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[size=36]The decline of Arab and foreign capital in Iraq .. What is the fate of these investments?[/size]
Reports| 01:45 - 23/07/2021
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Baghdad Mawazine News
Fears and risks have increased for Arab and foreign capital in Iraq, which prompted giant investment companies to migrate in conjunction with the increased targeting of foreign and American interests in Mesopotamia, during the recent period, after this extended to reach the city of Erbil, which is considered the most secure Iraqi environment. In terms of security and economics for Arab and foreign investors.
This comes with Iraq's urgent need for these investments and it is suffering from economic, political and health crises, as it is an important source and a successful and necessary step in such exceptional circumstances, to finance itself and exploit natural resources, in addition to breaking the local monopoly by enhancing competitiveness by opening new markets with abroad.
In the capital, Baghdad alone, the volume of domestic and foreign investments amounted to about $15 billion between 2010 and 2017, according to a previous statement by the head of the Investment Authority, Shaker Al-Zamili.
Turkey had a major role in these investments, in addition to the Gulf countries. Health, tourism, agriculture and education topped the economic sectors that these investments acquired.
Iraq legislated the Investment Law in 2006, with the aim of attracting foreign investors to contribute to the reconstruction of the country, whose infrastructure has been severely damaged by wars and tensions.
The least Arab investment
In terms of attracting Arab investments, which amounted to $30.8 billion in 2018, the figures issued by the Foreign Direct Investment Report issued by the United Nations Conference on Trade and Development "UNCTAD" showed that Iraq was the least attractive to foreign investments in the aforementioned year in the Arab region.
After the armed factions in Iraq announced the truce for the withdrawal of foreign forces, they increased their targeting of American interests, and this was not limited to Baghdad only, whether through Katyusha rockets or improvised explosive devices and drones, but also extended to the city of Erbil, capital of the Kurdistan Region, and this threatened the reality of foreign companies and capital. Arab and fears of continuing to invest.
The number of attacks last year amounted to 76, targeting with Katyusha rockets and improvised explosive devices, but since last April the factions began using drones to carry out their operations, and this did not exclude even the American interests in Kurdistan, specifically in Erbil.
The migration of Arab and foreign capital
The continuation of this maneuver between the armed factions and the American forces has worsened the internal security situation and made it fragile, in addition to rampant corruption and dilapidated services, all factors that exacerbate this fragility to be directly reflected on the reality of Arab and foreign investment in Iraq, and the fears of not continuing it at a time everyone knows. The country's need for foreign direct investment to rotate its industrial wheel.
This problem has become very intractable for Iraq, and has increased the security turmoil and internal instability in it, adding other concerns, not only from attacks - as the economist Hammam Al-Shamaa says - but from the escalation of instability that threatens foreign investments clearly and explicitly with the presence of weapons outside the scope of the state .
Targeting foreign interests cut off the way to supply Iraq’s economy and get it out of the impasse represented by the dominance of the oil sector, which controls its economy. This prompted Al-Shamaa to describe the continued targeting of diplomatic and foreign interests as steps that came to destroy the economy by striking foreign investors for the benefit of parties he says finance these armed factions.
And the transition of the armed factions from the tactic of explosive devices to target foreign interests to the use of drones confirms the absence of a state capable of protecting internal security, and this leads to the escalation of their role and the groups trying to exploit investors, whether foreign or local, according to Al-Shammaa, who confirmed to Al Jazeera Net that based on To the above reasons, it led to the decline and emigration of Arab and foreign capital, and the lack of investment in Iraq, with all kinds of provocation.
Al-Shamaa acknowledges - in response to a question by Al-Jazeera Net - whether the government's attempts to revitalize its economy by creating a safe environment in order to attract foreign and Arab companies succeeded, saying, "All of them failed and did not succeed in improving the country's investment environment to limit the dominance and control of local armed factions over the reality of investment." .
Reviewing international aid,
in turn, confirms a member of the Parliamentary Economy Committee, Nada Shaker, saying, "The government is not strong in controlling its sovereignty and its security pace, at a time when everyone knows the source of these attacks and where they are launched."
