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Foreign investment and economic development
Economical 2023/08/26
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Dr.. Saad Al-Taie
Investment of all kinds, whether it is in the productive, economic, informational, extractive sectors, heavy industries or service sectors, is one of the important factors for the revival of the economies of countries, especially countries that are lagging behind in the areas of economic progress or countries that seek growth.
Investment, especially foreign, provides good capital, in addition to providing technical human expertise with experience and specialization in the fields of projects in which it is working to invest. Although foreign investment has many negative aspects, due to its coming in order to achieve profit in any form, without taking into account the national interests of citizens and the country in which it invests and without taking into account many value considerations that the investing community may believe in or other negatives and drawbacks that may Indicates the parties behind the investment projects. However, foreign investment largely has many positive aspects as well.
Investment opportunities are often available to foreign entities in developing countries in general in fields that require the availability of expertise and large capital, which these companies obtained due to their professional and administrative history in the fields in which they operate. However, bringing in foreign investments often collides with bureaucratic procedures that impede their work.
At a time that requires the provision of conditions for success in the management of economic projects in general, the most prominent of which is the speed of decision-making, the distance from slackness in the job, the lack of decision-making circles, taking into account the full time as much as possible, the keenness to retain customers, the keenness to attract more investments, and the keenness to pay close attention to the creativity factor.
All are very necessary factors for success and the provision of a suitable climate or environment for economic activities, in addition to the availability of legislation, the provision of facilities, and the provision of factors of safety and confidence for investors in preserving their capital or the assets of the projects in which they have invested.
Which necessitates the competent authorities in our country to make major reforms in the field of legislation related to foreign investment and carry out major administrative reforms aimed at eliminating routine procedures that hinder investment activities and work to encourage the arrival of investment companies and provide good and appropriate opportunities for them, in addition to providing a safe environment for their work and everything that to facilitate its arrival. All this must be done in a way that balances the economic considerations and interests of our country. At the same time, consideration should be given to providing encouraging factors for foreign investment companies to enable them to come to our country and to achieve financial gains for them to sustain their survival and develop their business and to achieve permanent benefits and gains for our national economy.
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