MOF to sign Draft Agreement for Investment between Iraq and Oman (read last line)

Conscious / Ali al-Dabbagh: The Authorization of the Minister of Finance to Negotiate and Sign a Draft Agreement to Promote Investment Between Iraq and the Sultanate of Oman

Conscious / Ali al-Dabbagh:

Conscious / Baghdad / m. A

3/2/2010 8:30 pm

Said government spokesman Ali al-Dabbagh said the Cabinet decided to approve the authorization of the Minister of Finance to negotiate and sign a draft agreement to promote investment between the Government of the Republic of Iraq and the Government of the Sultanate of Oman, as amended by the State Council on the basis of Article (80 / item VI) the Constitution with the Foreign Ministry to prepare a document for authorization to negotiate and sign the draft agreement in accordance with the above-mentioned contexts has approved and forwarded to the Secretariat of the Council of Ministers in order to submit them to obtain the signature of the Prime Minister.

Dabbagh said in a statement by his press office has received (and the Iraqi news agency media / conscious) a copy of that approval to authorize the Minister of Finance to negotiate and sign a draft agreement to promote investment between the Government of the Republic of Iraq and the Government of the Sultanate of Oman comes to encourage investment in both countries as to the order of important in opening up prospects for cooperation with Arab countries to attract investments to Iraq, to build an economic partnership between Iraq and the region where the agreement was aimed at expanding and strengthening the economic cooperation between the Government of the Republic of Iraq and the Government of the Sultanate of Oman to serve the common interests of the two countries and create a favorable climate for increased investment and stimulate business initiatives and the transfer of capital money between them to serve their economic development is not inconsistent with the provisions of the draft convention, the Constitution and relevant legislation.

Dabbagh said a draft text of the Convention provides that each Contracting Party shall encourage investors of the other Contracting Party to invest capital in its territory, in appropriate circumstances and that acceptance of the investments in accordance with their legislation and the provisions of this Convention provides that each Contracting Party the necessary facilities for the entry and exit and residence and work for the investor and those related to their investing experts and administrators with the protection of the rights and property of investors and the host State shall grant to investors of the other Contracting Party treatment no less favorable than that accorded to investors or to investors of any third country, nor may not be nationalized projects investors are nationals of either Contracting Party or expropriated or subjected to any action it the same effects in the territory of the other Contracting Party unless they are on that property for a public purpose and in accordance with the laws in force in that party and if it was the expropriation of the project for purposes of public benefit should be paid compensation in an immediate, adequate and effective is calculated on the basis of the value of investments similar to those in the market directly .

Dabbagh said the draft convention, referring to the treatment of investors in any of the contracting parties who are the loss of their investment projects in the territory of the other Contracting Party due to war or other armed conflict, or declare a state of emergency at a civil treatment no less favorable than those granted by that Contracting Party to its own investors or investors of any third State whichever is the best ensuring that each Contracting Party to investors of the other Contracting Party the free transfer of proceeds of the sale proceeds, the total or partial liquidation and the funds paid to the payment of loans and compensation associated with investment and capital, wages, bonuses and benefits the citizens of the other Contracting Party and nationals of any third country are allowed to work in activities related to investment and to conduct all these transfers without delay, and the currency freely convertible.

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