The Iraq Investment Promotion Agency opened for business last week. Located at a renovated facility in central Baghdad, the Investment Promotion Agency has begun work to encourage domestic and international investment in the Iraqi economy.
The agency is co-funded by USAID and the Iraqi Ministry of Planning and Development, which signed on behalf of six ministries in the Government of Iraq.
USAID has provided institutional support for the Investment Promotion Agency, equipment for the facility and training for its seven-person staff in how to manage the organization and promote investment in Iraq. Three Iraqi ministries – Planning and Development, Trade, and Industry and Minerals – supplied the initial staff for the agency.
With the launch of the new agency, Iraq has now joined the more than 160 other countries with similar organizations that compete for approximately $7 trillion annually in foreign direct investment worldwide.
The Iraq Investment Promotion Agency will play a leading role in job creation and economic development.