By Sami Shubber
A brand new period started in Iraq in 2003, with an open industry financial system. a brand new legislations of funding was once followed in 2006, which goals on the advertising and encouragement of funding, through liberalising it and establishing it to overseas traders. It deals beneficiant incentives and promises to traders, and a truly broad scope for funding in Iraq, the place there are large possibilities in lots of sectors of the economic climate. The ebook is meant to supply advice and support to would-be traders, their felony advisers, attorneys and practitioners attracted to the sector of funding in Iraq. This paintings additionally offers precious advice at the licensing method and the payment of disputes.
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Extra info for The Law of Investment in Iraq
Sample text
The scope of investment The Federal Investment Law provides a very wide scope of investment in Iraq. It allows investment in any economic sector and activity, and in any part of the country, except for oil and gas extraction and production, and banking and insurance sectors. This is laid down in Article 29, which reads as follows: All sectors of investment are subject to the provisions of this Law, with the exception of: 1 See Art. 17, para. 4, of the Federal Investment Law. 22 Chapter II 1. investment in the sectors of oil and gas extraction and production;2 2.
Investment in the sectors of oil and gas extraction and production;2 2. 4 Accordingly, it is possible to invest in any project and in any economic sector in Iraq, except those sectors expressly excluded by the provision, namely, the oil and gas extraction and production, banking and insurance. It is to be noted that, insofar as the oil and gas sectors are concerned, the exclusion applies to the “extraction and production” areas. Therefore, it is possible to invest in services, marketing and other commercial activities, which are not considered as extraction and production.
The Areas of Investment 29 Definitions The following terms shall have the meanings hereunder: 12. Foreign capital: The assets in cash or in kind that are invested by the investor or in rights that have cash value in the region It might be interesting to point out that the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID) 1965, which is intended to provide a machinery for the settlement of disputes arising from investments, does not contain a definition of the term “investment”.