Finance calls on the government not to create sectors like private sector organizations

Wednesday 16 May 2012 15:16 GMT
Finance Minister Rafie al-Issawi

Alsumaria News / Saladin
Demanded that the Ministry of Finance, on Wednesday, the government to provide a favorable environment for investment and the granting of a good role for the private sector to contribute to the revitalization of the economy, expected to return the Iraqi dinar to put it after the procedure works by the ministry with the central bank, urged the government not to create sectors like private sector organizations.

He said Finance Minister Rafie al-Issawi in a speech during the economic conference held in the city of Tikrit, about investing, and attended "Alsumaria News", "shift direction the economy in Iraq to a market economy according to the Constitution requires legislative system and the laws give protection for investment," calling on central government to "provide a favorable environment to encourage investors, as well as giving a good role for the private sector in stimulating the economy."

Issawi said that "the monopoly of government institutions and companies and to prevent the private sector to enter into the fields of employment would deprive Iraq of competencies substantial," noting that "The ministry is trying to create a balance between granting private and public sector opportunities equal working through loans granted in several fields, including agricultural and industrial, which amounted to funds about 10 trillion dinars. "

Issawi and stressed the importance of giving the private sector a bigger role as more freedom to work, as well as that the government could not accomplish all the projects, "stressing the need for" a real partnership between the private and public sector investment to promote the reality. "

Issawi noted that "there are meetings and meetings currently underway among economists in the Ministry of Finance and Central Bank will show good results support the validity of the national currency," adding that "these measures will protect the power of the dinar."

He explained that "the province of Salah al-Din took place in the budget for the development of regions for the current year on a good amount of close to 400 billion dinars," inviting them to "make way for the private sector to demonstrate its role in the arena of work and reduce unemployment."

Issawi called the central government "not to create sectors like private sector organizations to make way in front of that work and produce and innovate."

For his part, called on Vice Chairman of Investment Authority Salah al-Din al-Jubouri Tami to "overcome the obstacles that hinder the movement of investment," adding, "We need to enact laws that allow for the investor to work."

The Jubouri that "the Investment Commission of Salah al-Din was able to grant certificates to seven major projects over the past year."

And Iraq's parliament approved in October 2006 Iraqi investment law, which it was said at the time that he will open the doors wide open to foreign investment, due offer a lot of facilities to foreign investors, many foreign companies are still hesitant because of fears that the security situation is stable in Iraq, in addition to that the law did not give investors the right to ownership of the property the project, and equated the Iraqi investors and foreign investment in each of privileges, with the exception of real estate ownership, as can a foreign investor to rent the land for 50 years, renewable, according to paragraph 11 of the Investment Law.

It is incumbent upon investors to submit their projects for the National Commission for Investment, or the Investment Commission of the region, or province, to get investment licenses, and they can apply for investment license to the "Circle of One Stop Shop", developed by the National Investment Commission, and authorized to inform the investor's decision to the final in 45 days, to eliminate red tape in granting investment license.



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