The continuation of these attacks will prompt the reduction of international aid provided to Iraq at a time when it is most needed to face health, security and economic challenges. The MP warns against the reluctance of the foreign and Arab investor and his lack of conviction to invest in Iraq as a result of the continuation of the attacks, in addition to the political rivalries.
In her response to a question by Al-Jazeera Net about the most important conditions that must be met to attract Arab and foreign capital, the deputy describes that capital is "cowardly" because it "is looking for a safe and sound environment, and this in itself means the migration of Arab and foreign capital from Iraq because it is unstable security." .
She believes that "the areas liberated from the Islamic State are more promising for Arab and foreign investment than the central and southern regions of the country," which she describes as "similar to primitiveness."
It concludes with the advice that the Iraqi negotiator has the ability and intelligence, which helps him to win and attract efficient companies.
For his part, the security expert, Aqil Al-Tai, describes the move of armed groups to target American interests inside the city of Erbil, which has a very large economic power, as a “very dangerous escalation,” explaining that these factions resort to the method of drones targeting foreign interests in Kurdistan as a reaction to an action that may be stronger than it. Sometimes, this is what calls for the necessity of adopting new economic mechanisms that save and protect Arab and foreign capital instead of squandering it.
Al-Taie believes that the Iraqi environment is economically repulsive to foreign and Arab investment, and this is what prompted the migration of many major Arab and international investment companies recently, stressing to Al-Jazeera Net that the foreign investor first thinks before investing is the safe environment in dealing and implementation. However, the constant skirmishes between the armed factions and the American forces prevent the country from having a secure economic environment that satisfies investors.
The only solution, according to Al-Ta’i, which is the most appropriate period to win Arab and foreign investors, is for the government to schedule the exit of foreign forces, regardless of their identity or nationality, to serve as guarantees that foreign economic interests will not continue to be targeted, but at the same time he warns of what he calls “the pernicious geographical and political occupation.” on Iraqi politics as a result of its subordination to regional and external influences.” Ended 29/A 43
Fears and risks have increased for Arab and foreign capital in Iraq, which prompted giant investment companies to migrate in conjunction with the increased targeting of foreign and American interests in Mesopotamia, during the recent period, after this extended to reach the city of Erbil, which is considered the most secure Iraqi environment. In terms of security and economics for Arab and foreign investors.
This comes with Iraq's urgent need for these investments and it is suffering from economic, political and health crises, as it is an important source and a successful and necessary step in such exceptional circumstances, to finance itself and exploit natural resources, in addition to breaking the local monopoly by enhancing competitiveness by opening new markets with abroad.
In the capital, Baghdad alone, the volume of domestic and foreign investments amounted to about $15 billion between 2010 and 2017, according to a previous statement by the head of the Investment Authority, Shaker Al-Zamili.
Turkey had a major role in these investments, in addition to the Gulf countries. Health, tourism, agriculture and education topped the economic sectors that these investments acquired.
Iraq legislated the Investment Law in 2006, with the aim of attracting foreign investors to contribute to the reconstruction of the country, whose infrastructure has been severely damaged by wars and tensions.
The least Arab investment
In terms of attracting Arab investments, which amounted to $30.8 billion in 2018, the figures issued by the Foreign Direct Investment Report issued by the United Nations Conference on Trade and Development "UNCTAD" showed that Iraq was the least attractive to foreign investments in the aforementioned year in the Arab region.
After the armed factions in Iraq announced the truce for the withdrawal of foreign forces, they increased their targeting of American interests, and this was not limited to Baghdad only, whether through Katyusha rockets or improvised explosive devices and drones, but also extended to the city of Erbil, capital of the Kurdistan Region, and this threatened the reality of foreign companies and capital. Arab and fears of continuing to invest.
The number of attacks last year amounted to 76, targeting with Katyusha rockets and improvised explosive devices, but since last April the factions began using drones to carry out their operations, and this did not exclude even the American interests in Kurdistan, specifically in Erbil.
