Anatolia: Iraq is looking to foreign investment to $ 32 billion
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Anatolia: Iraq is looking to foreign investment to $ 32 billion
Admin Fri Aug 09, 2013 4:05 pm
[ltr]Friday, August 9, 2013 - 04:07[/ltr]
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At a time when Iraq is witnessing political turmoil and sharp divisions, with bombings in several areas of security, is preparing to take advantage of the exit from Chapter VII of the United Nations, which has since undergone more than 23 years after its invasion of Kuwait.
This item has allowed the United Nations to use military force against Iraq because he acted in a manner detrimental to international peace and security, in addition to economic sanctions and the freezing of funds, and to prevent trade only in the lower border, and the severance of diplomatic relations.
According to the international resolutions had been anticipated to the prospect of such a move in 2015 after the payment of all damages imposed by the United Nations, amounting to about $ 52 billion, but it seems that the improvement in relations between him and Kuwait, especially after the visit of Prime Minister Sheikh Jaber Mubarak Al-Sabah to Baghdad in June / June last year and signed a set of agreements on political, economic, cultural, environmental, may hurry to turn the page on the black between the two countries, and the transition to a new stage.
Kuwait informed the Secretary-General of the United Nations, Ban Ki-moon, including verification of positive developments require the transfer of decision-making Iraq from Chapter VII to the sixth item, to continue to pay the remaining amount of compensation amounting to $ 11 billion.
What are the positive developments in Iraq, which looks to take advantage of them in the next phase after the liberation of the terms and conditions and penalties Chapter VII of the United Nations?
According to a poll conducted by "Merrill Lynch - Bank of America," which is one of the largest U.S. banks, it was found that Iraq tops the list of the most developed countries in economic terms, and that it will achieve in 2013 in GDP growth rate of 10.5%, followed by China with 7.7%.
The report also pointed out that this growth is mainly due to the success of the Ministry of Oil in raising production to 3.3 million barrels per day, and achieved a result of licensing rounds and contracts signed by the Iraqi government with international oil companies to develop the fields, knowing that Iraq's oil reserves constant at about 112 billion barrels and the figure rises to 150 billion barrels, with potential reserves, and thus the second largest oil reservoir in the world after Saudi Arabia.
Iraq has huge oil potential, it is out of the seventy-four fields discovered and existing, are exploited only 15 fields, and you need untapped oil fields alone to large amounts of investments and reforms before it can resume full production.
In this context, performs Iraq plan an integrated strategy that extends from 2012 to 2030 and include the sectors of energy from oil to natural gas and electric power, and requires the implementation of the development program recommended by the strategy to provide capital and expenses estimated at 620 billion dollars, and revenues to the government an estimated six trillion dollars, a 85% of oil exports, as well as provide Iraqis with 10 million jobs in important industries sophisticated.
From here, Iraq is looking forward to attracting Arab and foreign investments after his release from Chapter VII of the United Nations, and is expected to head the Iraqi Investment Commission Sami Raouf al-Araji, to turn oil and service projects for the benefit of huge Gulf and foreign companies.
The number of companies registered with the Iraqi Ministry of Trade until the end of 2012 more than 62 thousand companies, including the 1976 Arab companies and foreign countries, and there are 740 projects worth $ 32 billion, and constitute investment map will continue in two phases, each phase of five years, and a large number of oil and electrical projects under referral.
Araji confirmed that some companies started sending its engineers and workers to Iraqi sites, which operate without protection, a guide improvement, especially since there are a few areas of the security situation does not allow to work in them.
The President of the Iraqi Stock Exchange, Taha Ahmed Abdul Salam, the rate of participation of Arab and foreign in the trading market rose to five percent, and increased the market value of the shares from 1.71 billion dollars in 2004 to about 5.597 billion in 2012 and then to more than $ 10 billion in the first half of 2013.
And investors benefit from exemptions from duties and taxes may not be available to them in climates stable investment, but in this field has brought experts working in the industrial development of the United Nations Organization (UNIDO) to exempt companies from fees good, but it is not enough to attract investors to work in Iraq , so the government to create an enabling environment through the activation of the single window and reducing the steps to complete the transaction, in addition to achieving political stability and security and the elimination of corruption.
