The Prime Minister’s Investment Advisor, Mohammed Al-Najjar, outlined key investment sectors in Iraq, namely energy and real estate. He highlighted challenges, especially concerning legal frameworks for foreign investors. Leading investment nations include France and Britain, with ongoing efforts to activate various international agreements despite recent conflicts impacting progress.
On Thursday, the Prime Minister’s Advisor for Investment Affairs, Mohammed Al-Najjar, delineated the sectors in Iraq that attract local and foreign investments. He underscored that while significant international agreements have been executed, others are progressing toward activation. The sectors with high investment appeal are primarily energy and real estate development, with local investments focused on industrial, service, and agricultural areas.
Al-Najjar indicated that foreign investments in Iraq have not reached anticipated levels, particularly in the energy sector, where involvement has been modest. He noted a positive movement towards exploring Iraq’s market, with many investment inquiries currently in the decision-making or study phases. However, the absence of a transparent legal framework remains a significant obstacle for foreign investors, necessitating amendments to current laws to align them with modern requirements.
The advisor highlighted that France and Britain are among the leading countries investing in Iraq, citing respective Total and Bibi contracts. He mentioned the presence of Saudi investments, albeit pending parliamentary approval for protective measures. Additionally, there exists a mix of Gulf and burgeoning Egyptian investments, although many are still being evaluated.
Al-Najjar emphasized the commitment to executing international agreements but acknowledged that certain agreements relate to jurisdictional laws impacted by the recent October 7 conflict. He assured that while some agreements have been finalized, others are still in the activation stage, indicating a cautious yet hopeful trajectory for foreign investment in Iraq.
In conclusion, Iraq’s investment landscape holds significant potential, particularly in the energy and real estate sectors, despite facing challenges related to regulatory frameworks and foreign investor confidence. Al-Najjar’s insights reflect a strong commitment to enhancing international investments, with ongoing efforts to adapt legal conditions to better facilitate foreign involvement in the country’s growth.
Original Source: ina.iq
