The Role of Iraqi Commercial Law in Attracting Foreign Investments: A Comparative Legal Study with International Laws

Abstract

Abstract: The concept of foreign investment has gained significant attention in recent years, given the economic advantages and benefits it can bring to both investing and host countries. As a developing country, Iraq has experienced a difficult economic situation over the past decade, with a continued deterioration and contraction of the economy and a weak balance of payments. Due to the mismanagement of resources and the need to obtain more of them, Iraq is in dire need of foreign investment. Therefore, Iraq must work hard to create a suitable and attractive environment for foreign investment. To this end, Iraqi lawmakers recognize the importance of investment and enacted Law No. 13 of 2006, which aims to create a suitable investment environment and climate. The law provides a series of benefits, privileges, and facilities for foreign investors to attract them to invest in Iraq, with a focus on encouraging private and local investment and working to develop and train talent and enhance their skills, enabling them to achieve effective economic growth in Iraq. However, the law neglects some issues that must be addressed to achieve true economic development in Iraq.