It is no secret some experts finance and economy that the reason for the failure of investment map of Iraq due to the dominance of personalities on the joints of the task at the center of government and the provinces, not for efficiency but for belonging to a particular party in control of the government, and foreign companies distinctive can not login to Iraq because of economic chaos and political and security and the absence of real guarantees by the state, also prevail extortion in the language whole joints of investment.
With the development of the movement of investment highlights the role of banks, despite the political turmoil and bombings, security, expressed some foreign banks willingness to open branches in Iraq after his release from the seventh item, so that the "bank Citigroup" U.S. and "Standard Chartered" British were races to open branches in order to reap the fruits of investment projects at hand, on the basis that banking laws adopted after 2003, and the presence of a suitable platform of legislation, investment and profits, opens the way for foreign banks to open branches without fear, which could encourage investment companies to come to Iraq, despite the reluctance to invest its funds.
In the context of attracting investors and reassure them on the value of their investments, highlighting the importance of ensuring monetary stability on the basis that the exchange rate is the focus of state monetary and political criterion for economic activity and the evolution of the business and financial sectors and the economy, and effectiveness at the level of foreign trade relations.
Some experts believe the money and the economy that Iraq would emerge from Chapter VII should have a positive impact on the exchange rate of the dinar against other currencies, especially after he scored a major collapse over the past years.
It was the dinar exchange rate equal to 3.26 dollars, but influenced Since 1980, the repercussions of Iran-Iraq war, then the economic blockade in early 1990, and the magnitude of pumping dinar versus revenues of limited foreign currency that led to the deterioration of the exchange rate against the dollar and other currencies , and after the occupation of Iraq and allow him to increase its exports of oil and lift the ban on frozen funds began the exchange rate of the dinar against the dollar but improvement is still low, it is now up to 1160 dinars to the dollar.
In an attempt by the government to improve the level of the Iraqi currency, intends to delete the three zeroes are priced exchange rate 1.16 dinars to the dollar, and will cost the replacement process the state budget the amount of 172 billion dinars, or the equivalent of about $ 150 million, and the government is preparing to perform this step, the adoption of "new dinar," which asks the system from the central bank to raise the value of gradual and down to be equal to the dollar.
Can the government headed by Nuri al-Maliki faces opposition more than half of the Iraqi people and live in the "Committee of corruption," which expands and nest in various state departments, including the Central Bank and contributed to the waste of billions of dollars of oil money? ...... Can the Iraqi economy, despite its financial strength and solvency, achieve social stability in light of the continuing lack of security and political stability? ... And can reassure investors and attract them to contribute to the country's development projects promote and protect the national currency deterioration and return to the previous value the days of Saddam Hussein? ...
You have reached Iraq's budget in 2013 to 138 trillion dinars ($ 112 billion) of expenditures, compared to 119 trillion dinars (about U.S. $ 97 billion) of revenue, so the deficit 19 trillion dinars (15 billion dollars).
Has reached such a large deficit despite the rise in oil exports and calculating the price of a barrel to $ 90, with the knowledge that Iraq depends on oil revenues to cover 95 percent of the budget.
Thus became the recipe deficit inherent in the budgets of Iraq, was spared the budget in 2013 of this trait, though the source of the real risk, as a general rule, comes from a close linkage between the growth of the budget deficit and the growth of internal and external debt. This may enter the economy and subsequent budgets in a vicious circle, with devastating consequences for the economy.
This is illustrated clearly in the budget in 2013, which confirms that the deficit in previous years was planning deficit was covered from previous budgets, surpluses, but the deficit in the 2013 budget deficit is planned to be financed as follows:
- 11 trillion dinars from the savings achieved in the Development Fund for Iraq.
- 2,908 trillion dinars of SDRs.
- 6.908 trillion dinars from internal borrowing (remittances versions of Treasury) and the expected increase in the prices of crude oil source.
- Continue to borrow from the World Bank and the International Monetary Fund (IMF) to complete an amount of between 5 and 6 billion dollars.
