Contents

pp.：  7 – 14

Preface

pp.：  15 – 16

List of Cases

pp.：  17 – 18

List of Abbreviations

pp.：  19 – 20

Introduction

pp.：  21 – 28

Chapter I. The Objectives of the Federal Investment Law

pp.：  29 – 40

1. Introduction

pp.：  29 – 28

2. The promotion of investment and the transfer of technology

pp.：  29 – 32

3. Encouragement of the Iraqi and foreign private investor

pp.：  33 – 33

4. The development of human resources

pp.：  34 – 35

5. Protection of the rights and property of investors

pp.：  36 – 37

6. Expansion of Iraqi exports and the enhancement of Iraqi balance of payments and balance of trade

pp.：  38 – 38

7. Conclusion

pp.：  39 – 40

Chapter II. The Areas of Investment

pp.：  41 – 56

1. Introduction

pp.：  41 – 40

2. The scope of investment

pp.：  41 – 45

3. Definition of the term "investment"

pp.：  46 – 50

4. Ownership of land

pp.：  51 – 52

5. Investment projects

pp.：  53 – 54

6. Conclusion

pp.：  55 – 56

Chapter III. Licensing of Investment Projects

pp.：  57 – 82

1. Introduction

pp.：  57 – 56

2. Procedure

pp.：  57 – 67

(a) Application for a license

pp.：  57 – 60

(b) Right of appeal

pp.：  61 – 63

(c) Conditions for the grant of license

pp.：  64 – 67

1. The filling in of the application form

pp.：  65 – 64

2. Bank guarantee

pp.：  65 – 64

3. The projects implemented by the applicant

pp.：  65 – 64

4. Details of the proposed project

pp.：  65 – 65

5. Time-table for the implementation of the project

pp.：  66 – 67

3. The competent organs

pp.：  68 – 80

(a) The federal level-NIC

pp.：  68 – 74

1. Composition of the NIC

pp.：  69 – 70

2. Functions of the NIC

pp.：  71 – 74

(i) The adoption of a general national policy and strategy for investment

pp.：  71 – 71

(ii) The defining of the most important sectors in the investment field

pp.：  72 – 72

(iii) The preparation of a map concerning investment projects

pp.：  73 – 72

(iv) The preparation of lists of investment opportunities in strategic and federal projects

