Government directions for amending legislation on the transition to a free economy

28/3/2017 12:00 am

Baghdad / Farah Al-Khafaf

A financial expert praised the government's direction towards free economy by activating a solid investment environment in cooperation and coordination between the public and private sectors.

 Thamer al-Azzawi suggested to Sabah that he should introduce a division in the Secretariat of the Council of Ministers, especially follow-up steps of transition and cooperation between all parties to make this move a success.

Al-Azzawi called on the private sector, especially banking, to support these trends by providing financial guarantees to attract foreign companies and investors.

He added that "the current situation is the best timing to support these government trends, especially that the citizen began to understand these actions, which ultimately in the interest of." The Secretary-General of the Council of Ministers, Dr. Mahdi Al-Alaq, met with the delegation of the World Bank headed by Mohamed Hassan Abdul Qader, head of the Bank's Business Environment Improvement Group in Iraq.

During the meeting, a group of axes related to the Iraqi economy, its investment environment and the position of Iraq were compared to the global indicators of economy and business.

"There is a gap between the improvement and progress witnessed by the economic and investment ground in Iraq and the mechanisms of gathering information that feed these indicators, and therefore do not accurately reflect the national and international efforts exerted in this field," he said.

Abdul Kader presented the current programs implemented by the World Bank in Iraq, such as improving the work environment and accompanying company registration processes, obtaining licenses and concluding contracts with higher efficiency in accordance with international standards. Turning to the need for openness to the provinces and the development of optimal investment strategies such as Basra.

For his part, the Secretary-General said that "the government is moving towards the free economy and the revitalization of the private sector and accompanied by this trend of legal and procedural amendments."

He added that "the Secretariat will spare no effort to support the rise of Iraq with higher indicators in accordance with the standards of the World Bank."

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