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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Can Iraq make the most of foreign investment?

    Rocky
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    • Post n°1

    Can Iraq make the most of foreign investment? Empty Can Iraq make the most of foreign investment?

    Post by Rocky Sat 23 Dec 2017, 1:32 am

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    Can Iraq make the most of foreign investment?


     Baghdad / Nour Ali 

    A number of MPs and economists demand the need to amend the investment law including a text forcing foreign investment companies wishing to work in the reconstruction of Iraq, the use of local labor to eliminate unemployment, while calling for investment to be directed to improve the agricultural and industrial sides and revitalize important sectors, Stressed that the process of attracting foreign investment to the country will be only through the enactment of laws to ensure the protection of investors by ensuring the safety of their money and the freedom to transfer their profits and provide a safe environment for them.
    In a recent report, a US official said that the foreign investor has begun to attract to work in Iraq, especially after the improvement of the security situation and the announcement of the defeat of a supportive organization in the country, comes at a time visiting a number of delegations and investment companies European and US foreign ministers in Iraq, wishing to contribute to the reconstruction process in the liberated areas. 
    Although Iraq is opening up new horizons for building by attracting these companies to invest in it, according to a member of the parliamentary economy, Mohammed Abbas Salman, also demands that this investment under certain conditions contribute to the operation of a large proportion of local labor to eliminate unemployment, Such investment should also be directed towards improving the agricultural and industrial aspects of the country, thereby reducing imports by working on the production of a national industry and agriculture that provides liquidity within the country.
    "We welcome the Chinese investment companies that have recently entered Iraq to contribute to the reconstruction of Iraq by working in various economic sectors," Salman said in an interview with Al-Mada. "The developed countries with great economic expertise, Iraq today are in dire need. And the expertise of its companies, especially in light of the difficult economic conditions we are experiencing. 
    On 2-11-2017, the World Bank announced that it had agreed to finance an additional $ 400 million grant to help rebuild services in some areas of Iraq that had recently been freed from the grip of an oppressive organization.
    "The availability of a safe environment and the amendment of the investment law, in a manner that attracts foreign direct investment, with the creation of legal legislations that guarantee the protection of foreign investors and their companies, are important steps that will have a role in attracting investment companies," said economist Risan Hatem. "It is therefore important that there be a provision in the Investment Authority Law that compels these foreign companies operating in Iraq in the field of investment to use local labor in order to contribute to tackling the problem of unemployment." 
    He continued: The provision of a safe environment for foreign investment will reflect positively on moving the wheel of the Iraqi economy, and will contribute to the revitalization of important economic sectors such as oil, housing, real estate and other sectors, which are a priority in the issue of directing the capital of foreign investors to it.
    The Prime Minister Haider Abadi, stressed on Wednesday, 20 January 2017, the importance of streamlining procedures for investment activity in Iraq, calling for the announcement of investment opportunities to activate the movement of reconstruction and economy, comes at a time when the Norwegian Parliament voted to grant Iraq 50 million $ To assist in the reconstruction process. 
    The phenomenon of unemployment in Iraq is increasing as a result of the expansion of its types and its interference against the background of the continuation of the development efforts, the aggravation of the external debt, the political and security conditions faced by the Iraqis since 2003 until now, as well as the tyranny of financial and administrative corruption, and the imbalance of the system of laws on investments, labor market and movement of funds.
    Statistics indicate that Iraq is in the forefront of the Middle East with an unemployment rate of 59% of the labor force, 31% temporary unemployment, 43% of the unemployment rate, and 85% in Iraq.



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