Chairman of the National Authority for Investment: Iraq's accession to the Convention on "transparency in arbitration promissory between investors and states" an important message

By Majid Nizamuddin 7 hours ago

Roudao - New York

, the Iraqi National Investment Commission signed an agreement on transparency in arbitration promissory between investors and states, at United Nations Headquarters in New York City, Iraq , becoming the second Arab country to accede to the Convention that preceded them 18 countries in the world.

The head of the National Investment Commission, Sami Raouf Al - Araji, the reporter Roudao Media Network in New York, the glorious system of religion, said that signing of the agreement "represents an important signal to international arena that Iraq is committed to all the rules of transparency in international arbitration in case of dispute between the investors and the states , " and expressed the hope to be "Iraq primarily to attract capital center."

He explained that the agreement "means all contracts between states and investors will come into effect some of the entry of two other members, you also need to the Iraqi parliament 's approval , " noting that there are "steps must precede recourse to international arbitration , a compromise local courts , such as the Commercial Court in Iraq and the Court of investment soon in the absence of conviction decision can resort to international arbitration and is in the interest of the state parties and the investor. "

He said , "This agreement is one of the five agreements we signed earlier, the legislative and the environment in Iraq became one of the best in the region and is an important message to reassure investors that his rights reserved and respect for the application of the results of international arbitration."

And on the differences between the Kurdistan Regional Government and the company Dana Gas, Araji said: "I have no comment, because I do not know the privacy of the contract between the Kurdistan Region and Dana, and I apologize for the answer to this question is that I did not have the clarity of vision and science and privileges parties rights."

He stressed that "any economic or administrative reform against corruption always welcome by the central government and the Kurdistan Regional Government and the governments of the region process, and this is a fundamental goal we all strive to attract big investors and give more space for building and reconstruction through local and international Alasttmarin."

Edit: Shunem Abdullah Khoshnaw

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