pp.：  73 – 73

(v) The grant of licenses for investment projects

pp.：  74 – 74

(b) The regional level – The Kurdistan Investment Board

pp.：  75 – 79

1. Composition of the Kurdistan Investment Board

pp.：  75 – 76

2. Functions of the Kurdistan Investment Board

pp.：  77 – 79

(i) The creation of a suitable environment for investment

pp.：  78 – 77

(ii) The preparation of investment strategies and plans

pp.：  78 – 78

(iii) The preparation of lists of investment opportunities

pp.：  79 – 79

(iv) The grant of licenses for investment projects

pp.：  80 – 79

(c) The Governorate level

pp.：  80 – 80

4. Conclusion

pp.：  81 – 82

Chapter IV. Incentives to Investors

pp.：  83 – 104

1. Introduction

pp.：  83 – 82

2. Repatriation of the investor's capital and its returns

pp.：  83 – 85

3. Exemption from taxation and fees

pp.：  86 – 93

4. Ownership of land for residential projects

pp.：  94 – 94

5. Dealing in shares and bonds

pp.：  95 – 96

6. Lease of land for investment projects

pp.：  97 – 98

7. Project insurance

pp.：  99 – 99

8. Bank accounts

pp.：  100 – 100

9. Additional advantages in treaties

pp.：  101 – 102

10. Conclusion

pp.：  103 – 104

Chapter V. Guarantees to Investors

pp.：  105 – 122

1. Introduction

pp.：  105 – 104

2. Employment of non-Iraqi personnel

pp.：  105 – 107

3. The right of entry, residence and exit

pp.：  108 – 108

4. Guarantee against expropriation and nationalization

pp.：  109 – 114

5. Repatriation of salaries and benefits by non-Iraqi personnel

pp.：  115 – 116

6. Sale and/or re-export of machinery and equipment

pp.：  117 – 118

7. Equal treatment with Iraqi investors

pp.：  119 – 119

8. Confidentiality of information

pp.：  120 – 120

9. Conclusion

pp.：  121 – 122

Chapter VI. Obligations of the Investor

pp.：  123 – 136

1. Introduction

pp.：  123 – 122

2. Notification of project readiness

pp.：  123 – 124

3. Maintenance of book-keeping

pp.：  125 – 125

4. Submission of the economic and technical study concerning the project

pp.：  126 – 127

5. Keeping special records of materials exempted from taxation

pp.：  128 – 128

6. Protection of the environment, and respect for Iraqi laws and values

pp.：  129 – 130

7. Respect for applicable labour law

pp.：  131 – 131

8. Keeping the work progress in line with the work schedule

pp.：  132 – 133

9. Training of Iraqi employees

pp.：  134 – 134

10. Conclusion

pp.：  135 – 136

Chapter VII. Sanctions Against Investors

pp.：  137 – 148

1. Introduction

pp.：  137 – 136

2. Withdrawal of the investment license

pp.：  137 – 145

(a) Violation of the provisions of the Federal Investment Law

pp.：  137 – 141

(b) Violation of Article 14, paragraph 7, of the Federal Investment Law

pp.：  142 – 143

(c) Cessation of work on the project for more than three months

pp.：  144 – 145

3. Right of appeal

pp.：  146 – 145

4. Conclusion

pp.：  146 – 148

Chapter VIII. Settlement of Disputes

pp.：  149 – 178

1. Introduction

pp.：  149 – 148

2. Settlement of disputes under Iraqi Law

pp.：  149 – 154

(a) Disputes arising from employment contracts

pp.：  150 – 151

(b) Disputes relating to crimes

pp.：  152 – 152

(c) Disputes between national authorities and investors

pp.：  153 – 154

3. Settlement of disputes under foreign law

pp.：  155 – 157

(a) Employment contracts of non-Iraqis

pp.：  155 – 156

(b) Contracts between foreigners

pp.：  157 – 157

4. Arbitration

pp.：  158 – 175

(a) Arbitration under Iraqi law

pp.：  159 – 162

(b) Arbitration under international schemes

pp.：  163 – 175

1. The Permanent Court of Arbitration (PCA)

pp.：  167 – 167

2. The International Chamber of Commerce (ICC)

pp.：  168 – 170

3. The International Centre for the Settlement of Disputes (ICSID)

pp.：  171 – 173

4. The Arab Council for Settlement of Investment Disputes

pp.：  174 – 175

5. The International Court of Justice (ICJ)

pp.：  176 – 177

6. Conclusion

pp.：  178 – 178

Chapter IX. The Implementation of the Federal Investment Law

pp.：  179 – 184

1. Introduction

pp.：  179 – 179

2. Regulations

pp.：  180 – 180

3. Instructions

pp.：  181 – 184

Chapter X. Conclusions

pp.：  185 – 188

Appendices

pp.：  189 – 190

Appendix 1. The Iraqi Investment Law 2006

pp.：  191 – 210

The Investment Law

pp.：  191 – 190

Chapter I: Definitions

pp.：  191 – 192

Objectives and means

pp.：  193 – 193

Chapter II: The National Investment Commission and the Investment Commissions in the regions and governorates

pp.：  194 – 198

Chapter III: Privileges and guarantees

pp.：  199 – 200

Chapter IV: Obligations of the investor

pp.：  201 – 201

Chapter V: Exemptions

pp.：  202 – 203

Chapter VI: The procedure for the grant of an investment license and the establishment of projects

