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Trade announces its support for investment companies in the country

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Trade announces its support for investment companies in the country

Saturday, October 9, 2021 7:05 PM
Baghdad/National News Center


Today, Saturday, the Ministry of Commerce announced its support for investment companies in the country, while revealing a plan to facilitate the registration of companies and the payment of fees.

A spokesman for the Ministry of Commerce, Muhammad Hanoun, told the official agency, followed by the “National News Center”, that “the Ministry of Commerce, through the issuance of import licenses and the work of the Companies Registrar Department, was able to provide and facilitate transparent and clear procedures to assist investors and help businessmen and foreign companies to obtain licenses for these companies. Whether it is public or private, or branches of international investment companies in Baghdad and the provinces.

Hannoun added, "The ministry is currently working on the automation system and facilitating the task of auditors for the Companies Registrar Department and the General Company for Exhibitions and Commercial Services, and a few days ago an agreement was reached with an electronic payment company in order to help these companies pay through the use of electronic technologies," noting that

"the Ministry It facilitated a lot of revisions and the deadly routine that was happening in previous years.”

He stressed, "These measures contributed significantly to easing the burden on investment companies to obtain opportunities inside Iraq, as well as import licenses for materials entering Iraq through border gates and outlets."

On the ministry’s plan to provide construction materials for housing projects, Hanoun said, “The Ministry of Commerce worked to support the General Company for Trade in Construction Materials, one of its formations, by providing facilities to obtain construction materials involved in construction and reconstruction.”

He pointed out that "the company currently has contracts for materials that enter into ceramics and others that enter into iron in order to compete with the local market and provide support to citizens and companies involved in the construction and reconstruction process," noting that

"the ministry was facing problems from entering materials that do not conform to the controls and at very cheap prices, which forced The citizen has to buy them, even though working with these materials causes major problems, especially those related to construction and reconstruction.”

He pointed out that "the Iraqi local market is currently open, and the entry of materials in this qualitative quantity causes future problems related to sobriety, but what makes the company compete in the coming days is the sobriety of the materials it imports, as well as its subjection to the standardization and quality control device and the adoption of Iraqi controls in import operations."

Regarding the import of foodstuffs, Hanoun said, “The Ministry of Agriculture is concerned with the agricultural calendar, while the Ministry of Trade is concerned with drawing up trade policy and it has the right to interfere in the issue of foodstuffs entering Iraq, but the Law of the Ministry of Agriculture allowed it to prepare the agricultural calendar and therefore it is the one who sets the policies related to the import of foodstuffs and materials related to the needs of the citizen.”

He stressed, "The necessity of forming a governmental committee that will take upon itself the setting of the agricultural calendar and the materials included in it, as well as drawing up the commercial policy on the issue of importing foodstuffs," noting that

"the Ministry of Commerce sees the necessity of importing foodstuffs and setting special controls in import operations to allow the national product to exist." very large in the local market.

He stressed, "This presence should be determined by specific and clear controls that allow the national facility to have a large presence and take its role in the process of meeting the citizen's need for foodstuffs," noting that

"what is currently happening is stopping many materials and preventing them from entering the local market because of National Product Support Mechanisms.

And he continued, "The Ministry of Commerce also sees that product support is a necessity and a goal, and it is one of the policies adopted by the ministry, but it is also the citizen's right to have his needs and special requirements provided within controls imposed on the importer while preventing him from competing with the national product by defining private and public frameworks.".

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