Iraq is the gateway to future Gulf investments

Iraq is the gateway to future Gulf investments

30/05/2017

The Gulf states, including Saudi Arabia and Qatar, want to invest in Iraq, which will make the country a destination for attracting investments in the region.

According to experts and specialists in economic affairs, Iraq has a great historical opportunity to support and develop its economy after the desire of countries and international companies to invest in its territory, because it possesses the elements of investment in various economic sectors.

A Saudi government delegation led by Saudi Energy Minister Khaled al-Faleh visited Baghdad last Monday and met with officials in the federal government to discuss the energy issue and the extension of the OPEC agreement to reduce production. The delegation also expressed his country's desire to invest in Iraq in various economic sectors.

A few days ago, Qatar's foreign minister visited Iraq and told Iraqi government officials that his country was interested in strengthening bilateral relations in various fields, including economic ones.

"The Gulf rapprochement with Iraq comes after Iraq managed to impose itself in the region by fighting the terrorist organization and also playing a major role in reducing oil production in the Organization of Petroleum Exporting Countries (OPEC), as well as international support to Iraq in various fields," said Adel al-Mandalawi. .

"Iraq has a great and historic opportunity to exploit these new relations and the rapprochement with countries to attract investment in various sectors, especially as it is suffering from a major financial crisis. Investment will solve a large part of the crisis in the country," Mandalawi told Agence France-Presse.

He pointed out that "Saudi Arabia is considered a large economic countries, which have high capital and its desire to invest in Iraq and the opening of a new economic page with Iraq will create a large economic and trade movement between the two countries and in return will serve the Iraqi economy."

He explained that "the Gulf countries, including the UAE and Qatar will follow the footsteps of Saudi Arabia to open more economic relations with Iraq, especially in the field of investment." He explained that "the exploitation of this opportunity requires the creation of a safe investment environment and overcome difficulties for investors to bring foreign investment."

The delegation, which included a number of Jordanian investors and businessmen, told President Fuad Masum during his recent visit to the Hashemite Kingdom of Jordan that they have a desire to invest in Iraq, but there are difficulties facing their work in Iraq, demanding to overcome all difficulties to come to Iraq for the purpose of investment in various sectors.

The new investment law granted large facilities to foreign and local investors, but the law is still not working properly, the parliamentary committee on economy and investment said.

"There is an international desire, including the Gulf states, to invest in Iraq, but the administrative routine that most state institutions suffer from has killed investment in Iraq and will stand against all attempts to create an investment environment in the country," said Najeeb Najib, a member of the committee.

"The absence of political will to support the economy and investment behind the delay faced by the investor in the country, and the deterioration of security conditions in some provinces impact on the arrival of foreign companies to work in the country, indicating that the amended investment law there are no problems and granting all facilities to foreign and local investors. Ending / 8 /

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