You are not connected. Please login or register

Government monopoly of the banks and the deteriorating security situation threatens the future of investment in Iraq

Go down  Message [Page 1 of 1]




A number of economists and investors for the lack of any progressive steps with respect to the investment portfolio in the country over the past years. In addition to the inability of the authorities, whether legislative or executive of the state to find solutions that will remember the advancement of investment and push the economic development process. Pointing out that the main reason for this is due to the absence of a favorable legal environment to facilitate investment operations, in addition to the deterioration of the security situation and the spread of financial and administrative corruption.

A member of the economic and investment commission in the House of Representatives Abdul-Hussein Abtan in an interview for "Wi-News", that "the investment depends on a set of beams and pillars, and that the investment alone is not sufficient to manage this work, despite its importance as a pivotal".

Abtan stressed on "the need for a control system and the fact that an integrated sequence of work and investment companies to facilitate its administrative and financial procedures," pointing out that "previous years have seen the pace of rising corruption in the absence of censorship."

He added, "The House of Representatives made good steps in the area of ​​law by approving the investment law, which was formed on its impact on the body," noting that "legislation is not the problem in the lack of development of investment and that the main problem is the lack of successful management."

He stressed "the need for a system diagnosed glitches and offer suggestions and modifications required by the legislative side."

For his part, said economic expert Ali Ghazal, said that "Iraq needs to provide the appropriate legal environment, and that the investment is not just about Investment Authority."

He noted Ghazal to "the need to enact a law for banks ensures that the work of the investment companies, as well as provide the necessary legislation that will help the existence of banking environment suitable for the granting of loans and bank credit," he said, adding that "all Iraqi banks affiliated to the Central Bank and has no freedom so find an investor significant limitations in financial dealings. "

He said, "The law on the sale and lease of state property (Musataha) No. 21 of 2013 to make way for investors to own land for long periods, but it is not enough."

He added: Ghazal, said, "What prevents the development of the investment sector in Iraq is the lack of insurance companies empowered as well as the overlapping powers and administrative system of primary, which is one of the main obstacles to investment," stressing "the need for a management system ensures that the friction between the concerned institutions and providing facilities in the field of registration of companies which may take several months to get the necessary licenses. "

He continued by saying Ghazal, said that "the biggest blocker inhibits the development of the investment sector is the financial and administrative corruption as well as the security situation and the lack of an appropriate legal environment."

For his part, complained investor, Mohammed al-Salloum of "the difficulty of running a large industrial plants in Iraq, the absence of bank loans and the lack of cooperation from government ministries with industrialists."

Said Salloum, who runs the most important plant for the manufacture of cardboard and paper in Iraq, that "the Iraqi banks do not provide soft loans to the Iraqi industry leads to the collapse of the national industry," he added Salloum, that the oil ministry to Ataataaon well with national factories giant "and impede the provision of fuel Miada to stagger Operating and erratic production. "

It is noted that the investment law gave foreign investors the right trading in the stock market, stocks, bonds, and lease of land needed for the project, and the right is also insurance in the insurance companies on the project, and that the priority recruitment and use of personnel to the Iraqis, as well as the granting of foreign investors and workers in the investment projects, the right of residence in Iraq and facilitate their entry and exit.

The law ensures that the priority recruitment and use of personnel to the Iraqis, as well as the granting of foreign investors and foreign workers in investment projects, the right of residence in Iraq and facilitate their entry and exit to and from the country
[You must be registered and logged in to see this link.]

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum