Mohammed Al-Najjar, Prime Minister’s Advisor for Investment, discussed Iraq’s investment landscape, identifying energy and real estate as key sectors. He noted challenges including a lack of favorable legal conditions for foreign investors. Major investment contributors include France and Britain, with several agreements underway but facing delays due to legal constraints and external influences.
The Prime Minister’s Advisor for Investment Affairs, Mohammed Al-Najjar, highlighted key sectors attracting both local and international investors during a recent statement. He identified the energy and real estate development sectors as the leading areas for investment, while noting challenges in attracting foreign investments, particularly in the industrial, services, and agricultural fields. Al-Najjar indicated that many international agreements have been executed, while others are awaiting activation.
Al-Najjar commented, “There are two main sectors to attract investment, the energy sector and real estate development, which attract large sums.” However, he acknowledged that foreign investments have not materialized as anticipated, with existing efforts in the energy sector remaining modest. He emphasized the need for a legal environment conducive to foreign investors, stating that current laws require amendments to meet modern standards.
He reported that France and Britain are the largest contributors to investment in Iraq, with significant contracts in place, while there are also Saudi investments pending parliamentary approval. “There are some diversified Gulf investments with a momentum of Egyptian investments as well, but a large part of them are under study,” Al-Najjar explained.
Moreover, he expressed dedication to implementing international agreements, although he noted challenges stemming from regulations and recent geopolitical events affecting progress. Al-Najjar remarked, “Most of these agreements are between two countries and these need time to be implemented, and some of them are done and the other part is on the way.”
In conclusion, Iraq presents significant investment opportunities, particularly in the energy and real estate sectors. However, challenges such as outdated legal frameworks and geopolitical events hinder foreign investment. The country’s relations with major investors are promising, with numerous international agreements currently in progress. An urgent revision of the legal landscape is essential to attract further foreign investment and facilitate existing agreements’ implementation.
Original Source: ina.iq
