Iraq sets New Guidelines for Awarding Investment Licences
By John Lee.
Ahead of the upcoming Iraq Investment Forum scheduled for Saturday, the Iraqi Cabinet has approved a set of legal and procedural mechanisms governing the presentation and awarding of investment opportunities.
The Council of Ministers issued the following decisions: Adoption of competitive evaluation criteria in cases where multiple companies apply for the same investment opportunity. If only one reputable company with relevant experience applies during the announcement period, the opportunity will be awarded to it. An investment opportunity will be considered announced and exempt from further advertisement if no applications are received; any subsequent applicant may complete licensing procedures in accordance with the law. Authorisation of the National Investment Commission (NIC) and all provincial investment commissions to issue investment licences and sign related contracts.
According to a statement from the Prime Minister's Office, these measures aim to streamline the investment process and enhance the efficiency and transparency of project allocation.
(Source: Iraqi Government)
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