The migration of Arab and foreign capital
The continuation of this maneuver between the armed factions and the American forces has worsened the internal security situation and made it fragile, in addition to rampant corruption and dilapidated services, all factors that exacerbate this fragility to be directly reflected on the reality of Arab and foreign investment in Iraq, and the fears of not continuing it at a time everyone knows. The country's need for foreign direct investment to rotate its industrial wheel.
This problem has become very intractable for Iraq, and has increased the security turmoil and internal instability in it, adding other concerns, not only from attacks - as the economist Hammam Al-Shamaa says - but from the escalation of instability that threatens foreign investments clearly and explicitly with the presence of weapons outside the scope of the state .
Targeting foreign interests cut off the way to supply Iraq’s economy and get it out of the impasse represented by the dominance of the oil sector, which controls its economy. This prompted Al-Shamaa to describe the continued targeting of diplomatic and foreign interests as steps that came to destroy the economy by striking foreign investors for the benefit of parties he says finance these armed factions.
And the transition of the armed factions from the tactic of explosive devices to target foreign interests to the use of drones confirms the absence of a state capable of protecting internal security, and this leads to the escalation of their role and the groups trying to exploit investors, whether foreign or local, according to Al-Shammaa, who confirmed to Al Jazeera Net that based on To the above reasons, it led to the decline and emigration of Arab and foreign capital, and the lack of investment in Iraq, with all kinds of provocation.
Al-Shamaa acknowledges - in response to a question by Al-Jazeera Net - whether the government's attempts to revitalize its economy by creating a safe environment in order to attract foreign and Arab companies succeeded, saying, "All of them failed and did not succeed in improving the country's investment environment to limit the dominance and control of local armed factions over the reality of investment." .
Reviewing international aid,
in turn, confirms a member of the Parliamentary Economy Committee, Nada Shaker, saying, "The government is not strong in controlling its sovereignty and its security pace, at a time when everyone knows the source of these attacks and where they are launched."
The continuation of these attacks will prompt the reduction of international aid provided to Iraq at a time when it is most needed to face health, security and economic challenges. The MP warns against the reluctance of the foreign and Arab investor and his lack of conviction to invest in Iraq as a result of the continuation of the attacks, in addition to the political rivalries.
In her response to a question by Al-Jazeera Net about the most important conditions that must be met to attract Arab and foreign capital, the deputy describes that capital is "cowardly" because it "is looking for a safe and sound environment, and this in itself means the migration of Arab and foreign capital from Iraq because it is unstable security." .
She believes that "the areas liberated from the Islamic State are more promising for Arab and foreign investment than the central and southern regions of the country," which she describes as "similar to primitiveness."
It concludes with the advice that the Iraqi negotiator has the ability and intelligence, which helps him to win and attract efficient companies.
For his part, the security expert, Aqil Al-Tai, describes the move of armed groups to target American interests inside the city of Erbil, which has a very large economic power, as a “very dangerous escalation,” explaining that these factions resort to the method of drones targeting foreign interests in Kurdistan as a reaction to an action that may be stronger than it. Sometimes, this is what calls for the necessity of adopting new economic mechanisms that save and protect Arab and foreign capital instead of squandering it.
Al-Taie believes that the Iraqi environment is economically repulsive to foreign and Arab investment, and this is what prompted the migration of many major Arab and international investment companies recently, stressing to Al-Jazeera Net that the foreign investor first thinks before investing is the safe environment in dealing and implementation. However, the constant skirmishes between the armed factions and the American forces prevent the country from having a secure economic environment that satisfies investors.
The only solution, according to Al-Ta’i, which is the most appropriate period to win Arab and foreign investors, is for the government to schedule the exit of foreign forces, regardless of their identity or nationality, to serve as guarantees that foreign economic interests will not continue to be targeted, but at the same time he warns of what he calls “the pernicious geographical and political occupation.” on Iraqi politics as a result of its subordination to regional and external influences.” Ended 29/A 43
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