Nada Gawdat: The national economy promotes investment
Monday 14 December 2020 34
Baghdad: Haider Al-Rabie and Muhannad Abdul-Wahhab
A member of the Parliamentary Economic and Investment Committee, Nada Shaker Jawdat, stressed the need to facilitate investment mechanisms and overcome difficulties for investors,
stressing that the country will not rise except through investment,
while the economist and professor at the College of Administration and Economics - Al-Mustansiriya University, Dr. Falah Hassan Thuwaini suggested A number of treatments aiming at advancing the investment reality in the country,
putting at the forefront of those treatments, supporting and enhancing the activity of the Single Window Department.
Deputy Jawdat confirmed, during her speech to Al-Sabah, that "the state is moving towards forming strategic plans that support budgets, relying on the national product, reducing imports, operating the maximum number of factories and relying on them to meet the market's need for products."
She called for "facilitating investment mechanisms and overcoming all difficulties that could hinder the work of investors," stressing that
"the national economy will not rise except through attracting investments and capital."
In turn, between Thuwaini, "the importance of facilitating cross-border commercial transactions, and for specialized banks to finance strategic development investment projects, while commercial banks focus on financing short-term economic projects in order to obtain the credit required for investment activity."
Thuwaini pointed out, during his speech to "Al-Sabah", that "there are a number of challenges that impeded the advancement of the investment reality in the country," noting that
"these challenges have negatively affected the advancement of the economic development process, and disrupted the unattractive investment climate generated by the circumstances and political and security factors that constitute The main entrance to every economic activity ».
The economist believes, "There are challenges that are related to economic changes, and include the state's economic philosophy," meaning the economic approach taken, and does it depend on the mechanisms of the free market or is there interference by the government?"
Noting that the Iraqi constitution in (Articles 25 and 26) confirms that the state guarantees the reform of the Iraqi economy according to modern economic principles, in a way that guarantees the full investment of its resources, diversifies its sources, and encourages and develops the private sector, and that the state also guarantees the encouragement of investments in various sectors.
The professor at the College of Administration and Economics stressed that the other obstacles that hampered the investment process in the country were the structural, legal, administrative, organizational and social challenges, as these challenges led to making the business environment expelling the local and foreign investor.
Thuwaini warned of "the continuation of these conditions that represent a threat and squander the available economic, human and material wealth, the results of which have been evident and clear during the recent crises (low oil prices, Covid-19, and before them the confused political and security situation)."
He continued, "The current reality clearly reflects that the main challenge in front of achieving ease in business and then achieving the desired investment is the political and security reality, which is the driving force for domestic or foreign investment and wastes many investment opportunities that represent costs borne by the economy and society."
He called for "supporting and enhancing the activities of the Single Window Department in the National Investment Authority in order to facilitate the work of investors in everything related to investment activity, as well as fulfilling the basic requirements for business establishments at the beginning of the investment project."