Iraq Investment facts

Iraq Investment Facts

Iraq economy is gradually picking up following the deep economic strains of the last four years.
Economic growth was 6% in 2018, thanks to the notable improvement in security and oil prices.
Monetary poverty rate is on the decline since 2014 level.
There was a high increase in tourism especially religious tourism. More than 3 millions of foreign tourists visited Iraq and more than 20 million Iraqis visited religions shrines, archeological sites and touristic areas throughout Iraq in 2018.
In 2006, Iraq passed Investment Law number 13, laying out the foundation for attracting foreign investment into Iraq. The law laid out several strategic initiatives including tax incentives, investor guarantees, obligations of investors, and the creation of the National Investment Commission (NIC) which was officially established in 2007.
In addition to the National Investment Commission, every province has a Provincial Investment Authority (PIA).
Investment projects of USD 250 million and above needs the approval of NIC. Projects with a value of less than USD 250 should get the approval of PIA in the particular province.
Investment projects of foreign investors enjoy a tax and import duty exemption for ten (10) years. If they have an Iraqi partner(s), exemption will be for fifteen (15) years.
Government land parcels may be leased for a long period by investors for their projects in any province in any province in Iraq if they are available.
Foreigners can incorporate companies with 100% share ownership.
Iraq allows investors to fully repatriate their investment capital and annual dividends.
Approved investment projects can import foreign human resources up to 50% of the total approved manpower for the projects.
Iraq investment opportunities are vast due to the distractions caused by wars, sanctions and invasion in the last 40 years.
Government of Iraq may give protection to the products of Iraq factories, farms, etc. by eliminating or reducing imports of similar products.

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