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Foreign investors looking for a safe environment

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Foreign investors looking for a safe environment

27/8/2017 12:00 am
Baghdad/Bashir khaz

In quest of government institutions for the reconstruction of the liberated areas from gangs of ISIS, still worries about the administrative and financial corruption is one of the most important obstacles which delay the reconstruction process,

especially after the international organizations and companies have shown interest in participating in infrastructure projects, under the heading of extensive reconstruction in the liberated areas and other Iraq cities, needed a healthy environment capable of attracting international investment and undermine corruption, experts and specialists in the field of Economics were proposals and ways to combat corruption and eradicate his seminars.

Prevalent in the public and private sector institutions alike To rebuild cities ravaged by war, and build infrastructure projects requires the participation of funds and large companies and international efforts,

it is not easy for Iraqi institutions to do the job alone, but as there are circles and rings of administrative and financial corruption will be Iraqi emigrant environment investment and is not attractive to him.

Waiting for

Slayer citizens of different categories and segments of satisfaction at international conferences for the reconstruction of war-ravaged cities and build comprehensive economic and development projects for the improvement of the position of Iraq and international economic position as a leading oil producer and exporter of various kinds of minerals needed by foreign countries manufactured,

Hassan Abdul qahhar almrsomi specialized in designing and implementing bridges stressed the importance of having foreign companies specialized in strategic design for infrastructure projects, particularly that most public services projects were affected by the Statute of limitations, war and corruption,

noting that Iraqi citizens waiting impatiently to begin those companies build service projects after they despaired altogether from failures and corruption of some companies and contractors Locals.


Ahmed Jaber Castle servant between factories and institutions and infrastructure projects implemented by foreign companies (British and German and were a way) in the 1960s still now and offer their services despite the end of its useful life, while some projects implemented by local companies and contractors have served only two or three years, have lost their validity and are out of service or stayed under achievement for more than the allowed period because of corruption cases walkomnshn claimed by some spirited in Positions of responsibility within professional circles, adding the Government should create: Serail groundwork now for entry and foreign corporations unmolested or confusions sins of some hackers and venal.


At the center of international projects in cooperation with the Institute of economic reform Symposium to discuss ways of eliminating corruption and promoting comprehensive development revolution, Chairman of the Trustees of the Institute Dr Super Abdel Rasoul said that corruption was a stumbling block in economic development, because the State needed to undermine corruption and create an ideal working environment to attract international investments.

He added that the country demands he return to its regional and international environment, Iraq represents an important part of the world, pointing to the importance of studying the reasons for the presence of Iraqi businessmen abroad and to create an environment to work in.

Four laws

Dr Zouhair Al Hassani presented a paper titled (administrative and financial corruption in Iraq and ways to combat it) which stressed the importance of restoring economic role in local market product support which provides jobs absorb high rates of unemployment by implementing the four economic laws without delay or exceptions are the Customs Tariff Act and the national product support and consumer protection law and competition law and Antimonopoly councils provided for in these regulations to ensure good implementation.

He added: actually requires the support of the private sector to provide banking facilities and extinguishing of debts and fines and taxes in order to restore confidence in the business environment and operation of the stalled factories and encouraging the return of expatriate Iraqi capital repatriation and rehabilitation of public companies in partnership between the public and private sectors and expedite legislation company law currently before the Council of State and the establishment of the Partnership Council headed by the Prime Minister to candle good management the partnership in accordance with the quality standards and the Government.

He noted the importance of rehabilitation of the central market in partnership with the private sector to support the everyday needs of low income exclusively to replace the ration card that marred by corruption and kickbacks and waste public money, prevent the sale of government contracts of subcontractor that provides a fertile environment for corruption.

A real financial cost

Hasani demanded: preparing feasibility studies for development projects and estimate the cost of speculative imaginary real and forwarded to concrete companies for providing the ability to delivery and prevent its failure or its delay as is happening now, and encourage investment in improving the business environment by providing land for investment projects, infrastructure and implementation of direct single window through committees.

Noting that the administrative reforms needed to accelerate the implementation of electronic government using concrete company to eliminate redundant loops and transparency and disclosure to the public in order to achieve Community control on the Government Administration to reduce corruption, and must create a higher Council for reconstruction, headed by the Prime Minister as a supreme body of project management and governance of tenders and contracts and hiring companies discreet and ensure project implementation and execution control to eliminate the main sources of corruption in Iraq, and pointed to the importance of stopping the waste of public money by setting up a program Balancing cost reduction, development of speculative Phantom of the operational budget and projects and preparation of these projects in the light of the feasibility study in accordance with the development plan and provide sources outside the oil revenues, as well as smuggling and tax accounting tax and levying customs duties and remuneration of the services provided by the public sector without exceptions.

In addition to supporting the private sector to provide social security for employees, and reduce sagging career and disguised unemployment and strict control on border crossings and governance to prevent commercial fraud, smuggling, kickbacks and bribes and the financing of terrorism and the implementation of the system «alaksoday» custom output to eliminate corruption.

With the acceleration in presenting the final accounts of the annual budget for them and view the House to see their inputs and outputs and the fight against corruption.

Money laundering.

Hassani cautioned speedy amendment of the Penal Code to convert money laundering crimes from misdemeanors to felonies to deter cross-border organized crime, international cooperation to combat corruption and money laundering offences under the United Nations Convention against corruption for the year 2003 and special seizure and confiscation and recovery of funds and illegal crime extradition agreements with countries concerned to achieve this.

Noting that monetary and banking reforms will require amendments to articles 27 and 28 of the Banking Act of 2004 to enable private banks of investment and participation in economic development,

the Central Bank tightened control over private banks and the Basel rules apply for the year 1988 to prevent smuggling and money laundering and black market currency speculation and the repair work on the reluctant banks merge optional or compulsory according to article 148 of the companies Act No 22 of 1997 and unify the dinar to eliminate the black market which is one of the most important sources of corruption and organized crime.

Especially the smuggling and money laundering.

Movement of the ages

Deputy Chief of Baghdad's economic forum name Antoine asserted: that the coming period will witness a wide movement of reconstruction and the international community will have a party after the Government move and conferences organized outside Iraq, and that the State of Kuwait called for a Conference to support Iraq and the reconstruction of the liberated areas, notably Mosul, which requires uprooting corruption.

The proper foundations of our reconstruction and construction to avoid corrupt files and not allowing deployment, pointing out that these seminars will play a positive role in corruption after standing at its effects on overall economic process, which show that there are great efforts to pursue corruption
And undermine it.

Practical application

The representative of Iraq at the Center for international private enterprise Mona zalzal said: that the Centre adopt discuss four topics of Chief business agendas resulted in the provinces covered bridge this gap by practical application of fight against corruption and bureaucracy and improve strategic planning of subversion vulnerability to Iraq.

The Center has contracted with the Iraqi Institute for economic reform to accomplish these four policies, to discuss a paper administrative and financial corruption in Iraq and ways to combat it, creating an attractive environment for foreign investment for development and economic reform projects.

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