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Economists: the investment process needs to sober legal environment and banking system evolved for advancement
Report/Hussein Faleh-19/12/2012-7: 54 pm
Despite
the availability of investment opportunities in all economic sectors
but investment in Iraq wheel remains slow, for a number of reasons
including the legislative aspects and the banking system and the long
routine in State services, what made investors reluctant to invest in
the country.
It
has a number of lawmakers and economists that investment constraints
require a sober Act facilitates the investment operations and reduce red
tape in review and a well-developed banking system works in accordance
with modern international systems.
Member,
Committee on the economy and investment the National Alliance Deputy
abdulabbas sheyaa, said that the entire investment is a new topic to
Iraq, promote it needs to several factors including legislative legal
environment healthy and sober with the existing development in the
process of granting leave in the world without constraints.
Sheyaa
said: despite the existence of good law for investment only when it is
applied on the ground come up against many obstacles and impediments
subject relating to ownership of land and overlap between departments
and ministries and a bureaucracy and complexity in procedures.
He
added: you must modify the investment code and add paragraphs remove
some obstacles and facilitate investment procedures for granting leave
to attract investors to invest in Iraq, noting that the investor when
the leave request process two or more to complete the procedures for the
granting of leave which makes investors averse and find other places
attractive for investment.
The
Iraqi Government announced earlier that Iraq agreed Monday to encourage
foreign investment and provide all guarantees and success.
As
an economist by the name of Jamil, confirmed many constraints prevented
the advancement of investment process in Iraq, there is no legal
environment despite the investment law but the law alone cannot resolve
all the obstacles and barriers to investors when they come to invest.
Nice
said: the report issued by the World Bank put Iraq in the latest
rankings of the States in the area of investment and select a number of
constraints which impede the investment process in the country, and to
take advantage of the recommendations identified by the International
Monetary Fund to overcome the obstacles and promote the investment
process.
He
added that investment has a significant role in the economic
development of the country should encourage investment and corporate
income by removing all obstacles and amending legislation.
According
to the survey of companies conducted by the Bank, pointed out that Iraq
is ranked the worst in the world for 165 to do business on the three
biggest obstacles to it: the lack of electricity and insurance
instability and corruption.
In
General, Iraqi companies lose 22 percent of sales because of what the
World Bank poor investment climate "and is much greater than the losses
suffered by companies in Yemen, Lebanon, Egypt, Jordan and Morocco.
While
the decision of the Commission on the economy and investment the
Kurdistan blocs Coalition Deputy mohama Khalil, a number of constraints
that have made Iraq Saturday in the area of investment, including the
security situation and economic and financial corruption which in most
government departments and legislative regulations difficulty expelling
investment expropriation of land, in addition to the failure of the
banking system.
Khalil
said: a bunch of decisions and laws supporting investment and
restructuring of the banking sector and make it a global system, in
addition to solving political problems and the fight against corruption
to provide a secure environment for investors and encourage them to
invest in Iraq.
The
Iraqi Parliament approved in October 2006 Iraqi investment law, which
was at that time that it would open the doors wide open to foreign
investment, due a lot of facilities to foreign investors, many foreign
companies remain reluctant because of fears of unstable security
realities in Iraq, adding that the law did not give investors the right
to ownership of the property for the project, and equated the Iraqi and
foreign investor in all privileges, with the exception of real estate,
owns يمکن foreign investor from land rental for 50 years, renewable.
National
Investment Commission announced, in (October 25, 2011), was the third
amendment to the investment law No. 13 of 2006, which was amended in
2009, with the new system with the establishment of six free economic
zones and investment in Iraq, confirmed that Iraq would be the fastest
growing globally over the last two or three ahead.
23/5/1219: under/Ali Salman
[You must be registered and logged in to see this link.]
Report/Hussein Faleh-19/12/2012-7: 54 pm
Despite
the availability of investment opportunities in all economic sectors
but investment in Iraq wheel remains slow, for a number of reasons
including the legislative aspects and the banking system and the long
routine in State services, what made investors reluctant to invest in
the country.
It
has a number of lawmakers and economists that investment constraints
require a sober Act facilitates the investment operations and reduce red
tape in review and a well-developed banking system works in accordance
with modern international systems.
Member,
Committee on the economy and investment the National Alliance Deputy
abdulabbas sheyaa, said that the entire investment is a new topic to
Iraq, promote it needs to several factors including legislative legal
environment healthy and sober with the existing development in the
process of granting leave in the world without constraints.
Sheyaa
said: despite the existence of good law for investment only when it is
applied on the ground come up against many obstacles and impediments
subject relating to ownership of land and overlap between departments
and ministries and a bureaucracy and complexity in procedures.
He
added: you must modify the investment code and add paragraphs remove
some obstacles and facilitate investment procedures for granting leave
to attract investors to invest in Iraq, noting that the investor when
the leave request process two or more to complete the procedures for the
granting of leave which makes investors averse and find other places
attractive for investment.
The
Iraqi Government announced earlier that Iraq agreed Monday to encourage
foreign investment and provide all guarantees and success.
As
an economist by the name of Jamil, confirmed many constraints prevented
the advancement of investment process in Iraq, there is no legal
environment despite the investment law but the law alone cannot resolve
all the obstacles and barriers to investors when they come to invest.
Nice
said: the report issued by the World Bank put Iraq in the latest
rankings of the States in the area of investment and select a number of
constraints which impede the investment process in the country, and to
take advantage of the recommendations identified by the International
Monetary Fund to overcome the obstacles and promote the investment
process.
He
added that investment has a significant role in the economic
development of the country should encourage investment and corporate
income by removing all obstacles and amending legislation.
According
to the survey of companies conducted by the Bank, pointed out that Iraq
is ranked the worst in the world for 165 to do business on the three
biggest obstacles to it: the lack of electricity and insurance
instability and corruption.
In
General, Iraqi companies lose 22 percent of sales because of what the
World Bank poor investment climate "and is much greater than the losses
suffered by companies in Yemen, Lebanon, Egypt, Jordan and Morocco.
While
the decision of the Commission on the economy and investment the
Kurdistan blocs Coalition Deputy mohama Khalil, a number of constraints
that have made Iraq Saturday in the area of investment, including the
security situation and economic and financial corruption which in most
government departments and legislative regulations difficulty expelling
investment expropriation of land, in addition to the failure of the
banking system.
Khalil
said: a bunch of decisions and laws supporting investment and
restructuring of the banking sector and make it a global system, in
addition to solving political problems and the fight against corruption
to provide a secure environment for investors and encourage them to
invest in Iraq.
The
Iraqi Parliament approved in October 2006 Iraqi investment law, which
was at that time that it would open the doors wide open to foreign
investment, due a lot of facilities to foreign investors, many foreign
companies remain reluctant because of fears of unstable security
realities in Iraq, adding that the law did not give investors the right
to ownership of the property for the project, and equated the Iraqi and
foreign investor in all privileges, with the exception of real estate,
owns يمکن foreign investor from land rental for 50 years, renewable.
National
Investment Commission announced, in (October 25, 2011), was the third
amendment to the investment law No. 13 of 2006, which was amended in
2009, with the new system with the establishment of six free economic
zones and investment in Iraq, confirmed that Iraq would be the fastest
growing globally over the last two or three ahead.
23/5/1219: under/Ali Salman
[You must be registered and logged in to see this link.]
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