Shafaq News/ Iraq's investment landscape has surged to $300 billion following new legislative amendments geared towards broadening the roles of productive sectors in alignment with the National Development Plan spanning from 2024 to 2028.
The plan aims to lessen dependence on oil revenues to bolster the country's fiscal framework.
Iraq's investment legislation encompasses various incentives, including investor ownership of government real estate and leasing of project lands for 50 years. It also entails tax and customs exemptions, fund transfer freedoms, and access to trading on the Iraq Stock Exchange.
Driven by a demand for over four million housing units, the housing sector emerges as a leading investment destination. This demand surge has prompted real estate developers to inject nearly $100 billion in investments, marking a 6% increase from the previous year, with contributions from both regional and international entities.
Iraq seeks to engage the private sector in novel investment ventures, particularly in sectors such as electricity, with investments surpassing $80 billion, and healthcare, with investments nearing $20 billion.
Furthermore, new investment prospects are emerging in integrated cities on the capital's outskirts, poised to attract hundreds of thousands of residents directly or through innovative economic activities.