######Financial planning to establish free zones in the central and southern governorates to activate commercial traffic

2013/03/09 13:42


Term Press / Baghdad

Announced the General Authority for Free Zones under the Ministry of Finance of Iraq, Saturday, its intention to establish free zones in a number of central and southern governorates to promote commercial activities and industrial investment in the country, while confirming that these areas will help to attract foreign companies operating in Iraq.

The body in a statement received (range Press) copy of it, "The establishment of free zones between the provinces is essential to attract investors from different nationalities their companies and their capital to stimulate investment in Iraq," indicating that "the free zones will help to attract local and foreign companies operating in Iraq as well as it will help traders to transport their goods and to identify the source of goods companies to support the national economy and development. "

The Commission added that "some provinces such as Babylon and Diyala, Salahuddin, Najaf, Wasit and Muthanna suitable for the establishment of free economic zones to facilitate the transfer of goods between cities and provinces."

The General Authority for Free Zones announced, in the 26 January 2013, signed a contract with a company to create the first free zone in the capital Baghdad, while confirmed that the establishment of free zones will lead to diversification of state revenues, called actors investment to the success of this experiment service for economy Local.

It also announced the General Authority for Free Zones in the 6 January 2013, the signing of two contracts to invest in Khor Al-Zubair in Basra province, stressing that investment applications free zones witnessed during the last period a remarkable development.

The committee called economic parliamentary, in the 15 of the month of December 2012, activating the work of the free zones in the country to encourage the movement of investment and economic development in Iraq, expressing their support to facilitate the entry of international companies to the country that the Iraqi constitution stipulates that the market and the Iraqi economy free.

The Economists believe that the establishment of free zones is an economic decision par excellence, where back a lot of economic benefits to the economy of the Iraqi market, which requires speed completion of the project, especially the establishment of the free zone to ensure the operation and provide more job opportunities for the unemployed, but what is important is to put legal controls sufficient to prevent the use of the free zone to flood the country with many of the harmful or adulterated goods or shoddy.

Noteworthy that Iraq has signed several memoranda of understanding with neighboring countries on the level of trade, including some of the establishment of free trade zones along the border, authorities announced the Kurdistan region of Iraq, in September 2012, that Turkey is willing to establish a common area on the international border in the province of Dohuk.

The General Authority for Free Zones of bodies administrative and financial autonomy, as linked to the Ministry of Finance, and is managed by the Board of Directors in the squad includes representatives from several ministries and related parties work free zones.


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