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Baghdad Investment Commission holds the state the reasons for the delay in projects {expanded}


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Join date : 2012-12-21

Baghdad Investment Commission holds the state the reasons for the delay in projects {expanded} Empty Baghdad Investment Commission holds the state the reasons for the delay in projects {expanded}

Post by rocky on Sun 10 May 2020, 1:19 am

Baghdad Investment Commission holds the state the reasons for the delay in projects {expanded}

  •  Time: 05/20/2020 01:45:32
  •  Read: 1,859 times

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{Baghdad: Al Furat News} The head of the Baghdad Investment Commission, Shakir Al-Zamili, held the state responsible for the delay in its investment projects.
Al-Zamili said during his presence on the "Fawk Al-Shath" program broadcast by the "Al-Furat Satellite Channel" that "investment is the basis for the progress of peoples, especially the current situation of Iraq, which suffers from an economic crisis," noting that "because of the multiplicity of powers and there is no single decision authority and therefore government projects go To include various entities and ministries, and for this reason, they have a high failure rate. "
He added: "While the investment system has no failure rate because the investor does not want to lose, therefore there is no investment project that faltered and if it faltered, the state must have a hand in it," pointing out that "all construction in Baghdad is caused by investment and the government did not build anything." Only one or two buildings, and therefore the state, should go towards investing, "pointing out that" we cannot consider what is going on with the level of ambition. "
Al-Zameli added that "the investment law was approved in 2006, and the National Investment Commission started working in a practical manner at the beginning of 2010 and the law was fully completed and the actual beginning after 2016 due to the intersection of powers and approvals, but after the amendment of the law in 2016 we had more freedom," noting that "the intersection of powers and approvals is the reason The largest behind the delay in projects and these intersections impeded the construction of a modern bridge for pedestrian crossing in Baghdad. "
He pointed out that "we have projects, one of which stopped on Airport Street for 30 days, which caused the investor's grumbling due to the non-entry of raw materials and because of the prohibition that came against the background of the Corona pandemic, but what is wrong if these materials enter as fruits and vegetables enter and we need them," stressing that " The approvals hindered a housing complex project near Baghdad airport and most of the commercial projects were affected by Corona, "noting that" every project is lagging behind the state because the investor does not want to lose. "
He pointed out that "most of the projects that are lagging are approved, but the land did not reach because it must be a license and a contract and removing the excess if any and presenting it with an official record. Neither the authority nor the investor has a hand in it.
He stressed that "the investor now bears a lot like delivering electricity and water to the residential complexes, and therefore we see a high price in the residential apartments, and this is because of the state because if the state contributes to the delivery of services, the prices of the apartments will be lower."
He explained that "investment is the ideal solution for Iraq because of the current situation that we are going through because it is an integrated wheel of work, loans and interest, and the employment of citizens and the workforce, and thus is the solution to economic crises."
Regarding the sale of projects between investors, he stressed that "the law permits the sale of the investment project after the completion of 40 percent of it, but there are sales of projects between investors taking place away from the law and we canceled two investment projects because of the illegal sale."
He added: "We have four projects that started working on the perimeter of the airport. Overnight, the decision to own it came to the National Investment Authority, which is a government decision affiliated to the Council of Ministers. The land was given to a UAE investment company."
And that "the idea of ​​dividing the large land is always more successful than the idea of ​​giving it to one investor, which may not complete the work within 30 years, while dividing it into several lands and converting it for investment will be better for a faster achievement."
He pointed out that "most of the foreign investors raised their shares after the National Commission gave them giant investments in Karbala and Baghdad and after they raised their shares, they withdrew from the projects and did not implement the projects."
He pointed out that "the most conservative projects in which they are working now are Baghdad, and the important issue with investment is that the investment does not lose anything by the state, and here lies its importance."
And that "the authority did not cost the state since its inception only 6 million dollars, but it achieved revenues for the state about 15 billion dinars, and for the beneficiaries nearly 50 billion dinars profits." is over
Mohammed Al-Marsoumi

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