invester guide
DESCRIPTION
wasit invester guideTRANSCRIPT
wassit investment commission enjoys amoral, independent personality to secure the suitable climate for investment and assumption the process of its organization and developing in the governorate .WlC issued this booklet as a guidebook for Iraqi, Arabian and a foreign investors about Wasit province .
It includes a summary about the investment environment of our province according to the various economic sectors and to explain the ways of advantages from the NIL No- 13 of 2006 .Our province privileged by natural of treasures like minerals Oil, Gas, fruitful lands and specialized, efficient human resources.
Peoples of Wasit distinguished by well hospitality, work interest and the desire of developing, progressing and prosperity.
Working on promoting and attracting for invest mental opportunities and providing facilities to the investors and working for the benefit of rebuilding and developing our province and our dearest country Iraq .also WIC emphases that all the measures must be clear and lawfulness.
WIC with cooperation with related governmental establishments encourage the Iraqi , Arabian and foreign investors for achieving economic development and adopted balanced strategy for granting the needs of our province and all country besides developing the economic activities for exporting .
Location: الموقع South of Baghdad –
180 KMs
Provincial HQ:
Al-Kut
Borders:
North (Baghdad & Diyala )
East (Iran)
West (Babil)
South-Western (Diwaniyah)
South (Missan & Dhi Qar )
Wasit Province
Essential in formations about wassit province-:
Total area for wassit province is :- 17153 km ² equal 3.9% from Iraqi total area.
Number of people About :- (1050000)persons 52.4% from them are living in the urban cities and the rest are villagers The class of age between (15-
60) years forming 53% from wassit population.
Wassit Topography :- Most of wassit lands are plain and suitable for agricultural industrial
and touristic investment .Natural Resources :- Tigers river which pass through the province from the north to the south which its branches besides the ground water forming a great resource for the water to the province as well as the live and fishes stock .Also there are a lot of oil wells and gas hiding places and another minerals which are never invested till now.
Communication: we have advanced services for wires and wireless communication and two
nets for mobiles and internet system.
1 -Construction and :housing sector
Vertical and horizontal constriction for (a perfect housing complexes with full employment ) . according to the percentage of population growth and extinction of structures our province needs about (15000) house per a year.
2 -Industry sector A-Mechanical factories for bricks because of availability of suitable soil
In our province. B- Factories for constructional and sanitary materials like (cement ,
flags , floor tile ) and industry of gypsum , plaster and domestic sanitary requirements.
C- pre-cast factories. D- factories of Foods like (dairy ,
refreshment drinks , biscuits , vegetable oil , starch , …. ch ) because
of the availability of raw materials for manufacturing these products in our province .
E- Knitting textile factories because of (availability of cotton , wool technician cadres ) in our province .
F- factories for leather products (availability of raw materials ) . G- Industry for cooling and air-conditioning systems.
3 -Teaching and education sector
Construction of schools and teaching establishments for all stages of teaching (academic, training school, scientific research centers and information’s technology)
4 -Sector of health, environment and municipality:
A. Specialized medical hospitals for women and kids.
B. Medical centers for blood disease and cancerous.
C. Medical centers for kidney transplant and artificial kidney.D. Specialized medical center for treating burns.
E. Medical centers for treating pectoral and respiratory disease.
F. Medical centers for treating glands disease and diabetes.G. Specialized medical center for viral.H. Specialized medical laboratories.I. Industry of drugs and medical equipments.J. Re circling factory for solid garbage.
5 -Sector of agriculture and irrigation:
A. Fields of calfs fattening .fish culture. Fowls.B. Project for manufacturing animal fodder from local resources.C. Projects of agricultural mechanization.D. Industrial – agricultural prefects project.
E. Projects for manufacturing tools, systems and veterinary drugs.
F. Projects for food industry (factory for canning fruits and vegetables).G. Construction of stockroom,silo.
H. Construction of cooling storages.
6 -Touristic and hotels sector:A. First class hotels and restaurants.
B. Complete and developed commercial centers and markets.C. Amusement cities and centers.D. Summery and wintry touristic cities and centers.E. Culturals,centers.
7 -Transportation Sector:
A:- Companies for transporting passenger by modern buses.
B:- Rehabilitation of (abo ubida air base ) to wassit civil airport (making use of many emergency air strips in wassit).
