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Disclosure of the most prominent investment opportunities available in Iraq

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Disclosure of the most prominent investment opportunities available in Iraq

Economie    Yesterday, 19:53
Baghdad - conscious - Amna Al-Salami

The investment sector in Iraq was exposed to obstacles and problems that negatively reflected on the service reality of the Iraqi citizen with the high rate of unemployment,

but the recent government moves have renewed hope for the development of investment after taking several measures, including

granting facilities to investors and

eliminating corruption and red tape in completing transactions in addition to

providing a safe environment with the aim of Providing large service projects that provide services and job opportunities for Iraqis.

Observers and specialists confirmed that investment in Iraq, so far, is not at the required level, and

there are a number of measures that must be taken to put this file on the right track.

Practical measures to support investment

The head of the Investment Authority, Suha Al-Najjar, told the Iraqi News Agency (INA), that "the commission has been continuing for a year of continuous work with successes despite the challenges it faces," noting that

"the most prominent thing that the commission has done in the field of investment in the service of citizens is the Rafael city project, which is considered A supportive administrative capital for the capital, Baghdad, and the accompanying tangible economic and social reflection on the Iraqi economy for its active and expected participation in solving part of the problem of increasing population expansion and the accompanying urgent need for housing with its contribution to absorbing a percentage of unemployment by providing large job opportunities up to (100) thousand opportunities a job".

Al-Najjar added, "Under the guidance of Prime Minister Mustafa Al-Kazemi, the first down payment from the Bismayah City project was reduced from (25%) to (10%) of the value of the housing unit in a supportive step for this housing project and a 50% reduction of the interest rate. To be (2%) instead of (4%) and in proportion to the standard of living of a large segment of citizens, in direct coordination with Iraqi government banks.

And regarding the control of corruption in the investment file, Al-Najjar confirmed, “The doors of corruption have been controlled in tax exemptions through which building and other materials are entered into the country without paying customs duties, as it is exempt from that, and which represents a blow to the Iraqi economy and a boost to unemployment, through the formation of A department in the authority employs the best talents and specialists to monitor those exemptions and imported materials,” she asked,

“How can local products compete with foreign products that entered while they are exempt from customs?”

And she added, "The doors of corruption have also been controlled in granting entry visas that are granted to investors to bring in foreign workers and enter company cadres and the corruption that occurs in it, as some non-serious investors work to bring in hundreds of foreign workers and the visas are sold to them or they receive fees from the coming people." To work in Iraq,” she explained,

“The commission has checked all the features included and excluded any suspicious features.”

She explained, "The investment licenses that recorded a completion rate ranging from (zero - 35%) have been withdrawn and canceled, and the time period available for project implementation has expired," noting that

"the authority continues its procedures related to withdrawing investment licenses for lagging projects after studying them by specialized committees to determine the The circumstances of each project and the reasons for the delay in coordination between the National Investment Commission and the investment authorities in the governorates.

The head of the Investment Authority stressed that "there is great cooperation to identify those uncompleted and lagging projects to support the reality of investment in the governorates. "Direction to expand the area of investment regionally and globally

For her part, a spokeswoman for the Investment Authority, Hanan Jassem, told the Iraqi News Agency (INA), that "the current year 2022 will witness qualitative and real leaps in the investment file," explaining that

"the authority is interested in developing and expanding investment in a number of files, most notably the alternative solar energy for electric energy by virtue of need.

The increasing growth of Iraq from this energy, as well as in the field of residential complexes, and other areas."

Jassim continued, "Our next plan includes directing Arab and local investment, as well as foreign investment."

Large areas for investment

A spokesman for the Ministry of Agriculture, Hamid Al-Nayef, tells the Iraqi News Agency (INA), that "with regard to investment in Iraq, especially in the field of cultivated areas, the areas exist, especially in the Muthanna Governorate, which is estimated at up to one million acres, as it was also offered for investment and placed under the supervision of The National Investment Commission, which is responsible for contracting and working," he said, noting that

"local investors do not invest in Iraq because of the laws."

Al-Nayef stressed, "the need for there to be a special agricultural law for investment, with the provision of facilities."

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