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Experts call for offering {the path of development} to foreign investment

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Experts call for offering {the path of development} to foreign investment

Economical 06/04/2023
Baghdad: Hussein Thagheb Al-Tamimi

Experts in economic affairs called for the need to put the development path project on the table of “foreign investment”, while at the same time warning against exploiting this project for political purposes.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, described the role of the development path in reviving the national economy as important, pointing out that

“the work mechanisms must take into account modernity in the implementation of all stages and joints of the project.”  Saleh told Al-Sabah,

"As long as the project is implemented jointly with investors, there is a need for a financing alliance whose stages are being prepared in advance before starting to refer the project to international contracting companies to implement it competitively according to the latest technological and digital specifications in the world."  And he called for "the

need to choose manufacturing industries whose production is interconnected, locally and globally, to make economies of scale, reduce costs, and maximize returns, with a truly tight interconnected plan."

Haider Kazem al-Baghdadi, a specialist in economic affairs, said:

“The development path is one of the important strategic projects for future generations and the future of Iraq, because of its positive aspects, both visible and unforeseen.”  He added,

“The factors for the success of this path require the development of an implementation plan that depends on allocating the necessary amounts for implementation and is not linked to a specific annual budget, because this project is not exploited for any political purpose.”.  On the technical side of the project, Al-Baghdadi said:

“It is preferable that this road be in the form of an artery branching to Jordan, Turkey and Iran for the purpose of benefiting from the advantages of this project and preserving it from commercial competitors, and it is not preferable that it be on one side (a specific country).”

In turn, a member of the Baghdad Economic Forum, Amer Al-Jawahiri, said:

“The development path represents an economic step on the path to achieving sustainable development in its true form, on the basis that it is an integrated and comprehensive project, not only a road and a railway, but will lead to the establishment of industrial and service cities and major ports.”.  He pointed out that

"the path of development must be an important part of the Belt and Road initiative, which includes the establishment of infrastructure and production, service and tourism projects, and there must be coordination with major countries to coordinate mechanisms for linking the east and west of the world, and to reach major agreements that contribute to Bringing major investments,” noting that

“partnerships are important in the implementation and operation of this project.”  And he indicated that

“the project includes commercial points throughout the project and its paths, and

Iraq can be the heart of the real and most important link between the West and the East, and

here it is necessary to work on implementing development path projects that require quick procedures and serious action with all parties to implement such an important project because there are projects International competition,

but the path of development is the most likely to have the ingredients for success and the absence of complex challenges.  Al-Jawahiri stressed that

"Iraq is in dire need to start development projects that have weight in the world, commensurate with Iraq's economic capabilities and move it to a new stage that achieves the benefit of the country and the global economy in general."

Regarding the financial returns of the project, Al-Jawahiri said:

“This matter depends on the exact economic feasibility of the reality of the performance of this project and its details, and it is not possible to set specific numbers for this pillar of the Development Road project.”  Pointing out that

“the project requires a comprehensive and serious move to achieve attracting international and local direct investments in all aspects of the project, which represents a great development movement that achieves financial returns and benefits for all parties, but determining a specific number is not possible at the present time.”

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