Babylon Investment Commission was established on July 1, 2008, pursuant to Clause (2) of Article (5) of Investment Law No. (13) of 2006. It is responsible for investment planning, preparing and promoting investment opportunities, and granting investment licenses in the province. The Commission has the authority to grant investment licenses for investment projects whose value does not exceed (250) million dollars. If the value of the investment project exceeds this amount, the Commission must obtain the approval of the Council of Ministers before granting the investment license.
The Authority aims, within the framework of the general directions of its policy, to bring about influential changes in rebuilding the governorate’s economy by providing an attractive environment for investment, creating investment opportunities, and providing job opportunities for the governorate’s people, in addition to developing and expanding the production and service base in the governorate through the transfer of modern technologies. Among the Authority’s objectives is to give the appropriate role to the foreign investor and the Iraqi private sector to participate in rebuilding and developing the investment sectors and providing the necessary facilities by creating the appropriate environment to enhance confidence in investment and working to create a suitable investment climate in the governorate.
The Authority relies in achieving its strategic objectives on activating its own capabilities and the vision it adopts to benefit from any development in the path of the governorate’s economy to encourage the implementation of appropriate investment projects. This goal cannot be achieved except by making fundamental changes at all economic, social and cultural levels and consolidating the concept of comprehensive development, which is considered one of the most important variables created by investment and which benefits society as a whole..