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Investing in Iraq .. and the implications of decline 2

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Investing in Iraq .. and the implications of decline 2

Praatha News Agency
154 2020-08-04

   Ayad Khudair Al-Okaili || 4 August 2020
After we explained in the first part the most important problems and obstacles to the investment file, we will try in this part to clarify the rest of the problems with a statement of the effective solutions to them through our practical experience, the most prominent of which are:

1- The presence of what is known as (the board of directors) in those bodies, which consists of From some directors of government departments and from experts or businessmen in addition to the president and his deputy, who administers and draws according to the law the policy of the authority and the acceptance of projects or not, and through experience,

these councils were one of the most important obstacles to investment in Iraq (they are similar in their work and obstructing the projects the work of provincial councils Which is currently disrupted and demands everyone to cancel it due to its severe administrative failure).

2- Municipal directors in the governorates, who are already part of the investment councils, and most of these if not all of them were contributing significantly to the failure of the work of the bodies through:

A - Failure to provide the necessary lands for investment.

B - their permanent opposition to granting investors and investment companies long-term investment contracts.

C - Trying to give those projects to the investors who come through their parties.

D - Negatively affecting the work of the Authority and the Council in managing the investment file.

E - Their preference to give these lands to investors through their departments through the Municipalities Law for the Sale and Rent of State Real Estate and the Public Sector for Investment Purposes (by way of Musataha).

3 - Many armed tribes and militias take over most lands and projects that serve as promising investment opportunities by force and without right.

4 - The majority of the government’s lands, projects, and investment opportunities occur near the centers of power of some clans that are prevented by force of arms from establishing investment projects except after blackmailing investors or investment companies or demanding in most cases the fairness of those companies and investors.

suggested solutions :

Certainly, the diagnosis of investment problems and the discovery of its faults and negatives requires the development of effective and practical solutions in order to move forward and withdraw it from its current situation. Among the most important of these solutions:

1- Canceling the boards of directors of investment bodies.

2. Putting lands and real estate that are approved as investment opportunities by investment agencies after being approved by the governor exclusively at the disposal of investment organizations.

3- Activating the role of the single window and adopting it exclusively in dealing with investors.

4- Amending the Investment Law No. 13 of 2006 in line with the investment requirements and granting investors new and great advantages.

5- Protecting investors, their investment projects and their funds by the state strongly.

6- Returning all lands and properties seized by force from all sides, fencing and protecting them by the government.

7 - Legislation of a new banking law in line with investment laws and investor aspirations.

8 - Giving the management of investment bodies to independent personal, non-partisan and professional, preferably those who have long experience in the world of investment, trade and money management regardless of the type of certificate and specialization, and who have the courage and courage in decision-making, and not handing over their management to (academics) who believe that investment theories Apply on paper or in the lecture halls.

9 - Developing large media awareness programs to spread the culture of investment and demonstrate its importance.

10 - Informing the Iraqi embassies abroad of the need to promote investment in Iraq through holding investment conferences there in which large governmental and private companies and businessmen and investors are invited and urged and encouraged to invest in various fields and sectors with the publication of an investment map for investment opportunities in Iraq and notify them of providing the appropriate environment and the necessary protection for them.

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