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Investors continue to flee Iraq..the investment law does not protect them from blackmail

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2021/06/13 20:35     number of readings 1648     Section : citizen journalist


Investors continue to flee Iraq..the investment law does not protect them from blackmail

Baghdad / Obelisk: The books of a specialist.. All countries of the world with different economic doctrines, including socialism and capitalism, with open or central market economies, all without exception are built on the basis of investment.

And investment only is the builder of nations, achieving urban and civil progress, increasing national production, developing the economy, eliminating unemployment, preserving state resources and sustaining life in the country.

But in Iraq, everything is different.

As soon as investment in work began more than 15 years ago, the Iraqis rejoiced in goodness, and their capital was eager to work, sacrifices, experiences and risks, despite the difficult and very complex conditions of Iraq.

Thousands made progress by investing their capital in their homeland and inviting Iraqi investors in neighboring countries to return to their homeland, employ their compatriots, and build their cities.

But a small flaw was added to the amended Investment Law No. 13 of 2006, which is the formation of local investment commissions in the governorates.

And this was the cancer that killed investment in Iraq and turned the dream into a terrifying nightmare, especially after the sources of corruption and theft of state funds had dried up. The mafias of corruption and theft, eating haram money, extortion, bribery and commissions, turned to drying up investors’ pockets and bringing their projects to their knees, even if these projects stopped.

These mafias turned fiercely, openly, and as clear as the sun's rays to competition and the rise of extortion exchanges and dirty royalties turned to Iraqi and foreign investors alike.

Flee who fled, especially the foreigners who left Iraq forever. Many Iraqis returned to the countries of the diaspora in order to preserve what was left of their money after losing millions of dollars in their country.

Unfortunately, the investment authorities in the governorates turned into hotbeds for blackmailing investors, and the cancerous disease spread like wildfire.

This is the reason for the collapse of the reputation of the climate and the Iraqi investment environment as a whole, and Iraq has become one of the most dangerous countries in the world for investment.

Therefore, it became imperative for the central government to take immediate measures and quick decisions to stop this horrific deterioration, taking quick steps, as follows:

First: Freezing the work of investment commissions in the governorates

Second ; Assigning the National Investment Commission to run the work of the provincial investment commissions

Third: Considering the investment authorities in the governorates as branches of the National Investment Commission

Fourth: Working to amend Law No. 13 of 2006 amended in the House of Representatives and abolish the provincial investment commissions because they have completely failed to preserve the national secretariat

All these procedures are legally available to the Council of Ministers and to the Prime Minister under the law, which is a supreme national interest.

Note that most of the boards of directors in investment bodies and their heads are illegal and lost the legal cover for their formation after the abolition and praise of the provincial councils in the first place and exceeding the legal periods originally permitted by law.

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