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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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    The Economic Council provides a set of recommendations to ensure a sound investment climate in Iraq

    Rocky
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    The Economic Council provides a set of recommendations to ensure a sound investment climate in Iraq Empty The Economic Council provides a set of recommendations to ensure a sound investment climate in Iraq

    Post by Rocky Mon 15 Jan 2018, 1:50 am

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    The Economic Council provides a set of recommendations to ensure a sound investment climate in Iraq


     Baghdad / Range 

    Officials and economic experts discussed the preparation of a working paper prepared by the World Bank on recommendations to ensure a sound investment climate in Iraq. At the time the recommendations proposed an action plan to simplify visa procedures and establish a clear investor visa category, The real nature of industrial projects that require too much time to be absorbed, the need to consolidate government approvals and pay fees in one outlet, and to introduce a rapid track in the process of registering property.
    The representative of the General Secretariat of the Council of Ministers, Bushra Hamza Shaer, said during the workshop held at the Baghdad Hotel in the center of the capital, under the title "The World Bank paper and the main recommendations to ensure a sound investment in Iraq," the investment law written by Iraqi hands and there is no defect, But that the imbalance lies in its application, which made us a clear lag in the completion of investment projects in Iraq over the past years.
    The Iraqi Economic Council, pointed out that the recommendations focused on the need to enable the Economic Reform Unit as the secretariat of the Higher Committee for Investment and Reconstruction to provide technical support to the Higher Committee to implement the plan of action of investment reforms agreed, while the other point to the importance of enabling the Economic Reform Unit to provide technical support To the Committee of the Prime Minister proposed investment projects for the province of Basra, to implement the plan of action for investment reform in Basra.
    The recommendations called on the National Investment Authority of the Prime Minister's Office to develop the guidelines for the national investment policy statement, including the proposal of detailed guidelines for activating the 2010 and 2015 amendments and the national investment law, but not only in terms of the allocation of industrial projects. Abolishing the right of marsatah as stipulated in Law 1521 of 1981 as being contrary to the National Investment Law, with the need to introduce a mechanism based on international standards to resolve administrative complaints related to the allocation of land and other administrative grievances related to projects Mariyah.
    The recommendations stressed that the Ministry of the Interior and the National Investment Authority in the paper, the importance of conducting a comprehensive diagnostic review of the requirements for obtaining a visa and propose a plan of action to simplify the procedures for issuance of visas and the establishment of a class of clear investor visa distinctive, such as the amendment of the Aliens Act No. 118 of 1978 to include a new category of Visas for investors and simplification of compliance procedures after access to foreign investors, amendment of Labor Law No. 37 of 2015 to allow investors to freely contract directly and recruit foreign nationals eligible for projects approved under the National Investment Law.
    The recommendations also urged the Ministry of Commerce to reduce the number of procedures, cost and time required to register companies by abolishing the minimum capital requirement, introducing a standard standard contract and making the participation of lawyers in the signing of incorporation documents optional, applying an integrated system to verify the uniqueness of the company in its name, On the Internet, standardize government approvals and pay fees at one outlet.
    The recommendations, such as the real estate registry and the tax authority, stressed the importance of reducing the procedures, costs and time required for the property registration process by introducing fast-track procedures in the property registration process, mapping the internal operations in the property register to identify bottlenecks and unifying the valuation of properties completed by the Office. Register of real estate property and tax authority and develop standard methods for valuing property.
    The recommendations highlighted that the Ministry of Finance has the importance of improving the procurement system in the country by developing measures to increase access to information and opportunities for private sector participation in government tenders, providing technical assistance and financing to the private sector to enable it to respond to government tenders, and encourage facilitating partnership arrangements between Iraqi companies and their foreign counterparts, With the launching of the reunification of State-owned enterprises and their eventual transfer to the private sector in an equitable and transparent manner and the status of the private sector as the engine of economic growth.
    The recommendations also highlighted the importance of including provisions on due process of law to resolve administrative grievances relating to investment after granting leave, with the importance of signing the Hague Convention for the Abolition of Requirements for Ratification of Official Foreign Documents. Convention.
    The attendees stressed the importance of providing investment opportunities to companies participating in the donors 'conference, calling for the participation of national companies and the local private sector in the donors' conference to be held in Kuwait soon to identify other foreign companies.
    On the other hand, the economic expert Salam Samisam criticized the formulation of the recommendations, noting that they were written in the same discretionary frameworks that were previously written, so they no longer depart from the traditional framework to explain the obstacles to investment in Iraq and to create real and serious frameworks that promote economic and productive reality. Of the country.

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