Wednesday 09 December 2020 51
The investment projects of the local and foreign private sector represent one of the most important tools driving economic growth, due to the accompanying wide demand for labor during and after the completion of these projects and the multiple products, services and commodities they provide that meet the needs of the local market, according to the objectives for which these projects are designed.
All countries of the world compete to attract investments to them by providing a safe environment for them and by providing all the requirements for their success, in addition to providing the motivating and encouraging factors in terms of facilitating obtaining investment licenses, tax cuts and support factors that help to make them succeed and maintain their work, which greatly contributes to the establishment of A rich and wide investment environment that attracts more investments.
In our country, it is necessary to pay attention to the encouragement of foreign and local investments in all economic fields, because of their importance in supporting our national economy and its advancement, and the role it contributes to in moving the economic wheel strongly in Iraq, as a result of establishing economic projects of all kinds, whether industrial or agricultural. Or service, health, energy, educational, commercial and other multiple economic projects.
These projects can be complementary to the work of the public sector and have a major role in bringing about the hoped-for economic renaissance, and contribute to creating thousands of job opportunities for the unemployed manpower, and contribute to finding financial resources poured into the general budget in a manner that constitutes a diversification of resources instead of relying on the source of oil. Raw is its only resource.
Therefore, it is assumed that the parties concerned with the investment file will work on developing an integrated strategy to encourage foreign and local investments by establishing multiple economic projects in Iraq in a way that contributes to developing and advancing its economic reality, and it can be made to set priorities for these projects that the country needs in the current period, And the projects he needs in the future, according to their importance and economic returns.
One of the first pillars of this strategy is to work on providing an appropriate and attractive environment for investment by legislating laws guaranteeing the rights of investment project owners and getting rid of the complicated red tape procedures necessary to obtain investment licenses and establish projects and simplify them and not to exaggerate in imposing exorbitant taxes and fees on these projects in a manner that preserves the state's right In this important financial resource for her and not to harm the investor in a way that encourages and motivates others to come and establish their multiple projects.
Working to encourage investment in Iraq has many benefits and economic returns that are positively reflected on the reality of the Iraqi economy, and in a way that contributes to its development and enrichment of many projects that are badly needed, especially in these exceptional circumstances.