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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