The Role of Commercial Arbitration in Boosting Investment

Our firm is pleased to attend the special event on “The Role of Commercial Arbitration in Boosting Investment” which took place on the 18^th of January 2024, at Baghdad International Fair ground.

The event was held by the Federation of Iraqi Chambers of Commerce in collaboration with the United States Agency for International Development (USAID), and was organized by Mr. Ahmed Al-Yasiri, advisor to the Federation of Iraqi Chambers of Commerce. The event featured key figures including experts in investment and commercial arbitration such as Mr. Abdulrazzaq Al-Zuhairi, President of the Federation of Iraqi Chambers of Commerce, Dr. Haider Makia, President of the National Parliamentary Investment and Development Commission, and Dr. Abdulatif Naif, Vice President of the State Council, Mr. Dawood Al-Shamkh, director of Babylon Hotel, Mr. Mustafa Al-Ani, general manager of the State Company for Iraq Fairs and Commercial Services of Iraq, and Dr. Ikram Al-Abdali, a Ph.D. in international arbitration. Moreover, representing our firm were attorney Hasan Khaleef Hasan, attorney Mustafa Abdullah Najm, and attorney Ola Swidan Khudair.

Mr. Abdulrazzaq Al-Zuhairi started the event by emphasizing the importance of arbitration in resolving disputes between contracting parties and the need to enhance arbitration procedures and related legislation. Additionally, Dr. Abdulatif highlighted the significance of commercial arbitration in Iraq, pointing out deficiencies in current arbitration legislation and its culture and highlighting the efforts to establish a coordinated commercial arbitration center. The discussion included the subject of arbitration decisions adhering to the New York convention 1985, and Vienna International Arbitral Center, which came into effect in Iraq by the 9th of February 2022, as well as underscoring the importance of arbitrators adopting them.

The event concluded with a discussion of queries about the role of arbitration in attracting foreign investors, facilitating commercial transactions, and its importance in resolving commercial disputes.

Our firm would like to thank the organizers for hosting this event and emphasizing the importance of exchanging ideas, and we look forward to more inspiring events in the future.