On: Sat 12/03/2011 12:13
Baghdad (news) .. Economic expert called Ismail Abdul Hussein to the need to implement the single window system and the elimination of red tape to facilitate the work of investors in Iraq, asserting that the failure of the banking system in Iraq has led to delay the investment process in the country.
Said Abdul-Hussein told the reporter Agency (news) on Saturday: If they want the federal government to succeed the investment process in Iraq, it should apply the single window system and to eliminate the deadly routine transactions and administrative reviews for all its departments as it hinders the process of investment and lead to the reluctance of investors access to the Iraqi environment.
And Abdel-Hussein: that the main reason to delay the investment process in Iraq is due to the failure of the banking system as it does not keep pace with advances in global banks, stressing that such systems are lagging behind not keeping systems investment of modern and not with the vision of the state in the trend towards market economies, which blocked many of the entry investors to Iraq.
He stressed the need for an economist to give confidence to foreign investors to enter the investment environment through the development of Iraqi facilities and encouragement to work in Iraq, calling for the development of the banking system in Iraq to keep the funds invested.
Earlier, he blamed the parliamentary economic committee member and MP / Kurdistan Alliance / Mahma Khalil banking sector, the development of Iraq, not to the field of investment, pointing out: that investment companies have the desire to enter the Iraqi environment.
Khelil said in an earlier statement (of the Agency news): The banking sector of the underdeveloped sectors in the region still works as a systems advanced technology is old and contains the administrative staff hinder the work of investors through complex procedures, making the investment away from the Iraqi territory
He noted government spokesman Ali Dabbagh said the Cabinet agreed to amend the investment system No. 7 of 2010, as amended, to meet a ratio of 10% of the rental value of land during the first three years from the date of commercial operation of the project is installed in the contract, and the ratio by 5% of the value of the land for shopping centers and hotels after the end of three years above and fastened in the heart of the contract, as well as the continuation of tourism projects and amusement parks and leisure complexes at a rate of 10% of the rental value of land and prove at the heart of the contract. / Finished / 8. j. n /
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