Iraq’s Osoul Foundation for Economic Development and Sustainability has signed a strategic cooperation agreement with the International Tax and Investment Center (ITIC) in Washington, aimed at enhancing Iraq’s business environment.
The signing ceremony was attended by government officials, business leaders, global companies, diplomats, and international organisations.
The agreement aligns with Iraq’s economic diversification efforts, following the success of recent tax reforms that increased non-oil revenues by 22% to IQD 3.7 trillion ($2.8 billion), with further growth expected in 2024.
Key Areas of Cooperation:
Developing an updated investor guide to clarify government policies.
Identifying investment barriers and formulating solutions with relevant authorities.
Designing short- and long-term strategies to enhance tax and investment legislation.
Engaging international expertise to improve economic policies and implementation.
Both parties emphasized that the partnership will help reduce bureaucratic obstacles, increase transparency, and boost investor confidence, potentially accelerating capital inflows and stimulating private sector growth. The agreement also coincides with government efforts to introduce a new tax law and expand digitalisation in public institutions to streamline administrative processes.
Experts highlighted that proposed legal amendments, including the upcoming tax law, will further strengthen the business environment. Digital transformation initiatives aim to enhance government service efficiency, supporting Iraq’s broader economic diversification strategy under Vision 2030.
Participants described the agreement as a “landmark step” towards reducing oil dependency and fostering sustainable investment opportunities, reinforcing the role of civil society organisations in economic and development efforts.
The agreement aligns with Iraq’s economic diversification efforts, following the success of recent tax reforms that increased non-oil revenues by 22% to IQD 3.7 trillion ($2.8 billion), with further growth expected in 2024.
Key Areas of Cooperation:
Developing an updated investor guide to clarify government policies.
Identifying investment barriers and formulating solutions with relevant authorities.
Designing short- and long-term strategies to enhance tax and investment legislation.
Engaging international expertise to improve economic policies and implementation.
Both parties emphasized that the partnership will help reduce bureaucratic obstacles, increase transparency, and boost investor confidence, potentially accelerating capital inflows and stimulating private sector growth. The agreement also coincides with government efforts to introduce a new tax law and expand digitalisation in public institutions to streamline administrative processes.
Experts highlighted that proposed legal amendments, including the upcoming tax law, will further strengthen the business environment. Digital transformation initiatives aim to enhance government service efficiency, supporting Iraq’s broader economic diversification strategy under Vision 2030.
Participants described the agreement as a “landmark step” towards reducing oil dependency and fostering sustainable investment opportunities, reinforcing the role of civil society organisations in economic and development efforts.
The agreement aligns with Iraq’s economic diversification efforts, following the success of recent tax reforms that increased non-oil revenues by 22% to IQD 3.7 trillion ($2.8 billion), with further growth expected in 2024.
Key Areas of Cooperation:
Developing an updated investor guide to clarify government policies.
Identifying investment barriers and formulating solutions with relevant authorities.
Designing short- and long-term strategies to enhance tax and investment legislation.
Engaging international expertise to improve economic policies and implementation.
Both parties emphasized that the partnership will help reduce bureaucratic obstacles, increase transparency, and boost investor confidence, potentially accelerating capital inflows and stimulating private sector growth. The agreement also coincides with government efforts to introduce a new tax law and expand digitalisation in public institutions to streamline administrative processes.
Experts highlighted that proposed legal amendments, including the upcoming tax law, will further strengthen the business environment. Digital transformation initiatives aim to enhance government service efficiency, supporting Iraq’s broader economic diversification strategy under Vision 2030.
Participants described the agreement as a “landmark step” towards reducing oil dependency and fostering sustainable investment opportunities, reinforcing the role of civil society organisations in economic and development efforts.