11/11/2020 15:35 Readings 12017 Section: File and Analysis
Investors flee Iraq .. Investment licenses are not granted without paying royalties and bribes
Baghdad / Al-Masalla: A member of the Parliamentary Economic and Investment Committee, Nada Shaker, revealed that officials are working to fight foreign and Arab investors and prevent their entry to Iraq.
One of the reasons for the failure of investment and development in services and infrastructure since 2003 becomes clear.
Shaker says that Iraq has turned into an importing country because of the failed economic policies that have destroyed the country's economy.
While countries, especially the developed ones, seek to attract investment, Iraq has failed in a terrible way, which has caused the absence of factory projects, factories and productive institutions.
This necessarily led to an increase in unemployment rates among the youth, which prompted massive demonstrations across the country.
Iraq still has modest governmental industrial and agricultural sectors, while the private sector suffers from weakness, and the inability to establish and manage industrial and agricultural projects due to political and security turmoil.
The government sectors do not absorb the large numbers of graduates and the unemployed.
According to reports received to the obelisk, Iraqi and foreign investors feel that their job opportunities in Iraq are few and are vulnerable to failure.
An Iraqi investor told Al-Masalla that Al-Qaeda says that "capital is coward" and that it requires a totally safe environment to play its role.
Economic reports also indicate that foreign investments will not be implemented on the ground due to conflict of laws, corruption and bureaucracy.
The former director of the Nineveh Investment Authority, Muwaffaq Younes, says that Iraqi ministries have opened departments concerned with investment in order not to give investment agencies an opportunity to acquire operations to attract investors, which leads to the withdrawal of the rug from their ministries.
The legal expert, Amir Al-Daami, believes that the cause of investment collapse or death is due to the weakness of the state and not imposing its prestige.
Al-Daami said that the problem is not related to the investment law and its contradiction with other laws as much as it relates to the state’s ability to control, as any foreign investor cannot obtain any investment license without paying royalties and bribes to the influential powers.
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