Economic fairs in Iraq... Investment opportunities or formal events?

[size=33]Economic fairs in Iraq... Investment opportunities or formal events?[/size]

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Trade and industrial exhibitions are one of the most important ways of promoting and introducing the investment process in Iraq (Nineveh Chamber of Industry)
[You must be registered and logged in to see this link.]Taha Al Ani
10/28/2022

[rtl]Iraq's interest in holding trade and industrial exhibitions is increasing as the country is heading towards diversifying the economy and revitalizing the private sector, in an attempt to reduce dependence on oil revenues, which cover more than 90% of the country's general budget.[You must be registered and logged in to see this link.][/rtl]
In an important step towards supporting local industries, the city of Mosul witnessed last September 22 the activities of the industrial exhibition "Our Industry, Our Identity", with the participation of more than 100 companies and industrial laboratories from the public and private sectors in various industrial fields and from different governorates of Iraq.

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Numerous exhibitions

In turn, the Chairman of the Nineveh Chamber of Industry, Muhammad Ali Hazem Al-Mashhadani, says that the exhibition "Our Industry is Our Identity" - which was held by the Nineveh Chamber of Industry in cooperation with the Ministry of Industry and Minerals and other parties - is of great importance, as it is a unique opportunity to meet between Iraqi companies from the public and private sectors, which achieves Dating, exchanging experiences and getting to know local products.
Speaking to Al-Jazeera Net, Al-Mashhadani indicates that the establishment of this exhibition, the first of its kind and size in Iraq, sent a message from Nineveh Governorate (north) to all investors that Mosul has returned to its economic position, which he described as "healthy and its land is fertile for investment."
The head of the Nineveh Chamber of Industry stresses that these exhibitions and events give strength to investors, and show them the extent of the stability of the security situation, which allows them to explore distinguished investment opportunities in the governorate, noting that the Chamber is preparing to hold many exhibitions outside Iraq, as well as internal ones in various Iraqi governorates. Such as the exhibition that will be organized at the beginning of next November on the grounds of the Baghdad International Fair.
[You must be registered and logged in to see this image.]The exhibition "Our Industry is Our Identity" is an opportunity for Iraqi companies to exchange experiences and learn about local products (Al-Jazeera Net)

The importance of exhibitions

In the meantime, the management of the Baghdad Investment Authority (a governmental institution) believes that these economic activities represent a real opportunity to attract Arab and foreign investments, attract expertise, and learn about the latest developments in the investment sector, in order to benefit from them in achieving investment goals and achieving economic development that the country seeks to achieve.
In a statement to Al Jazeera Net via e-mail, the authority confirmed that these exhibitions are important in extending bridges of economic cooperation and trade exchange with the countries of the world in light of the reconstruction and construction phase that Iraq is currently experiencing, which will have a great impact on the country's economy in general and the capital, Baghdad in particular.
[You must be registered and logged in to see this image.]Baghdad Investment Authority confirmed that exhibitions are important in building bridges of economic cooperation and trade exchange (Baghdad International Fair)

Support the national economy

The authority expressed its hope that the Baghdad International Fair in its 46th session, expected to be launched early next November, would achieve the results achieved by previous exhibitions from fruitful cooperation between the authority and investment companies, investors and businessmen who were seriously acquainted with the role of investment in supporting the national economy and its importance in attracting heads of state. funds the country and attracting talents who work outside the country.
The companies that will participate in the Baghdad International Fair vary, according to the Baghdad Investment Authority, which confirmed that the majority of them are pioneers in investment activity and in various residential, commercial, educational, industrial and entertainment sectors, considering that these exhibitions are among the most important means of promotion and one of the doors of technological and cultural development, especially that Iraq currently represents A fertile ground for a variety of investment fields.
The Baghdad Investment Commission concludes its comment by referring to the investment experience in the capital, Baghdad, which it described as the "best" in Iraq despite the security challenges and obstacles, which was translated on the ground in granting the commission many investment licenses for various types of projects.
[You must be registered and logged in to see this image.]Al-Shamaa considers that some exhibitions are held for the financial benefit of the organizing body, nothing more (Al-Jazeera Net)

cosmetic exhibitions

The objectives for which the exhibitions are held vary according to the organizer, which is what the economist Hammam Al-Shamaa points out, adding that among them is the promotion of goods, whether they are consumer or production, in addition to introducing foreign companies to investment opportunities inside the country.
Speaking to Al-Jazeera Net, Al-Shamaa adds that these two goals are not available in Iraq now, attributing this to the fact that the private sector is unable to exploit the investment opportunities offered by the exhibitions, which applies to foreign companies that come to search for real investment opportunities, which means that all Those exhibitions do not go beyond being formal, as he put it.
And not only that, as Al-Shammaa believes that some exhibitions are held for the financial benefit that the organizers receive by renting sites inside the exhibitions to the participating companies, commenting, “When I say that neither of the two goals will be achieved, this does not mean this in whole, as it may be achieved in part, But the problem is that the available investment opportunities, despite their abundance, are not encouraging due to the turbulent security and political conditions."
[You must be registered and logged in to see this image.]Sumaisem ruled out the development of the investment sector in Iraq with the presence of the current economic leaders (Al-Jazeera Net)

many obstacles

The Iraqi investment sector faces many obstacles due to the loss of the most important means of attracting investments represented by news related to the security situation, and the legal facilities provided by the Iraqi government to investors, according to economic expert Salam Sumaisem.
Sumaisem adds to Al Jazeera Net that despite the presence of many opportunities, the spread of bad news about the prevailing bureaucracy, corruption and the deterioration of the security situation all lead to the flight of capital, especially since neighboring countries are witnessing many procedures that attract investment and competition for Iraq.
She points out that the instructions regarding investment are not flexible enough to enable them to keep pace with the development in the world, and that these instructions collide with what she described as bureaucracy, which contributes to the growth of corruption and networks that blackmail citizens and investors, stressing that amending the law is not enough, and there is a need to update the instructions and train the supervisory human resources on its implementation.
In light of the presence of the current economic leaders in Iraq, it is not expected that there will be any development in the investment sector, according to Sumaisem, as there is no room for optimism and that the country needs factors and an administrative revolution, which can only be achieved with the presence of people with a mentality that keeps pace with what is happening in the world without Relying on the Iraqi administrative law that has been enacted since the beginning of the last century, according to it.
Source : Al Jazeera
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