Section I: Investment Board - Structure & Tasks
1. A board shall be set up under the name of “Investment Board of Kurdistan Region”. It shall have a corporate status and enjoy financial and administrative independence. It can take all the legal procedures necessary for the purposes of carrying out the provisions of this law.
2. The Board shall have a Chairman who has the rank of a Minister. He shall enjoy the rights and powers of a Minister. He shall be responsible for running the Board’s operations and supervising and controlling its activities and everything related to the Board’s tasks and affairs.
3. The following departments shall be associated with him:
i. Department of Research and Information
ii. Department of Promotion, Assessment and Licensing of Projects
iii. Department of Legal Administrative and Financial Affairs
iv. Department of Industrial Cities and Zones
3. The Board shall be located in Erbil, the Capital of the Region. It may open branches in the governorates of Kurdistan Region such that each branch will be run by an employee who has the rank of a Director General.
4. The Board may set up, merge or cancel Divisions and Sub-divisions whenever necessary.
5. The structure of the Board’s Departments and Branches, and their tasks and powers, shall be specified in a bylaw set by the Board and endorsed by the Council.
6. The Board shall set up the suitable environment for investments so as to achieve economic development of the Region. The Board shall lay down the investment strategies, plans and policies and shall present them to the Council for approval. Moreover the Board shall coordinate activities of its Branches in the Region’s governorates
The Board’s Chairman and any of its Directors General should satisfy the following:
i. He should have at least a university degree related to his post.
ii. He should have at least a 7-year experience of work in his field of specialist.
For the purposes of this Law, the resolutions passed by the Council regarding the investment Projects shall be binding to all relevant Ministries, Agencies and Departments in the Region.
Article (13):The Chairman of the Board may make contracts with natural or artificial persons, inside or outside the Region, to perform the tasks and duties assigned to them in order to fulfill the purposes of the Board. Their rights and obligations shall be specified by the Chairman of the Board
Section II: Supreme Council for Investment
1. The Supreme Council for Investment in the Region shall consist of a President who is the Region’s Prime Minister, a Vice President who is the Region’s Deputy Prime Minister, and the other Council’s members who are the Minister for Finance and the Economy, Minister for Trade, Minister for Municipalities, Minister for Planning, Minister for Agriculture, Minister for Industry and the Chairman of the Investment Board.
i. The President of the Council may call any other Minister to join in the meetings of the Council regarding any Project which is related to his Ministry.
ii. The Council shall set its own bylaw specifying how it holds its meetings and how it passes its resolutions.
3. The Council shall exercise the following powers:
iii. Setting up the investment policies and strategies proposed by the Board within the framework of the general policy of the region.
iv. Approval of the Board’s plans and programs of activity within the framework of the general plan for the region.
v. Discussion of the regular reports submitted by the Chairman of the Board regarding the Board’s progress and matters related to the investment circumstances in the Region, and taking the necessary measures on that regard.
vi. Discussion of the regular reports submitted by the Chairman of the Board regarding the Board’s progress and matters related to the investment circumstances in the Region, and taking the necessary measures on that regard.
vii. Discussion of the Board’s financial position (Balance Sheet), and approval of its annual draft budget.
viii. Approval of the contract of loans and credit facilities given to the Board with the guarantee of the Government, or from banks or special finance institutions in accordance with the set rules and regulations, provided that their purposes are solely to finance the Board’s activities within its scope of work.
ix. Setting up a system of monitoring, following up and assessing the performance of foreign investments, in order to identify and overcome any obstacles or hurdles
x. Approval of the bylaw of the Board.
Section III: Budget of the Board
The Board shall have a budget included in the general budget of the Government of the Region.