Protection of foreign investment in accordance with the legislation in force in IraqA comparative study betweenIraqi Investment Law No. 13 of 2006 and Investment Law in the Kurdistan Region No. 4 of 2006
Keywords:
Investment, foreign investment, investor guarantees, legal protection, judicial protection.Abstract
Foreign investment is one of the prominent phenomena that dominate our world today, as it plays a vital role in the flow of capital and scientific and technical expertise, which contributes to the social and economic development of all countries.
This type of investment helps host countries exploit their natural resources, enhances the development of their infrastructure and industries through the capital, technology, technical and administrative skills it provides, and also contributes to enhancing the development of local production of goods and services, and works to create job opportunities and employ workers, which helps reduce unemployment rates.
Therefore, countries, especially developing ones, are moving towards attracting this type of investment at the present time. However, the success of these investments depends on providing a stable investment environment and precise legal regulation that defines its rules and provisions. In this context, Iraq seeks to create an attractive environment for foreign investors by granting those guarantees and protecting them from the obstacles they may face.
Through this study, we seek to shed light on the protection of foreign investment in accordance with the applicable legislation, and to demonstrate the great importance that foreign investment plays in enhancing economic development in Iraq.
References
First, the books:
1. Dr.Arwa Younis Mahmoud Al-Najjar, The Legal System of Foreign Investment, A Comparative Study, Dar Al-Kotob Al-Qanuniyah - Egypt, 2012.
2. Dr.Salah Abdel Hamid Salah, International Responsibility in the Field of Disputes Related to Petroleum Agreements and Contracts, First Edition, Dar Al Nahda Al Arabiya - Cairo, 2017.
3. Dr.Tariq Kazim Ajil, Explanation of the Iraqi Investment Law, First Edition, Al-Sanhouri Library, Baghdad, 2009.
4. Dr.Abdullah Abdul Karim Abdullah, Investment Guarantees in Arab Countries, Dar Al Thaqafa - Jordan 20100.
5. Dr.Omar Hashem Mohamed Sedka, Foreign Investment Guarantees in International Law, First Edition, Dar Al Fikr Al Jami’i - Alexandria, 2002.
6. Dr.Fawzy Muhammad Sami, International Commercial Arbitration, First Edition, Dar Al Thaqafa for Publishing and Distribution - Amman, 2006.
7. Muhammad Ibrahim Al-Muqdad and Ziad Ibrahim Al-Muqdad, Principles of Islamic and Positive Economics, Second Edition, Dar Al-Muqdad - Gaza, 2004.
8. Dr.Muhammad Abdul Latif, Expropriation for Public Benefit (Comparative Study), Dar Al Nahda Al Arabiya – Cairo, 1988.
9. Dr.Muhammad Abdul Aziz Abdullah, Foreign Direct Investment in Islamic Countries, First Edition, Jordan, 2005.
10. Dr.Murtada Jumaa Ashour, the Technology Investment Contract: A Comparative Study, First Edition, Al-Halabi Publications - Beirut, 2010.
11. Mustafa Gamal Hassan, Determinants of Foreign Investment Flows to Emerging Capital Markets - An Applied Study on Egypt, National Planning Institute, 2005.
12. Mustafa Khaled Mustafa, Procedural Protection of Private Foreign Investments, International Scientific House - Amman, 2002.
13. Dr.Hesham Mohamed Ahmed Khaled, Investment Guarantee Contract, the Law Applicable to It and Settlement of Disputes Arise Regarding It, First Edition, Dar Al Fikr Al Jami’i - Alexandria, 2008.
14. Dr.Hesham Ali Sadek, International Protection of Foreign Money, Dar Al Fikr Al Jami’i - Alexandria, 2002.
15. Dr.Hesham Ali Sadek, The Arab System for Guaranteeing Investment Against Non-Commercial Risks, University Publications House - Alexandria, 2003.
16. Dr.Yahia Mahmoud Hassan, Studies in the Iraqi Economy, First Edition, Al-Saqi Press - Baghdad, 2012.
Secondly, theses:
1. Ahmed Abdul Amir Kazim, Investment in Free Zones, Master's Thesis, Faculty of Law Islamic University of Lebanon 2014.
2. Ahmed Halil Abdul Aoun Al-Shammari, Obstacles to Foreign Investment, a Study According to Investment Law No. 13 of 2006, Master’s Thesis, College of Law - University of Karbala 2013.
3. Jalila Abdul Latif Ali Al-Jabri, The Potential of Activating Foreign Direct Investment in Developing Countries with Special Reference to Iraq, PhD Thesis, College of Administration and Economics, Al-Mustansiriya University, 2005.
4. Khaled Rashid Al-Dulaimi, Expropriation for Public Benefit, Comparative Study, PhD Thesis, College of Law - University of Baghdad 20010
5. Maher Mohsen Aboud Al-Khaikani, Legal Organization of Investment Guarantees - A Comparative Study, Master’s Thesis, College of Law, University of Babylon 20110
6. Yasmine Hilal Idris, The relationship between foreign investment and some macroeconomic variables for the period 1995-2005, Türkiye and Egypt as a model. Master's thesis, College of Administration and Economics, University of Baghdad 2008.
Third, research:
1. Dr.Bizzaz Al-Walid, International Law Mechanisms for Protecting Foreign Investments from Non-Commercial Risks, a research published in the Journal of the Professor and Researcher for Legal and Political Studies, Issue No. 11, 2008.
2. Dr.Jalal Al-Din Muhammad Hassan, Legal and Sharia Guarantees for Encouraging Foreign Direct Investment, a research published in the proceedings of the Fifth Scientific Conference (Legislation Regulating Investments in Libya: Reality and Difficulties) for the Faculty of Law - Sirte University, 2023.
3. Dr.Hassan Hantoush Rashid Aqil, Foreign Investment between Law and Economics, a research published in the Journal of the Message of Law, Issue Three, Year Five, 2013.
4. Dr.Qaisar Yahya Jaafar, Defining the Concept of Investment According to the Provisions of Investment Law No. 13 of 2006 of Iraq, a research published in the Journal of Law, College of Law - Al-Mustansiriya University, Issue Twenty, Volume Four, Year Six, 2013
5. Dr.Kamel Abdul Khalaf, Foreign Investment and its Guarantees in Iraqi and Comparative Law, a research published in the Tikrit University Journal of Legal and Political Sciences, Issue 10, Volume 3, 2003.
Fourth, the laws:
1. Constitution of the Republic of Iraq for the year 2005.
2. Kurdistan Region Investment Law No. 4 of 2006.
3. Iraqi Investment Law No. 13 of 2006 as amended.
4. Arab Investment Law No. 62 of 2002, repealed.
5. Egyptian Investment Law No. 72 of 2017
6. UNCITRAL Model Law on International Commercial Conciliation of 2002.
7. Iraqi Companies Law No. 22 of 1997.
8. Iraqi Code of Civil Procedure No. 3 of 1969.
9. Regulation of Direct Investment of Foreign Capital in the State of Kuwait No. 8 of 2001.
10. Foreign Investment System in Saudi Arabia 2000.
11. Foreign Investment Coalition Provisional Authority Order No. 39 of 2003.
Fifth, International agreements:
1. Agreement for the Promotion and Protection of Investment between the Government of the Republic of Iraq and the Government of the Republic of France,(2010)
2. Agreement on the Promotion and Protection of Investment between the Government of the Republic of Iraq and the Government of the Hashemite Kingdom of Jordan, (2015).
3. Agreement on the Encouragement and Protection of Investments between the Government of the Republic of Iraq and the Government of the Republic of Belarus for the year (2015).
