Free Zone in Basra, Baghdad overtake the recession

Free Zone in Basra, Baghdad overtake the recession


01-08-2013 | (Voice of Iraq) - Add a comment -
Talk | Morteza student | | Basra

Free Zone began in Khor Al-Zubair, 80 kilometers from the center of the province to attract local and foreign investors after a long period of stagnation.

The establishment of this region in 1999, according to the Free Zones Law No. (3) of the 1998 private investment in the free zones, and the idea was to set up is to attract investors and Arab and foreign companies, but it did not play a role economically active in the province at the time because of political circumstances and international surrounding Iraq, including the sanctions Economic imposed on the country at the time.
In the opinion of the Director Free Zone Alaa Mohamed Radi The region passed through several stages before 2003, where she was initially in the form of local investments simple, while causing deteriorating security situation between 2003-2008 decline in investments in the region, but things began to improve after 2009, with the relative stability of the reality of security in Basra.

He adds, "began the free zone to attract good investments and other privileges and foreign companies with a high level, especially after the oil licensing rounds, which provided a lot of investment opportunities."

Radhi confirms that the total investors today than fifty investors representing half of them foreign and Arab companies and the rest Iraqi companies.
And the facilities offered by the free zone "There are tax exemptions as well as the flexibility to work as that of the most important objectives of the free zone is currently working to revitalize other sectors such as the transport sector in all its lines, ports and other service sectors as well as the flow of investment."
The show some المعنين region great optimism in business development and investments that will support Iraq's economy, and in this regard, Engineer Mustafa Hussein says that there are other projects implemented for the first time in the country.
And adds a full, one of the supervisors to work in the Italian company ska "being the Italian ska company project free zone, where the project consists of four oil tanks each with a capacity 5,000 cubic meters tank, a systems analysis and loading from the port will hopefully be completed soon."
Full says that the project is the first of its kind to be implemented in Iraq format investor outside the framework of the Iraqi Oil Ministry.
And require oil projects continuously works to support her as a treatment oil tanker pipe, where it's still broken tools are being sent to other countries to be processed and then returned to the country.
Practically were signs sure to find alternatives to the logistical internal specializing in this aspect, says Omar Lotfi Aref manager of one of these projects supporting "it is essential today that ننشيء companies supportive of the work of oil, as this project is twin project Jebel Ali logistics in the UAE and specialized processing pipeline drilling oil wells, costs amounted to five millions of dollars can be increased. "
And Iraq has already signed contracts with a number of foreign oil companies to develop oil fields discovered.
Includes Basra (550 km) south of Baghdad, the giant oil fields in West Qurna, Majnoon, Rumaila, as experts estimate there are 60 per cent of the total oil in Basra, Iraq, while the city issued two million barrels of oil per day at the moment.
The initial forecasts indicated that the country's production of crude oil will reach 12 million barrels per day by the year 2017, except that the more conservative specialists stopped when the roof of 8 million barrels per day, where they built that percentage on the basis of political and security conditions unstable.
In return for investment ambition and desire to work in the free zone not overlooked supervisor number of problems faced by foreign companies specialized in the field of oil, mainly related to obtaining a visa and residence, has contributed to block the entry of foreign experts.
Says flower Albjara member provincial council in Basra that the visa difficulties pay investors who want to work inside Iraq to the sense of despair.
She adds, "Previously accommodation granted by the book draws from the Investment Authority or the Council or the Office of the province but today issued a new instructions shall not be granted residence under without the approval of the prime minister exclusively, which is extremely complex and impractical cause confusion and clear for foreign investors and thus reluctant to demand for investment in Iraq. "
Economists believe that the trend towards giving officials access and accommodation facilities for foreign workers in the oil companies would be an additional incentive for the development of the oil industry undergoing a remarkable recovery.
And confirms the economic expert Falah Hassan said that "to facilitate the task of the entry of foreigners working in the field of oil to Iraq began enjoys the attention of the Ministry of Oil, as representatives of the oil companies complain that won oil licensing rounds of the difficulties faced by their cadres to get visas.
For its part, calls for the province of Basra that management allow them to the central government to grant a visa to foreigners, on the grounds that the province has the largest number of foreign oil companies.
Officials justified in maintaining their claim that in that the limitation of the decision to grant visas to the central government in Baghdad will lead to the reluctance of investors to come to Basra.
And beyond the problems of visa and residence of international oil companies to other foreign companies operating in Basra, a company specializing in the fields of transport, and communications ports.
This story has been done through Mentorship program, a training project for young journalists in the "Media Academy - Iraq", in collaboration with the site correspondents "talk" in the various governorates of Iraq. Coach single Ghanem


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