Courting foreign business
A new court for foreign investors in Iraq to test judiciary's independence while providing a legal forum for contractual disputes, including in the oil sector.
Iraqi Prime Minister Nouri al-Maliki addresses the opening ceremony of the Baghdad international fair on November 1, 2010, with the participation of more than 300 international companies from nearly every sector. AHMAD AL-RUBAYE/AFP/Getty Images
BAGHDAD - Investors are learning detail's of Iraq's newly established foreign commerce court intended to provide legal recourse for investors and, consequently, attract more foreign funds to the country.
"After opening Iraq's economy (to foreign investors), it was necessary to establish courts specialized in commercial issues as encouraging investment," said Judge Amir Kadhim al-Shammari, the chief justice of Iraq’s supreme court, who will also head the investment court.
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