There is no doubt in that recourse to external borrowing and the search for external funding sources happens when not enough internal funding sources to provide the requirements of development and the provision of basic needs of the population, but it is baffling that Iraq resort to external borrowing and again located in a debt trap.
http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www1.youm7.com/News.asp%3FNewsID%3D1196653%26SecID%3D24&usg=ALkJrhi7hcik2_m2uUJO1dHz3NPUF_ZNAA
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At a time when Iraq is witnessing political turmoil and sharp divisions, with bombings in several areas of security, is preparing to take advantage of the exit from Chapter VII of the United Nations, which has since undergone more than 23 years after its invasion of Kuwait.
This item has allowed the United Nations to use military force against Iraq because he acted in a manner detrimental to international peace and security, in addition to economic sanctions and the freezing of funds, and to prevent trade only in the lower border, and the severance of diplomatic relations.
According to the international resolutions had been anticipated to the prospect of such a move in 2015 after the payment of all damages imposed by the United Nations, amounting to about $ 52 billion, but it seems that the improvement in relations between him and Kuwait, especially after the visit of Prime Minister Sheikh Jaber Mubarak Al-Sabah to Baghdad in June / June last year and signed a set of agreements on political, economic, cultural, environmental, may hurry to turn the page on the black between the two countries, and the transition to a new stage.
Kuwait informed the Secretary-General of the United Nations, Ban Ki-moon, including verification of positive developments require the transfer of decision-making Iraq from Chapter VII to the sixth item, to continue to pay the remaining amount of compensation amounting to $ 11 billion.
What are the positive developments in Iraq, which looks to take advantage of them in the next phase after the liberation of the terms and conditions and penalties Chapter VII of the United Nations?
According to a poll conducted by "Merrill Lynch - Bank of America," which is one of the largest U.S. banks, it was found that Iraq tops the list of the most developed countries in economic terms, and that it will achieve in 2013 in GDP growth rate of 10.5%, followed by China with 7.7%.
The report also pointed out that this growth is mainly due to the success of the Ministry of Oil in raising production to 3.3 million barrels per day, and achieved a result of licensing rounds and contracts signed by the Iraqi government with international oil companies to develop the fields, knowing that Iraq's oil reserves constant at about 112 billion barrels and the figure rises to 150 billion barrels, with potential reserves, and thus the second largest oil reservoir in the world after Saudi Arabia.
Iraq has huge oil potential, it is out of the seventy-four fields discovered and existing, are exploited only 15 fields, and you need untapped oil fields alone to large amounts of investments and reforms before it can resume full production.
In this context, performs Iraq plan an integrated strategy that extends from 2012 to 2030 and include the sectors of energy from oil to natural gas and electric power, and requires the implementation of the development program recommended by the strategy to provide capital and expenses estimated at 620 billion dollars, and revenues to the government an estimated six trillion dollars, a 85% of oil exports, as well as provide Iraqis with 10 million jobs in important industries sophisticated.
From here, Iraq is looking forward to attracting Arab and foreign investments after his release from Chapter VII of the United Nations, and is expected to head the Iraqi Investment Commission Sami Raouf al-Araji, to turn oil and service projects for the benefit of huge Gulf and foreign companies.
The number of companies registered with the Iraqi Ministry of Trade until the end of 2012 more than 62 thousand companies, including the 1976 Arab companies and foreign countries, and there are 740 projects worth $ 32 billion, and constitute investment map will continue in two phases, each phase of five years, and a large number of oil and electrical projects under referral.
Araji confirmed that some companies started sending its engineers and workers to Iraqi sites, which operate without protection, a guide improvement, especially since there are a few areas of the security situation does not allow to work in them.
The President of the Iraqi Stock Exchange, Taha Ahmed Abdul Salam, the rate of participation of Arab and foreign in the trading market rose to five percent, and increased the market value of the shares from 1.71 billion dollars in 2004 to about 5.597 billion in 2012 and then to more than $ 10 billion in the first half of 2013.
And investors benefit from exemptions from duties and taxes may not be available to them in climates stable investment, but in this field has brought experts working in the industrial development of the United Nations Organization (UNIDO) to exempt companies from fees good, but it is not enough to attract investors to work in Iraq , so the government to create an enabling environment through the activation of the single window and reducing the steps to complete the transaction, in addition to achieving political stability and security and the elimination of corruption.
