Iraq plans to exploit its privileged geographical location to activate the Free Zones

The time on Thursday, 04 April / 2013 07:30


BAGHDAD / Omar Shaher

Iraq plans, the geographical location, to improve the performance of the three free regions, and also plans to create a new free zones, as part of efforts to diversify imports, to reduce the country's dependence on oil revenues.

Iraq has three free zones operating now, in Basra in the south, and Nineveh in the north, which is based in the west. Trading and stumbled in the existing adjacent to the Syrian border, after Syrian armed conflict extended to up to the borders of Iraq.

Iraq has signed, earlier this year, a contract with a company, to create the first free zone in the capital Baghdad, amid expectations that contribute to these plans in reducing unemployment plaguing the Iraqi society.

The law gives the free zones in Iraq privileges for investors, Kalnchatat industrial productivity and consumer, which include assembly operations, manufacturing and re-packaging, processes, storage and re-export, trade and transportation, and activities of banking, which includes insurance and reinsurance, as well as activities and complementary services and professional assistance.

And Free Zones Authority said the Ministry of Finance in Baghdad, she recently signed a contract for public transport investment and Civil Aviation Affairs in the free zone in Khor Al-Zubair in Basra province for the exercise of commercial activities.

The authority said it had signed a contract with a company specializing in the development of commercial activities in the free zones to stimulate business practices in the South free zone. She said that the contract includes the introduction of about 12 thousand square meters into service.

And Free Zones, are small districts exist within the political boundaries of the country, but they are outside the customs border of him, so everything that comes to and from the free zones is not subject to import and export controls and customs duty.

The regulator says that the investment movement in the free zones of Iraq has seen an upswing in recent reverse investor confidence to projects in which they invested, which led to increased demand for land by local and foreign companies.

Iraq has signed memorandums of understanding with several countries on the level of trade, including some establishment of free trade zones along the border, while authorities announced Iraq's Kurdistan region, the semi-autonomous in the north, in September, that Turkey wishes to establish a common area at the international border in the province of Dohuk North .

The body revealed a plan to create a free trade zone in the province of Babylon (100 km south of Baghdad) to activate and support investment projects in the province. She said that this procedure designed to stimulate commercial and industrial, service and facilitate the transfer of goods between cities and provinces.

According to the law of the free zones in Iraq, exempt imported and exported goods to areas free from all taxes and fees, unless supplied into the customs area. The law also provides for the exemption of capital and profits and income from investment in projects of all taxes and fees over the life of the project, including the establishment and construction phases.

The law treats Iraq, the General Authority for Free Zones, as an independent body administratively and financially, and linked to the Ministry of Finance, and is managed by the Board of Directors in the squad includes representatives from the ministries and relevant agencies work free zones.

Iraq occupies, located strategically as an intermediary between the world, it is close to the global markets and overlooking the Arabian Gulf, making it a focal point geographical lines of international trade between the Near East and the Western world, is also linked Iraq dense network of lines land, sea and air, including the railway.

The Commission announced its launch talks with UAE's Mac International to promote investment cooperation in the country. The general director of the Sabah Saleh al-Qaisi said that "a delegation from the UAE-based Mac visited the free zones in Iraq, were discussed during the meeting actually investment in the free zone Incense Zubair and joint coordination between the two sides in various fields."

And classified the Arab Association for Investment Guarantee and Export Credit, on trade and free zones, Iraq among the last countries in the field of free zones. She said in her report that "Iraq tied with Sudan, Oman and Bahrain in the number of free zones in all of them."


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