Investment in Iraq
Following the technological development spreading throughout the entire countries of the world including the third-world countries, the social media platforms constituted one of the means of global internet network and websites for communication and connection across different countries. Such communication and connection included diverse social, humanitarian, commercial, artistic and other aspects among which are the establishment of permanent relations, friendships, and connections among internet users. Furthermore, the flow and flexibility of information, as facilitated by recent communication devices such as the computer and the mobile phone, have positive effects on different aspects of life. Nevertheless, such flow of information has negative effects on different social, cultural and private aspects of the lives of individuals be they on the local or international level. In reaction to such misuses, there can be many individuals and entities who can assume civil lability towards social media misuse. There are several classifications for such individuals and entities depending on their liability of use; there are those who act as mediators on the internet who represent internet service providers, internet content providers, carriers of information and lastly; the internet user who is labelled in technological terms as “end user”. As such, the liability can be classified according to the above categories to several types of liabilities, including; personal liability, the liability of the superordinate towards the acts of its subordinate, and the objective liability. Each will be dealt with in details in the present research.
The present research is of significance with respect to the recently emerging and spreading electronic social media as the vast majority of global population, particularly in Iraq, use social media websites which are one of the significant portions of the internet. Thereupon, this entails the attempt to reach a legal system appropriate to the nature of civil liability arising out of the misuse of social media.
The problem of the present research revolves around the difficulty in determining the defaulting individual or entity bringing about the damaging or illegal act – social media misuse – as well as bringing forth objective liability system of rules appropriate to the developments made in the field of digital or electronic media in general, and social media in particular.
The advantages of the enactment of the second amendment of the national investment law:
- The imported assets shall be exempt from the import duties for the duration of project implementation.
- The investor shall have the right to extract the investment capital he brought into Iraq.
- The national investment law authorized foreign investors to receive loans and financial facilitation from the ministry of finance and its entities. Moreover, the interest will be concessional.
- The investor shall have the right, as stated by mentioned law, to insure the investment project with national or foreign insurance companies.
- The investor shall have the right, as stated by the mentioned law, to open bank accounts in or out of the state in both currencies for the licensed project.
- The investor shall have the right to participate in the Iraqi Stock Exchange, and acquire membership in private stock and mixed companies.
- The investor shall have the right to appoint foreign employees in case there are no experts in a certain field.
- Given that, the National Investment Commission “NIC” or Province Investment Commission “PIC”, in coordination with the relevant authorities, will provide utilities and infrastructure services such as water, electricity, sanitation services, roads, and telecommunications.
Iraq’s recent accession to the ICSID convention
ICSID stands for the international center for the settlement of investment disputes. The convention provides facilities for conciliation and arbitration of investment disputes among contracting states. The ICSID convention entered into force in Iraq on 17 Dec 2015 in which, Iraq becomes the 160th signatory state. This is a significant step toward attracting foreign investors to invest in Iraq and defend their rights. To resolve any disputes which may arise between the parties and to protect their rights, Iraq took the step of ratification of the current convention.
Iraq’s recent accession to the NYC
It is worth noting that Iraq officially ratified the New York convention and becomes a signatory state. On 31 May 2021, Iraq ratified the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, making Iraq the 169th state party to the convention. NYC is widely relied upon by private investors. The ratification of the New York convention is a remarkable step for Iraq’s framework of legal protection for investment. Iraq’s accession to the New York Convention simplified the process and allow parties to enforce arbitration awards in Iraq.
Consequently, Iraq provides a suitable environment for foreign investment. Its promising market in association with legal protection makes the country a destination for investment. The new investment law grants foreign investors great privileges and guarantees as Article (10) of this law states that “The Investor irrespective of his/her nationality shall enjoy all privileges, facilitations, and guarantees and shall be subject to the obligations stated in this law”.