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Iraq 's economy offers 184 industrial opportunities to attract Saudi investment


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 Iraq 's economy offers 184 industrial opportunities to attract Saudi investment Empty Iraq 's economy offers 184 industrial opportunities to attract Saudi investment

Post by rocky on Fri 19 Apr 2019, 2:29 pm

Iraq 's economy offers 184 industrial opportunities to attract Saudi investment[/size]
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 8 hours ago

The Ministry of Industry and Minerals of Iraq, 184 investment opportunities ready for investment in front of the Saudi business sector, and provided a package of facilities for Saudi investors. 
According to the Saudi daily Al-Iktissadiya, a number of recommendations were made by the meeting of Khalid bin Abdulaziz Al-Falih, Minister of Energy and Industry and Mineral Resources and Saleh bin Abdullah Al-Jubouri, Minister of Industry and Minerals of the Republic of Iraq. 
He explained the Minister of Industry and Minerals Iraqi investment opportunities available to his ministry distributed by type of project and the way investment and the province, which is based on participation in management and production and increase production capacities for rehabilitation projects, and direct investment for new projects.
Iraq provides an exemption from all taxes for 10 years to investors including company tax and fees, and this period can be extended to another 15 years if the project is shared with a majority of Iraqi shareholders. 
According to the sources, there are more incentives that include the right to re-attract investments and profits resulting from investment and the right to employ foreign workers when needed, while the exemption from import duties of equipment required to three years. 
On the other hand, the Iraqi government guarantees the nationalization or confiscation of investments and the National Investment Commission in Iraq, the one window, where one party to take over all the procedures related to investors seeking to bring their capital to Iraq.
The NIA is facilitating the legal and regulatory requirements facing investors, helping to gather important information and simplifying the administrative procedures that foreign investors face when they enter the country, a necessary issue for foreign investors unfamiliar with art in Iraq. 
It will also serve as a link between investors and successful projects that address the essential needs of Iraq and to ensure that the environment is available for easy access to the country. 
In a related context, the Council of Saudi Chambers organized the Saudi-Iraqi Business Forum yesterday at the King Abdullah Center for Petroleum Studies and Research in Riyadh to put the Iraqi-Saudi trade and investment partnerships in the discussion and enhance economic relations between the two countries and stimulate the promising investment opportunities.
Abdullah bin Marzouq Al-Adeem, Vice Chairman of the Council of Saudi Chambers, said that all government agencies in the Kingdom are intensifying their efforts to increase economic mobility rates, enhance partnerships in all development fields, and exploit the trade and investment opportunities available in both countries. Until 2017. 
He continued that the Saudi-Iraqi Business Forum reflects the economic desire to take advantage of the elements and potentials to establish economic integration relations serving the two countries in order to reflect the vision of the Kingdom 2030.
For his part, Eng. Mohammed bin Abdullah Al-Kharayef, Chairman of the Saudi-Iraqi Business Council, said that the trade balance between the two countries does not exceed one billion and one hundred million dollars. However, its growth has doubled over the past five years. This growth is within the framework of achieving the objectives of the Saudi-Iraqi Business Council In trade partnerships, through the development of relations and the promotion of investment and trade interests between the two neighboring countries. 
He pointed out that the Council has established an electronic platform to guide the services and facilities provided to investors to contribute to achieve strategic partnerships and achieve the desired goals.


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