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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraqi minister admits: 40% of investment projects is not economically viable

    Rocky
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    Iraqi minister admits: 40% of investment projects is not economically viable Empty Iraqi minister admits: 40% of investment projects is not economically viable

    Post by Rocky Mon 04 Sep 2017, 2:53 pm


    Iraqi minister admits: 40% of investment projects is not economically viable


    (Reuters) - Iraq's acting minister of industry, Mohamed Shiaa al-Sudani, said on Monday that 40 percent of state investment projects were "economically unproductive".
    Al-Sudani said in an interview with a local channel that "the state allocated 13 billion dollars (during the current year's budget) to the investment plan, but 40 percent of these projects are not economically feasible, Privatization, while the plan was wasted and did not benefit from the expected level. "
    He continued by saying that "traders exploited the paragraphs in the budget law and support the state in the conclusion of commercial contracts to serve their interests."
    The Iraqi parliament approved in 2015 amendments to the Investment Law No. 13 of 2006 with the aim of creating an encouraging and appropriate climate for investment in all sectors and granting privileges and exemptions and soft loans attractive to investors who are usually reluctant to enter the Iraqi market to deteriorate the security situation.
    The amendments also allowed the ministries to participate with the private and mixed sectors to qualify and operate their companies to reflect positively on the economic development and reconstruction of Iraq.
    But corruption remains the biggest obstacle to investment and other projects in Iraq. Iraq is among the world's most corrupt countries under the Transparency International Index over the past years.
    During his tenure as Acting Minister of Industry, the minister referred 121 contracts to the Integrity Commission, an independent body linked to parliament to investigate corruption cases.
    Al-Sudani has been head of the acting ministry of industry since August, succeeding Minister Mohammed al-Daraji, who earlier resigned from the cabinet along with six other ministers to allow Prime Minister Haider al-Abadi to appoint competent technocrats instead of ministers nominated by parties.
    "The Sudanese" that "one of the most important problems facing the Iraqi market is the exposure to deliberate dumping of goods from regional countries and other countries," asserting that "57 of the Iraqi factories are still working."
    Iraq has infrastructure in various sectors, including industry, as a result of decades of war and siege.
    The country was transformed after the lifting of the embargo in 2003 to one of the largest importers of goods of various kinds, and specialists say that the Iraqi industry does not have the ability to compete with the imported product so far, which prompted the country to pass the law on the protection of local product.
    However, the "Sudanese" says that the government is still reluctant to apply the law "all the justifications and excuses," pointing out that "state institutions unfortunately put obstacles in the production of the national product."
    He pointed out that "Iraqi industry in a setback since 2004, and the Ministry of Industry did not invest the real support provided to them."
    Iraq's economy is considered to be profitable, relying on oil sales revenues to finance up to 95 percent of state expenditure.

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