pp.：  204 – 204

Chapter VII: General provisions

pp.：  205 – 209

The reasons for the enactment of the Law

pp.：  210 – 210

Appendix 2. Investment Law in the Iraqi Kurdistan Region

pp.：  211 – 268

Investment Law in the Iraqi Kurdistan Region

pp.：  211 – 210

Chapter I: General provisions

pp.：  211 – 214

Section 1: Definitions

pp.：  211 – 211

Section 2: Fields of investment

pp.：  212 – 212

Section 3: Treatment of the foreign investor

pp.：  213 – 212

Section 4: The allocation of lands

pp.：  213 – 214

Chapter II: Exemptions and obligations

pp.：  215 – 218

Section 1: Tax and customs exemptions

pp.：  215 – 215

Section 2: Additional exemptions

pp.：  216 – 215

Section 3: Legal guarantees

pp.：  216 – 216

Section 4: The investor's obligations

pp.：  217 – 217

Section 5: Legal measures upon any contravention by the investor

pp.：  218 – 218

Chapter III: Investment formations

pp.：  219 – 220

Section 1: The Investment Board and its formations and tasks

pp.：  219 – 219

Section 2: The Supreme Investment Council

pp.：  220 – 220

Section 3: The Board’s budget

pp.：  221 – 220

Chapter IV: Granting of licenses and arbitration

pp.：  221 – 223

Section 1: Procedures on granting licenses to projects

pp.：  221 – 221

Section 2: Arbitration

pp.：  222 – 221

Section 3: Final provisions

pp.：  222 – 223

Necessitating reasons

pp.：  224 – 224

Appendix 3. Coalition Provisional Authority Order Number 39 – Foreign Investment

pp.：  225 – 232

Section 1: Definitions

pp.：  226 – 226

Section 2: Purposes

pp.：  227 – 226

Section 3: Relation to existing Iraqi Law

pp.：  227 – 226

Section 4: Treatment of foreign investors

pp.：  227 – 226

Section 5: Trade offices & branches

pp.：  227 – 226

Section 6: Areas of foreign investment

pp.：  227 – 227

Section 7: Implementing foreign investment

pp.：  228 – 228

Section 8: Use of real property

pp.：  229 – 228

Section 9: Insurance

pp.：  229 – 229

Section 10: Dispute settlement

pp.：  230 – 229

Section 11: Dissolution of entities

pp.：  230 – 229

Section 12: Tax treatment

pp.：  230 – 229

Section 13: Treatment of investors

pp.：  230 – 230

Section 14: International agreements

pp.：  231 – 230

Section 15: Evasion

pp.：  231 – 230

Section 16: Entry into force

pp.：  231 – 232

Appendix 4. ICSID Convention: Convention on the Settlement of Investment Disputes between States and Nationals of Other States

pp.：  233 – 258

Preamble

pp.：  233 – 233

Chapter I: International Centre for Settlement of Investment Disputes

pp.：  234 – 239

Section 1: Establishment and organization

pp.：  234 – 233

Section 2: The Administrative Council

pp.：  234 – 235

Section 3: The Secretariat

pp.：  236 – 236

Section 4: The Panels

pp.：  237 – 237

Section 5: Financing the Centre

pp.：  238 – 237

Section 6: Status, immunities and privileges

pp.：  238 – 239

Chapter II: Jurisdiction of the Centre

pp.：  240 – 241

Chapter III: Conciliation

pp.：  242 – 244

Section 1: Request for conciliation

pp.：  242 – 241

Section 2: Constitution of the Conciliation Commission

pp.：  242 – 242

Section 3: Conciliation proceedings

pp.：  243 – 244

Chapter IV: Arbitral Tribunal

pp.：  245 – 251

Section 1: Request for arbitration

pp.：  245 – 244

Section 2: Constitution of the Tribunal

pp.：  245 – 245

Section 3: Powers and functions of the Tribunal

pp.：  246 – 247

Section 4: The award

pp.：  248 – 248

Section 5: Interpretation, revision and annulment ofthe award

pp.：  249 – 250

Section 6: Recognition and enforcement of the award

pp.：  251 – 251

Chapter V: Replacement and disqualifi cation of conciliatorsand arbitrators

pp.：  252 – 252

Chapter VI: Cost of proceedings

pp.：  253 – 253

Chapter VII: Place of proceedings

pp.：  254 – 253

Chapter VIII: Disputes between Contracting States

pp.：  254 – 254

Chapter IX: Amendment

pp.：  255 – 254

Chapter X: Final provisions

pp.：  255 – 258

Appendix 5. Arbitration Rules, Iraqi Law of Civil Procedure1969

pp.：  259 – 264

Index

pp.：  265 – 268