Experts: Ensure the investment is the basis of development
17/9/2018 12:00 am
Baghdad / Emad Al-Amara
Iraq is suffering from the slow arrival of international and regional investments to be present in the local business arena, despite the great tendency to open up to foreign investment,
especially after the Central Bank achieved an achievement in getting out of the list of sanctions in the European Union to contribute in attracting money and creating the investment environment in the country and ensuring the flow of investments to Iraq. \
Between the academic economist d. "The success of the entry of foreign investment into Iraq requires the creation of an appropriate environment for the process of attracting these investments, after reforming the financial structure with procedures to facilitate the entry of investors' funds," he said.
"The institutional and legal frameworks must be set up to instill confidence in the foreign investor, Which is stipulated in the investment law is the basis for organizing any economic activity."
He continued: "It is necessary to achieve general stability, so if the investor enters its money, it must be dealing with the administrative policies and decisions in force in Iraq smoothly and without obstacles and away from routine."
He stressed the importance of directing foreign investment first in the infrastructure, especially in the energy sector, transport and basic services as it is the basis for the success of other investments, while encouraging joint investments between foreign and national capital to transfer expertise to local investors to develop their capabilities and potential.
He pointed out the importance of pushing foreign investors to use national manpower after they obtained the necessary facilities and exemptions from the duties and taxes imposed on such investments and oblige the foreign investor to employ specific percentages of the workforce to absorb the phenomenon of local unemployment.
For his part, the academic economist Amr Hisham need to "overcome the challenges facing foreign investment to enter the country through upgrading the infrastructure in Iraq, especially in energy sources, roads, transportation and basic services necessary for the success of investment projects."
"This requires directing the state's effort to rebuild the basic infrastructure of the society so that the process of reconstruction and foreign investment can succeed," he said.
Hisham pointed out that "the absence of sophisticated financial markets able to meet the requirements of the investment sector in all forms is another obstacle to the success of any investment,"
but the central bank opened the door to enter the money to Iraq after he managed to get the country out of the list "The presence of such sophisticated markets helps the process of investment flows and motivate citizens to invest their savings, especially if we know that there is an intention to privatize a number of state-owned enterprises."
Hisham emphasized "the need to devote transparency in the management of economic activities and the formulation of policies because it is one of the means to help the success of foreign investment, as this transparency provides information and data to the foreign investor and enable him to predict and planning for his investments in Iraq."
He called for "the development of the institutional and legal framework,
especially after changes in the methodology of the state and its future directions in the transformation of the Iraqi economy from the central planned economy to the free economy,
and the transition from the central management of the strong state to the federal system with broad powers to manage the regions and provinces, Its interaction with multiple institutions with unaligned powers".