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[size=36]Najaf Investment is taking several measures to reduce project delays[/size]
Economy | 09:14 - 01/30/2024
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Mawazine News - Baghdad
The Najaf Investment Authority announced that it will continue to develop procedures that facilitate granting investment licenses and attracting capital and foreign investors to establish strategic projects in the governorate.
The head of the authority, Dhurgham Kiko, said in a statement reported by Al-Sabah newspaper, seen by Mawazine News, that the governor of Najaf stressed providing the appropriate environment for investment projects, during the meeting with the relevant departments to discuss these projects, especially the lagging ones, and to address the administrative and legal procedures that hinder the smooth flow of work.
He pointed out that the meeting discussed the possibility of coordination between the Investment Authority and the concerned departments to set a monthly position on the lagging projects, in addition to working to remove violations and obstacles from the lands that are presented as an investment opportunity for the purpose of investors starting their projects, because they are among the most important reasons that lead to the delay of these projects.
Kiko added that the current government program emphasizes facilitating investment procedures, as decisions have been issued by the government to speed up the granting and amendment of licenses, as granting the license currently only takes 30 days, which is the announcement period, and amending the investment license is accomplished within three days.
He stated that the completed investment projects in Najaf amounted to 150 projects in all sectors out of 320 investment licenses granted by the Authority since its establishment. There are currently 60 projects under implementation in varying proportions, while there are more than twenty projects awaiting the conclusion of a contract with the entities that own the land.
Kiko added that the Authority granted 40 investment licenses in the residential sector, through which it provided 40,000 housing units. It also granted 18 licenses in the industrial sector for small, medium and large projects, and paid attention to the education sector by granting 19 licenses, while in the health sector, 14 licenses were granted to hospitals. Health centers operate according to modern and advanced systems, in addition to granting seven agricultural investment licenses, while the largest share was for the tourism sector, with 100 investment licenses.
Regarding the authority’s needs to develop its work, Kiko noted the need to eliminate red tape and bureaucracy in some ministries to speed up the granting of investment licenses. We also need to legislate a law for commercial investment arbitration to gain the confidence of foreign investors and attract foreign capital, in addition to reviewing banking systems.
The Najaf Investment Authority announced that it will continue to develop procedures that facilitate granting investment licenses and attracting capital and foreign investors to establish strategic projects in the governorate.
The head of the authority, Dhurgham Kiko, said in a statement reported by Al-Sabah newspaper, seen by Mawazine News, that the governor of Najaf stressed providing the appropriate environment for investment projects, during the meeting with the relevant departments to discuss these projects, especially the lagging ones, and to address the administrative and legal procedures that hinder the smooth flow of work.
He pointed out that the meeting discussed the possibility of coordination between the Investment Authority and the concerned departments to set a monthly position on the lagging projects, in addition to working to remove violations and obstacles from the lands that are presented as an investment opportunity for the purpose of investors starting their projects, because they are among the most important reasons that lead to the delay of these projects.
Kiko added that the current government program emphasizes facilitating investment procedures, as decisions have been issued by the government to speed up the granting and amendment of licenses, as granting the license currently only takes 30 days, which is the announcement period, and amending the investment license is accomplished within three days.
He stated that the completed investment projects in Najaf amounted to 150 projects in all sectors out of 320 investment licenses granted by the Authority since its establishment. There are currently 60 projects under implementation in varying proportions, while there are more than twenty projects awaiting the conclusion of a contract with the entities that own the land.
Kiko added that the Authority granted 40 investment licenses in the residential sector, through which it provided 40,000 housing units. It also granted 18 licenses in the industrial sector for small, medium and large projects, and paid attention to the education sector by granting 19 licenses, while in the health sector, 14 licenses were granted to hospitals. Health centers operate according to modern and advanced systems, in addition to granting seven agricultural investment licenses, while the largest share was for the tourism sector, with 100 investment licenses.
Regarding the authority’s needs to develop its work, Kiko noted the need to eliminate red tape and bureaucracy in some ministries to speed up the granting of investment licenses. We also need to legislate a law for commercial investment arbitration to gain the confidence of foreign investors and attract foreign capital, in addition to reviewing banking systems.
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