Official: investment in Iraq has become an urgent necessity

February 11, 2015 11:12





Baghdad witnessed on Wednesday and Thursday last 4-5 / February / 2015 convening of the first International Conference on investment and the economy under the auspices of the President of the House of Representatives, Dr. Salim al-Jubouri and organized directly by the Committee of Economy and Investment parliamentary cooperation with the National Authority for Investment and the presence of senior officials in the legislative and executive branches, as well as a number of ambassadors serving in Iraq, businessmen and investors gentlemen at the local and international levels.

According to a statement directly obtained by Deputy Dr. Rose Nuri Shaways Prime Minister said that the investment process in Iraq has been adversely affected by several factors, the most important of the continuation of the laws inherited and which intersect with the work of the Investment Law and the presence of bureaucracy in government departments and poor infrastructure, particularly power, as well to the problem of allocation of land for investment projects and the spread of financial and administrative corruption in Iraq, and a weak deterrent his actions so far, adding that other banking systems suffer from the pack is the old laws do not fit the state and directed towards investment.

He Shaways to do a comprehensive economic renaissance requires the provision of investment climate reinforced by legislation and laws, in addition to the legislative and executive branches of cooperation in this area and the abolition of all the old laws that are inconsistent with the investment, noting that the government is determined to promote economic growth in Iraq and encourage investment in it by finding effective solutions to all the obstacles that stand in front of investors to work in Iraq.

For his part, Deputy Prime Minister Mr. Bahaa al-Araji said in a speech at the conference, said the investment in Iraq is no longer needed, but has become an urgent necessity, noting that investment in Iraq's recent experience and the executive and legislative branches of government to overcome the difficulties for companies wishing to invest in it and about the support of the private sector stressed Araji said Article 15 of the Budget Law refers to the granting of powers to the provinces opportunities to contract with the private sector, the belief of the government the important role of the private sector in the promotion of the Iraqi economy, pointing out that the big countries seeking to invest in Iraq despite the current security conditions.

For his part, Mr. Jawad al-Bolani, chairman of the economy and investment representative in the House of Representatives Iraqi government's keenness to ensure the success and adoption of any real opportunity to diversify the Iraqi economy, including contributing to the creation of sustainable economic development and a conference for investment and an investment law is not enough, but Iraq is in need of a package of laws regulating the investment process in Iraq, which means investment for the future.

The level itself the President of the National Investment Commission, Dr. Sami Raouf al-Araji, five solutions to address the obstacles faced by the investment process in Iraq will achieve the quality of the investment sector boom if applied which are summarized activating the work of the window one to attract major investors to work in Iraq, where he is still Iraq's economy is suffering from the central In order for the economic reform process requires decoding these large administrative bureaucracy in the ministries or local administrations in the provinces realized.

Araji said that the problem of land stipulated in the Investment Law No. 13 of 2006 which is where all the owners of land in the state committed to provide what is in favor of them to the Commission in order granted to investors is the second-biggest problems facing the investment in Iraq, especially since this article customize not do, calling to seriously consider this matter and sort arable land to invest in each province and duly classified within the investment map in preparation for granted for investors to set up projects.

The President of the Commission on the need to follow up the issue of financing investment projects through reconsider banks Law No. 94 of 2004, in order to be a development in addition to its commercial, noting that there is a proposal, including the central bank financing are excreted from private banks, in addition to the Industrial Bank and agricultural real estate and other sum of money proposed body to be worth five billion dollars, an interest rate of zero, as is found in many countries, whether in America or the European Union, and so do small and medium enterprises.

With regard to the amendment of the Investment Law Chairman of the Commission said that the Commission has developed the first amendment to the law in 2009 also submitted a proposal for the second amendment to the investment law is in line with all the requirements and trends, which aims to accelerate investment growth in Iraq forward on his way to the adoption by the House of Representatives.

The Chairman of the Committee on Economy and Investment has announced listening to the requirements of foreign and Arab investors session began, along with the requirements and problems of the private sector and Iraqi investors.

Where he reviewed a number of Ambassadors, including the German ambassador and the Turkish ambassador in Baghdad, a range of disabilities facing their countries companies to work investment in Iraq with claims of a number of Iraqi investors to privatize the public sector and mixed in the state who are facing the problem of financing to the private sector and within a specific timeframe.

He was the President of the advisers in the Council of Ministers, Mr. Thamer Ghadhban his speech at the meeting, which explained where the will to change and take advantage of past experiences become available at the current government, and the reality of the economic pressure imposed on the government to hold a series of reforms enable its private sector to take a role in accordance with the strategy for the development of the private sector announced its launch end of next week, stressing that the issue of conversion and privatization of the public sector and mixed in the state to the private time is known and fast timetable sector already been studied and will be submitted to the General Secretariat of the Council of Ministers in accordance with the strategy include (restructuring and reforming state-owned) enterprises.

Governor of the Central Bank Mr. Ali Keywords confirmed in turn the need to ask the state to invest investment projects under the Investment Law No. 13 of 2006 amended before proceeding implemented at the expense of the state of the federal budget, he said, adding that the central bank has taken a package of measures to support the investment process in Iraq, including increased liquidity cash to banks and the private sector.

This included the conference in the second day of the word of Dr. Adel Abdul Mahdi, the oil minister during which stressed that investment in Iraq today faces a major challenge with the number of constraints, which prompted the Iraqi government and the House of Representatives to make a significant economic reforms aimed at creating a new free hamper the laws investment environment investment, noting that a number of ministries, local governments have started closing in on the investment process under the pretext of concern for public money and keep the province and this represents one of the main factors affecting the investment and attract investors and thus stop the process of progress and development.

And investment in the oil sector, said Abdul-Mahdi, that this sector is of a wider investment sectors, especially after the licensing round and went international companies to invest in it.

Was also presented investment opportunities in the provinces by the heads of gentlemen investment bodies and the most important investment projects completed and those who are under way. In addition to vacations granted with a brief outline of the major privileges enjoyed by each province.

Included in the conference's second day also provide divided on several committees, including working papers to take corrective measures in a number of laws that are inconsistent with the investment law or legislation by the House of Representatives.

They also discussed the working papers presented in detail to reach a satisfactory recommendations contribute to the reconstruction of Iraq and the wide participation of the private sector.

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