Rafidain Forum for Security and Economy kicks off

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Friday 27 September 2019

Rafidain Forum for Security and Economy kicks off
Baghdad / Hussein Thaghb
 
Al-Rafidain Forum for Security and Economy kicked off yesterday with a large local and international conference that will last for three days. It focuses in detail on the opportunities and challenges of economic reform in Iraq, as well as the "Iraqi economy is the focus of the regional economy" and the challenges facing the financial sector. .
Speaker of the House of Representatives Mohammed al-Halbousi talked about security and economic commonalities in relations between countries, and their important role in strengthening these relations, and the positive role of common interests by promoting ways of cooperation.
He said: "Iraq has come a long way in security, and is still in the early stages of the economic side because of the circumstance experienced by the country during the past years."
He pointed to "the importance of the development of the banking sector, and that what is required is to upgrade to the level of international performance, especially as Iraq is still working socialist systems, in light of Iraq's transition to a free economy."
 
Action Plan
Halbousi talked about the promotion of the industrial and agricultural sectors according to a clear and organized work plan to achieve self-sufficiency as a first stage.
The representative of the judiciary, Faeq Zeidan, said in his speech on the economic side: "The requirements of development are linked to security and judiciary on the side of investors' rights and guarantee, and our keenness that the commercial judiciary is open to the outside, and to benefit from international experiences in order to create a climate that encourages investment and stimulates work and ensure the security of investors. Whether they are local or
side".
 
Drive the economy
In turn, Oil Minister Thamer Ghadhban said: "The world is witnessing development in various fields despite the challenges," pointing out that "energy is an engine of the economy and the source of money, and that the oil and gas sector works in three axes, the first of which is the development of oil production and export capacity, and Iraq retains its position at the forefront of producing countries." It is ranked second in the Organization of Petroleum Exporting Countries (OPEC) and fourth in the world, while the other axis focuses on increasing gas investment, with two contracts signed with a production capacity of 700 million cubic meters.
He continued, "The coming period witnesses the signing of other contracts, all of which contribute to the investment of all quantities of gas, which ends the stage of burning, as the third axis focused on liquidation, as Iraq still imports some derivatives due to the aging of refineries and damage in areas that have lived terrorism, and work continues to develop this joint The important".
 
Floating Island
Ghadhban pointed out that "the ministry has major projects are to develop the system of transport, storage and export, and then the signing of the establishment of a floating island with a capacity of 3 million barrels per day, in addition to the diversification of export sources and the importance of this aspect, which gives the ministry flexibility in exporting crude oil in case of any defect in Delivery of cargo through the Strait of Hormuz.
He pointed to "the existence of projects under design, including gas exploration in Western Sahara, exploration and development of border fields with Iran and Kuwait, and the development of marketing capabilities through the establishment of refineries in cooperation with other countries."
 
Financial transactions
The Executive Director of the Association of Private Banks, Ali Tariq, pointed out on the sidelines of the conference to the role of communication with the evolving global financial sector, pointing out that "the Association has a plan in cooperation with the Central Bank of Iraq aimed at developing the banking system by urging him to have the best financial systems that can deal With the large numbers required by the Iraqi market, which is a cornerstone for the development of the economy
 the National".
He explained that "the Association is aware of the importance of having a banking system to compete with major international banks, and this represents our orientation for the next stage, as we have achieved good results in the past period in the subject of communication with major international financial institutions that have expressed their desire for joint cooperation."


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