In 2006, the Investment Law (No. 13) established the National Investment Commission (NIC) charged with formulating the national investment strategy and policies governing investment projects for both international and domestic companies.

With improvements in security and the assurance of domestic laws favorable to outside business, Iraq is now positioning itself as a prime location in the Middle East for global investments. USAID/Tatweer is providing technical assistance to strengthen the NIC’s institutional capacities to more effectively engage multinational companies with billions of investment dollars.

The current chairman of the NIC, Dr. Sami Al-Arajli (with the rank of Minister) is visiting the world’s major industrial capitals to lure foreign investors to Iraq using Law. No. 13. He has accompanied the Prime Minister on recent trips to Great Britain, Germany and the U.S. to promote international investment in Iraq. On his last trip in November, Dr. Sami accompanied the President Jalal Tallabi to Paris to invite French industries back to Iraq.

The NIC provided a new investor guide focusing on Iraqi investment opportunities in twelve key industry sectors and featured at the U.S.-Iraq Business and Investment Conference in Washington D.C., attended by over 600 U.S. companies in late October.

Addressing the participants of the conferences, Dr. Sami mentioned Iraq’s location, combined with its natural resources, as an opportunity for many kinds of investors. He also mentioned the contributions of USAID to the development of the Iraq’s investment potential.

USAID/Tatweer most recently assisted six Director Generals (DGs) from the NIC on a five-day strategic planning workshop to develop a mission statement, vision statement and key operating values. USAID/Tatweer advisors also contributed to the brainstorming sessions with their own experiences and expertise.

Dr. Sami attended the final day of the workshop and the DGs reported what they had developed. Dr. Sami said he was grateful to USAID/Tatweer for facilitating a working relationship between key implementers.

USAID/Tatweer has also completed an initial assessment of NIC capacity building needs in IT, fiscal and financial departments, and HR, including working with the DG of HR to develop job descriptions. The program currently has a local staff member embedded in the NIC with approval of the chairman.

Dr. Sami requested additional technical assistance in the field of international arbitration, as many countries begin to insist on greater legal guarantees as they look to significantly increase investment in Iraq in the upcoming years. To this end, the program’s advisors are looking into U.N. arbitration (under the UNCITRAL) and contract formation possibilities to bridge international legal gaps.