly resemble each other. For instance, both Investment Laws offer a ten year tax exemption, which, under the Federal Investment Law, can be extended for an additional five-year-period if an Iraqi investor owns more than 50% of the licensed project.