Kuwaitis are looking to solve two dilemmas going to invest in Iraq

by **Rocky** Sun Feb 11, 2018 6:32 pm

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Post n°1

Kuwaitis are looking to solve two dilemmas going to invest in Iraq

by Rocky Sun Feb 11, 2018 6:32 pm

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Kuwaitis are looking to solve two dilemmas going to invest in Iraq[/size]
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6 hours ago

Kuwaiti businessmen seeking to invest in Iraq are seeking guarantees and overcoming the bureaucratic hurdle to inject investment into a country that has suffered long periods of political, economic, security and foreign instability from a war with the Islamic state.
Kuwait is hosting an international conference for the reconstruction of Iraq, which is scheduled to begin on Monday and last for three days amid the aspiration of the Iraqi and Kuwaiti sides to turn the page and open a new page based on mutual interests and good neighborliness.
More than 1,800 companies and 2,000 economic figures representing some 50 countries are expected to participate in the economic event of the conference under the theme Invest in Iraq, where the Iraqi National Investment Authority will offer 157 investment opportunities to foreign investors from all over the world.
Kuwaiti companies participating in the conference held a seminar on Sunday at the Kuwait Chamber of Commerce and Industry, in which Sami al-Araji, chairman of the National Investment Commission in Iraq, and officials from the World Bank, focused on the guarantees offered by Iraq to foreign investors, as well as some of the problems experienced by investors there, especially the bureaucracy.
"Kuwait's private sector is looking forward to having clear feasibility studies and guarantees for investment in Iraq," said Abdulwahab al-Wazzan, deputy head of Kuwait Chamber of Commerce and Industry. "Kuwaiti companies can participate in all fields of investment in Iraq.
Al-Wazzan said that the private sector is always looking "for guarantees that will give stability to the investment process. Every investment needs stability. You can not afford to invest without any rest in how you build and build and then continue. This is the right path .. these basics that build on your investment in Iraq. "
Said Al - Wazzan said there are several points of the World Bank and the Arab Investment Guarantee Corporation and the Kuwaiti Fund for Development will be effective in providing guarantees for investment in Iraq , " but the cover should be at the level of states to encourage Investors ... in the security aspect and the political side and (side) associated with the exit and entry of funds and taxes. "
Kuwaiti investors, who were investing in Iraq in the 1980s, suffered loss of much of their assets after the Iraqi invasion of Kuwait and the rupture that took place between the two countries until 2003.
Sami al-Araji, chairman of the National Investment Commission in Iraq, said that his country is modern in the market economy, explaining that the body he heads coordinates, follow up and facilitate the functions of foreign investors, but "does not have a magic wand. "Investors will not be considered to be complacent, but they will seek to pursue their grievances and overcome their obstacles.
"Iraq has a" rare opportunity ... the world is sympathetic to us "and wants Iraq to achieve civil peace and to invest its resources for the benefit of its people.
"We should not waste this opportunity" and be invested in rebuilding Iraq in all sectors, Araji added.
He said that the most important investment guarantees in Iraq are the Iraqi investment law and Iraq's acceptance of international arbitration decisions, "wherever" in the investment issues in addition to the agreements signed between Kuwait and Iraq on investment guarantees.
At the seminar, a Kuwaiti investor working in Iraq for 14 years said he was complaining about the government bureaucracy that has been preventing him for six months now from receiving $ 5 million in receivables from the Iraqi government. But he stressed that he would continue to invest in Iraq "because this is our duty to our brothers in Iraq."
During the seminar, Ziad Badr, head of the International Finance Corporation's mission in Iraq, said that the World Bank with its multi-affiliated institutions provide various guarantees and different and effective investment in Iraq, It has many advantages including strong infrastructure and no restrictions on foreign currency transfers in addition to linking the Iraqi dinar to the US dollar.
Badr, whose institution works as a specialized arm of the World Bank Group to work with the private sector, said Iraq remains one of the countries with the greatest return on investment in the world.
"I do not think that anywhere in the world there are such opportunities for investment. Our investments in Iraq of $ 1.2 billion, there is no investment is useless. "
Bader added that the International Finance Corporation (IFC) will invest an additional $ 250 million in the Iraqi telecommunications sector in the coming period.

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by mbryan Sun Feb 11, 2018 7:09 pm

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Post n°2

Re: Kuwaitis are looking to solve two dilemmas going to invest in Iraq

by mbryan Sun Feb 11, 2018 7:09 pm

During the seminar, Ziad Badr, head of the International Finance Corporation's mission in Iraq, said that the World Bank with its multi-affiliated institutions provide various guarantees and different and effective investment in Iraq, It has many advantages including strong infrastructure and no restrictions on foreign currency transfers in addition to linking the Iraqi dinar to the US dollar.

by Lobo Sun Feb 11, 2018 7:23 pm

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Post n°3

Re: Kuwaitis are looking to solve two dilemmas going to invest in Iraq

by Lobo Sun Feb 11, 2018 7:23 pm

Oh boy, hope this means what I am hoping it means -

It has many advantages including strong infrastructure and no restrictions on foreign currency transfers in addition to linking the Iraqi dinar to the US dollar.