It is no secret some experts finance and economy that the reason for the failure of investment map of Iraq due to the dominance of personalities on the joints of the task at the center of government and the provinces, not for efficiency but for belonging to a particular party in control of the government, and foreign companies distinctive can not login to Iraq because of economic chaos and political and security and the absence of real guarantees by the state, also prevail extortion in the language whole joints of investment.
With the development of the movement of investment highlights the role of banks, despite the political turmoil and bombings, security, expressed some foreign banks willingness to open branches in Iraq after his release from the seventh item, so that the "bank Citigroup" U.S. and "Standard Chartered" British were races to open branches in order to reap the fruits of investment projects at hand, on the basis that banking laws adopted after 2003, and the presence of a suitable platform of legislation, investment and profits, opens the way for foreign banks to open branches without fear, which could encourage investment companies to come to Iraq, despite the reluctance to invest its funds.
In the context of attracting investors and reassure them on the value of their investments, highlighting the importance of ensuring monetary stability on the basis that the exchange rate is the focus of state monetary and political criterion for economic activity and the evolution of the business and financial sectors and the economy, and effectiveness at the level of foreign trade relations.
Some experts believe the money and the economy that Iraq would emerge from Chapter VII should have a positive impact on the exchange rate of the dinar against other currencies, especially after he scored a major collapse over the past years.
It was the dinar exchange rate equal to 3.26 dollars, but influenced Since 1980, the repercussions of Iran-Iraq war, then the economic blockade in early 1990, and the magnitude of pumping dinar versus revenues of limited foreign currency that led to the deterioration of the exchange rate against the dollar and other currencies , and after the occupation of Iraq and allow him to increase its exports of oil and lift the ban on frozen funds began the exchange rate of the dinar against the dollar but improvement is still low, it is now up to 1160 dinars to the dollar.
In an attempt by the government to improve the level of the Iraqi currency, intends to delete the three zeroes are priced exchange rate 1.16 dinars to the dollar, and will cost the replacement process the state budget the amount of 172 billion dinars, or the equivalent of about $ 150 million, and the government is preparing to perform this step, the adoption of "new dinar," which asks the system from the central bank to raise the value of gradual and down to be equal to the dollar.
Can the government headed by Nuri al-Maliki faces opposition more than half of the Iraqi people and live in the "Committee of corruption," which expands and nest in various state departments, including the Central Bank and contributed to the waste of billions of dollars of oil money? ...... Can the Iraqi economy, despite its financial strength and solvency, achieve social stability in light of the continuing lack of security and political stability? ... And can reassure investors and attract them to contribute to the country's development projects promote and protect the national currency deterioration and return to the previous value the days of Saddam Hussein? ...
You have reached Iraq's budget in 2013 to 138 trillion dinars ($ 112 billion) of expenditures, compared to 119 trillion dinars (about U.S. $ 97 billion) of revenue, so the deficit 19 trillion dinars (15 billion dollars).
Has reached such a large deficit despite the rise in oil exports and calculating the price of a barrel to $ 90, with the knowledge that Iraq depends on oil revenues to cover 95 percent of the budget.
Thus became the recipe deficit inherent in the budgets of Iraq, was spared the budget in 2013 of this trait, though the source of the real risk, as a general rule, comes from a close linkage between the growth of the budget deficit and the growth of internal and external debt. This may enter the economy and subsequent budgets in a vicious circle, with devastating consequences for the economy.
This is illustrated clearly in the budget in 2013, which confirms that the deficit in previous years was planning deficit was covered from previous budgets, surpluses, but the deficit in the 2013 budget deficit is planned to be financed as follows:
- 11 trillion dinars from the savings achieved in the Development Fund for Iraq.
- 2,908 trillion dinars of SDRs.
- 6.908 trillion dinars from internal borrowing (remittances versions of Treasury) and the expected increase in the prices of crude oil source.
- Continue to borrow from the World Bank and the International Monetary Fund (IMF) to complete an amount of between 5 and 6 billion dollars.
There is no doubt in that recourse to external borrowing and the search for external funding sources happens when not enough internal funding sources to provide the requirements of development and the provision of basic needs of the population, but it is baffling that Iraq resort to external borrowing and again located in a debt trap.
http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www1.youm7.com/News.asp%3FNewsID%3D1196653%26SecID%3D24&usg=ALkJrhi7hcik2_m2uUJO1dHz3NPUF_ZNAA
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