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Free Zone in Khor Al-Zubair is witnessing increasing investment activities

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08/28/2013 12:00 AM

After the conclusion of several contracts with different nationalities
Baghdad - Mostafa Hashemi
play free zones play an important role in maximizing the resources of the State Finance for being one of the factors that attract foreign investment because of its laws flexibility and facilities include tax exemptions and reduction of customs duties in addition to low Ajuralamalh what encourages the establishment of projects with industrial or commercial character.
In this context counting academy economic contracts entered into by the General Authority for Free Zones of the Ministry of Finance with investment companies that offers a great service to the national economy. He said Tahsin Ali told (morning): that this method investment successful and serve the national economy by giving the opportunity for investors and local merchants proximity of each other and recognize the expertise of each of them to serve the parties through the reduction of customs duties and tax breaks. traders and investors and Free Zones are areas fall within the borders of the state geographical and under the full sovereignty, and allow the passage of imports without fee كمركية also allow for re-export after some operations of goods semi-processed. , and pointed out that the free zones in Basra are the most active in Iraq and to its geographical location near the ports as granted a contributing factor to attract investors. The General Authority for Free Zones has announced the conclusion of the first half of this year, 12 investment contracts with a number of international companies from different nationalities, as well as local companies. He noted academic economic that the advent of the investment companies allows traders to Iraqis the opportunity to showcase their goods and products in the free zones, taking advantage of the facilities and flexibility of lack of fees paid by companies to Iraq in order to achieve economic environment that serves both sides. site strategic and explained that this process contributes to the development of governmental and private sectors on the extent Whether because it will generate a market for the exchange of commercial and industrial widest be taking advantage of the attractions of the exemptions from customs duties. Iraq has three free zones in the provinces of Nineveh and Basra and Anbar, said that the region is free in northern Mosul, called Fulayfel an area of 160 dunums scalable, indicating The Free Zone in Qaim is located in Anbar Province, and on the Iraqi border - Syria and an area of 28 dunums scalable, noting that the free zone in Khor Al-Zubair located in Basra and an area of 400 acres scalable, noting that it Situated strategic overlooking the Arabian Gulf, making it the focal point important geographical lines of international trade between the East and the West. He pointed out that areas Fulayfel in Mosul and the existing Free Zone do not see a similar activity due to the circumstances of each area and what it reflected the effects of its neighboring countries. He explained that the free zones achieve an increase in state revenues from foreign exchange through fees and rents paid by companies and investment projects to the administration of the free zone in the province is maximizing the resources of the state finances. competitiveness and added academic economic free zones are a factor employed by states to attract and encourage foreign investment and national for its facilities and privileges كالحوافز tax and customs and labor are relatively cheap enables companies invested in increasing their competitiveness and thus achieve a greater return them. and Free Zones differ from free markets in the recent words for places are sold consumer goods complete manufacturing for individuals transients Airports and ports in various countries, whether domestic or foreign goods without making any industrial operations on these goods in those markets and sales are within the limits of personal consumption for individuals traveling to absorb foreign currency and promoting tourism. And was named the free zones that name because it liberated from the shackles of customs and import and export. signing of a contract The General Authority for Free Zones of the Ministry of Finance announced yesterday Tuesday concluded a contract with a company boss General Trading Co., Ltd. to invest in the free zone Incense Zubair. A statement by the Authority received (morning) a copy of it entered into a contract with a company boss General Trading Co., Ltd. to invest the free zone in the Khor Al-Zubair, located in the province of Basra, adding that the project area reached 9,000 square meters and activity specializes in general trade. noted that free zones have seen in recent recent growing blockbuster business and major Arab and international companies and local investment to take advantage of privileges and incentives and investment opportunities offered by these areas.
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