Economist: Capital Market disability Iraqi threat to the path of economic development in the country

Economist: Capital Market disability Iraqi threat to the path of economic development in the country



08-10-2013 11:34 AM





Baghdad (news) .. Called economic expert gentle Abdul Salem Okkaily, the need to encourage investment and transform state-owned enterprises convertible to contribute to the support and development of the Iraqi market for securities. Ugaili said in an analytical study prepared (of the Agency news): that Iraq will depend on the task of providing most of the needs of daily goods on the markets of the various countries of the world, where he became the import process constitute a drain on the ongoing financial resources and reserves of hard currency, which led to the marginalization of the area of national production, and increasing unemployment. continued: We have no doubt the seriousness of this fact on the overall economic activity, which imposes on the State drain resources natural to cover the amounts of imports, as well as providing employment opportunities formality in the apparatus of government; to absorb unemployment without any added value, which leads to the threat of an important state in the construction of socio-economic and political development. added: that the Iraqi constitution select the general directions of the state in the face of the economic problem Depending on the support of the private sector and development, as well as to encourage investment, but the results of the application the final on the ground were not successful; due to the adoption of administrative leadership style is difficult, and overlooked Acer ways and easy. stressed Okkaily: The application of the Constitution in this context requires the promotion of investment, which can be accomplished in terms of scientific according to two methods, the first direct method goal display opportunities on local and foreign investors to exploit them directly, for example, but not limited to being offered opportunities to create hotels, industrial plants, farms, and residential complexes and other activities to investors who wish to exploit. increased in the study : It is obvious that adopts the National Investment Commission and its branches in the provinces this work, which is one of the important objectives that are imposed on the National Investment Commission be given the attention it deserves, despite the difficulties and complexities derived from the requirements that are no longer available in Iraq now form the right. explained: it in the forefront of transaction system address smooth, legislation integrated, in addition to the need for solutions to more realistic problem of land and the overlap between ministries and between the provinces and the methods of funding and other needs. pointed to: The second method is the method of indirect investment, which depends on the establishment of joint-stock companies and ask shares to investors who subscribed it, and the election of the Board of Directors is able to implement its objectives, a method is easy and underwriter to achieve the flexibility desired by many foreign investors and the Iraqis, in addition to its ability to collect savings small, medium and large in Bodqp one represents the company's shares. between Okkaily in the study : There is no sin against say that the Iraqi government owns hundreds of companies and institutions convertible into joint stock companies, along with Iraq's possession of many investment opportunities in the convertible, as well as the possibility of the conclusion of hundreds of contracts massive convertible into joint stock companies annually, and Andhav to that Iraq's possession of a market for the money is Balarach and foot, underwent the contribution of the Americans and the international organizations in the issue of development and give him the support and the necessary funds; to perform the work according to the latest global systems. continued: it was passed its law in 2004 along the lines of the law of New York Stock Exchange, according to specialists can this market to attract more than 100 billion dollars of new investments during the short period not exceeding two years, as well as its ability to help create dozens of joint-stock companies that provide hundreds of thousands of jobs, at the same time, half of Iraq's needs, as well as providing hard currency. explained: In other words, can this market to achieve part wide range of social and economic security of the country during a very short period and without load state financial burdens, but that the state will get the revenue subject to the existence of these companies, and an illustration of the above point to the wide interest shown by the Committee on the economy and investment representative in the Iraqi Council of Representatives the subject of the capital market, adding where the Commission has represented a number of its members visited the headquarters of the Iraqi market for securities with the participation of the Finance Committee and met with investors and representatives of companies and those responsible for managing the market, and listened to many views and suggestions, as well as access to international experiences in this regard and hiring specialists to help develop a realistic action plan for the development of capital market and use it effectively in the process of economic development.continued: Andhav it was quoted by the media of the conversations told by a number of members of the House of Representatives, that the legislative and executive powers backing together and strongly the Iraqi market for securities, and are working on the development of this market in earnest and genuine , in addition to the planned development will be put into effect very soon. pointed to: The failure of departments to achieve economic renaissance in light of Iraq's possession of the possibilities and the necessary tools to achieve them quickly, in addition to supporting the two legislative and executive branches of this vision makes the reader confused, and imposes on the government at the same time search for the obstacles that stand in front of these trends, which could make a quantum leap in the path of development. concluded his study by saying: that impede the effectiveness of the capital market of Iraq will lead to the threat of Iraq's money and property so that it is out of Chapter VII of the Charter of the United Nations and Bala on Iraq, and with it become a problem booking the historic Iraqi Airways trivial problem compared to bookings that may get Iraqi funds at home and abroad. / End / 8.'s. m /

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