Components Of Investment In
Wassit Province:
The economic openness policy which adopted by republic of Iraq depend on market economy and the rules a free enterprise also encouragement the private capital for investing various economic activities both productive and services as well as supporting the private capital by legislations and laws which warrant
its rights. Iraqi government issued national investment law(NIL) No.13 of 2006 for achieving these aims .
1-Creation encouragement environment for investment in all our country .
2-Removing all lawfulness blocks which hindering investment in Iraqi .
3- Giving free scope for Iraqi ,Arabian and foreign capitals to invest individual or together in investment projects to let them make active contributing in economic development .
4- Giving the invested capitals encouragement ,facilities ,motives and tax exempts.
5- the duties of WIC is to organize and secure all requirements for investment processes in wassit province.
WHY DOES YOU IMVEST IN WASSIT PROVINCE :
The local government and WIC consider they Iraqi .arabain, foreign investment as essential factor for achieving development and progress in our province.wassit province excel by a large scope for investment and a lot of value opportunities also safe and suitable environment for investment .As well as wassit a rich of multiple
natural resources .We have university contain more than (7000) students and also we have technical institute and training schools contain more than (63868) students as well as there are more than ( 716) school for different studying stages . there are a lot of natural resources which have never been invested till now.
Also our province contains human recourses skill and specialized carders as well as availability of cheapest workers . wassit province consider as connecting link between both side north , middle and south of Iraq besides as a connecting link between Iraq and Iran through the border passage way in Badrah district . In this active passage thousands of great commercial
exchange happen every day between Iraq and Iran .
Reflicties , Exemption And Privileges In NIL No.13 of 2006
1 .the project has obtained an investment license from the commission shall enjoy exemption from taxes and fees for a period of(10) ten years as the date of commencing commercial operations.
2. The Council of Ministers shall have the right to propose draft laws to extend or grant exemptions in addition to the exemption stipulated in paragraph (1), or provide incentives guarantees or other benefits to any project or sector or region and for the years and percentages it deems appropriate or region and for the years and percentages it deems appropriate in accordance with the nature of the activity its geographical location and its contribution to manpower employment and its effect on driving the economic
development and for consideration of national interest.
3. the national commission for investment has the right to increase the years of tax and fees exemption in a way directly proportional to the increase in the Iraqi investor share in projects was more than 50%.
4. If the project is moved during the granted period of exemption from a development area to another , the project shall receive for the purpose of the exemption mentioned in paragraph (1) during the remaining term , the treatment of the project in the development areas it is moving to provided that the commission is informed of such move.
5. Assets imported for the purposes of the investment project shall be exempted from fees provided that their entry to Iraq is made within (3) three years from the date of granting the investment license.
6. The imported assets required for the expansion development or modernization for the project shall be exempted from fees in case they led to an increase in the designed capacity provided they are brought in within three years from the date of notifying the commission of the expansion or development expansion.
7. Spare parts imported for the purposes of the project shall be exempted from fees if the value of these parts does not exceeded (20%) twenty percent of the fixed assets value provided that they are not be used for any other purpose.
8. Hotels tourist institution hospitals health institution rehabilitation canters and educational and scientific organization project shall be granted additional exemption from duties and taxes on their imports of furnishings and requisites for renewing and updating purposes at last once every four years.
9- the investor should have the right to take out the capital be brought into Iraq and its proceeds in accordance with the provisions of NIL and pursuant to the instruction of the Central Bank of Iraq in an exchangeable currency.
10- the foreign investor shall have the right for Renting or leasing lands needed for the project for the term of the investment project provided that it does not exceed 50 years renewable with the agreement off the commission and provided that the nature of the project and its benefit for the national economy.
11- Insuring the investment project with any foreign or national
insurance company it deems suitable.
Guarantees : this law shall Guarantee the following to the
investor: 1- Granting the foreign investor and non-Iraq working in
the investment project the right of residency in iraq and g\facilitating his/her entry exit to and from iraq.
2- Non-seizure nationalization of the investment project
covered by the province of this law in whole or in part.
3 -Non-Iraq technicians and administration employees working in any project shall have the right to transfer their salaries and compensation outside Iraq in accordance.
Address and points contact:
Wassit investment commission Address : Republic of Iraq –wassit government –Alkut city Email : [email protected]
Wassit province council: www.wasitonline.com email:[email protected]