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An investment platform that focuses on value added projects for the economy
15/8/2018 12:00 am [rtl]Eng. Mohamed Turki Al - Qaisi The index of global oil price volatility will inevitably lead to great confusion on the budget and implementation of development projects in the country, making it difficult to develop a five-year or ten-year plan for the development of the country, especially in a country such as Iraq, one of the economic side, which depends almost entirely on oil revenues in the annual budget. In order to avoid part of the deficit in the budget compensation through the expansion of the window of investment in value-added projects, focusing on investment in the industrial and agricultural sector, whose revenues boost the budget deficit. It is well known that Iraq has a good industrial base and infrastructure but has been inoperable for years because of terrorism and because of past wars. In order to promote investment in value added projects, it requires the following: The industrial sector Public sector institutions and companies The Ministry of Industry has factories and production companies up to 85 productive companies and a factory distributed over all Iraqi provinces have been inactive for years, and its affiliates are paid salaries, and they did not enter the production department and the losses of these companies according to the reports of the Ministry of Industry and Minerals large. During the amendment of the Iraqi Investment Law No. 13 of 2006 to include this investment for these companies and factories and to benefit from them in support of the Iraqi economy. • Private industrial companies We all remember the factories of the Iraqi industrial private sector in the fifties and sixties and seventies of the last century and was one of the leading laboratories in the region, but remained in place and did not develop because of the political situation in Iraq since the sixties to the present time where the private sector in Iraq consists of 61 companies with 230 laboratories In different industrial fields. In order to build industrial projects for the private sector it is necessary to hold a meeting of the Iraqi industrialists who had a distinct activity in the industrial sector and listen to their opinions and ideas on how to re-develop this sector and meet the challenges and obstacles that prevented the progress of this activity in Iraq. • Agricultural sector It is known that Iraq is an agricultural country distinguished by the presence of Tigris and Euphrates rivers and their tributaries that pass in each geographical area of Iraq, as well as the availability of arable agricultural cadres distinguished land in the jurisdiction of agriculture and agro-industry and the emphasis on the development of animal revolution in Iraq through the following: • companies and farms of the private sector : It is noteworthy that the state in the seventies of the last century began to build government farms and capabilities very high in time but the inability of the state at the time of its management led to failure has been sold to the private sector has been successful success in the eighties of the last century, but the siege in the nineties of the last century and terrorism ten Years have stopped the activity of these farms and become a burden on the owners of the difficulty of management and the lack of any support from the Ministry of Agriculture of these giants in time in the region, which requires meeting with these companies and listen to their views on how to promote these companies and re-activity through the amendment or cancellation of power Nin that hinder their work. • Opening the window of agricultural investment and development of livestock in Iraq: The current investment law 13 of 2006 did not give a clear distinction to investment in this sector, although Iraq is one of the agricultural countries ... It is known that the revenues of private sector companies are low and their profits modest but necessary and provide food security for all The government should give distinct support For this sector to attract local and foreign agricultural companies to invest in the agricultural and industrial sectors - agricultural and livestock and the error that occurred in the Ministry of Agriculture in the past few years is to provide micro-loans without controls controls those loans and entered the case of corruption To the administrative and financial in giving these loans to farmers did not invest those loans in agriculture, but borrowers are using loans in the purchase of private cars and now there is a big problem with the Ministry of Agriculture to obtain these loans, and this is due to the failure to address the Investment Law No. 13 of 2006 and give a special chapter for investment In Iraq. • The feasibility of entering into investment in value-added projects of the economy It is known that the conditions that followed the transition after 2003 led to the decline of industrial production and the aging of assets and away from the scientific development of these industries with a large slack in its staff and the expansion of disguised unemployment, Finding successful solutions for these companies especially that all the balances of companies deposited in banks have been frozen in favor of the Ministry of Finance since 2003 and companies lost all the required liquidity accompanied by the destruction and disruption of the production process and we believe that the inclusion of the investment law for these companies will be S the following: • reduce the financial burdens of state spending on these companies and put them toother facilities. • To change the course of efficiency of performance of state-owned companies and correct it for lack of feasibility and to seek to privatize these companies in a scientific and legal thought. • Promote private ownership, private investment, monopolization and ensure the flow of new technologies that will lead to the development of available capacities compared to design capacities. • Reduce or reduce the state's wide interference in economic activities in preparation for ending this state role. • Create competitive opportunities based on market mechanism through improved economic efficiency. • Facilitating the staffing of companies involved in low-turnover, reducing the phenomenon of disguised unemployment and reducing administrative corruption. 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