Electronic applications in Iraq succeed in attracting foreign investment

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[size=52]Electronic applications in Iraq succeed in attracting foreign investment[/size]

[size=45]Translated by Hamid Ahmed[/size]
[size=45]A press report confirmed that electronic application projects help to attract foreign investment in Iraq, but he talked about obstacles related to the routine procedures of the official registration process caused by old laws.[/size]
[size=45]A report published on the website, The National, the news and its translation (Al-Mada), stated that “the emerging technological applications projects that Iraq is witnessing, which are behind an ambitious generation of young men and women, would attract more foreign investment, enhance private sector activity and help mitigate From the country’s dependence on the revenues of the oil sector only, despite their work amid the challenges of difficult market conditions.”[/size]
[size=45]The report continued, "Investment opportunities are flourishing in various sectors in the country, starting from electronic shopping applications, i.e. Commerce, via the Internet, to environmentally friendly technology, modern agricultural technology and food delivery."[/size]
[size=45]Ali Al-Suhail, a commercial investor working in the private sector, said, “Iraq is witnessing an economic transformation. The winds of developing technological applications are knocking on our doors, and there is a new economic activity in the country that bears modern technological qualities.”[/size]
[size=45]The report confirmed, "The database of Magnet Corporation, Global Finance, confirmed that emerging projects in Iraq achieved financing profits of $7 million last year, which is more than double the amount achieved in 2020, through seven emerging economic transactions, most of which are within the food and beverage sector." “. He continues, that the emerging technological applications projects, although they are considered recent in Iraq compared to the rest of the countries of the Middle East and North Africa, which achieved profits of up to 2.6 billion dollars during the year 2021, but economic experts expect that these projects will attract foreign investments inside the country, noting that the private sector In Iraq, it is currently witnessing a recovery amid the dominance of the public sector and has begun to provide job opportunities and develop non-oil economies for the young generation looking for change.”[/size]
[size=45]The report noted, "Iraq depends 95% of its economy on oil imports, but the outbreak of the Corona epidemic and the restrictions that followed it led to a decline in oil prices in the year 2020 and weakened the Iraqi economy."[/size]
[size=45]The Iraqi financial and economic expert, Shawan Taha, said that "the Iraqi environmental economic system is still nascent and modern compared to other regional markets in the region, and it has witnessed rapid growth during the past few years."[/size]
[size=45]Taha added, "The foreign investor should be encouraged to come because the ecosystem sector is witnessing development and expansion. We have capabilities and competencies in the field of technology and we work despite all circumstances."[/size]
[size=45]The report stressed that "startups based on Internet technology applications are currently attracting the attention of many investors at home and abroad, which indicates that this sector is witnessing development."[/size]
[size=45]He noted that "the application of the electronic toothpick has achieved profits of $3 million since 2019, while several investors have started forming a new company concerned with this sector, and other emerging projects in the environment and modern agriculture sector have achieved millions of dollars in investments last year."[/size]
[size=45]And a report spoke about “Basma Abdel Rahman, a young woman, the owner of an environmentally friendly technology project that she founded in 2018, called the Green Technology Project, which aims to reduce the difficulties faced by many Iraqis in obtaining electrical power supplies.” He added, "This project provides electrical energy from solar cell panels, which serves as an alternative energy for using fuel, the loss of which leads to continuous power cuts in the country during the summer season."[/size]
[size=45]Abdel Rahman, winner of the Cartier Women’s Regional and Scientific Initiative Award for Technology, stated that “the chances of success for our project are great. We have to keep the environment clean and get rid of carbon emissions on our planet. Solar panels are available and easy to obtain, and they provide electric energy in an economical way.”[/size]
[size=45]Abdel Rahman expressed her wishes that "in the next 15 years, Iraq does not depend on oil, but rather that it develops other sectors."[/size]
[size=45]However, the report emphasized that "the founders of these emerging projects complain that the implementation of a project in Iraq collides with routine obstacles and slow registration procedures according to old laws that impede the implementation of small projects during all their stages."[/size]
[size=45]And he stressed, "The ease of project implementation index issued by the World Bank for the year 2020 put Iraq in the 172nd sequence out of 190 economic powers in the world."[/size]
[size=45]And the report added, “The British Department for International Trade wrote in its guide to companies looking for investment opportunities in Iraq, and explicitly, a phrase that says: The Iraqi market is not recommended for the faint of heart, but it added by saying: Nevertheless, the Iraqi market in the end enjoys high profit returns despite the challenges. And the big risks for those who want to implement a project.”[/size]
[size=45]The expert, Shawan Taha, returns to say that "high risks and risks are matched by high benefits," noting that "the Iraqi market is more encouraging than other markets in the region."[/size]
[size=45]He finds, "The important point is to invest with qualified people from the youth segment who have an aspiration to develop work," adding that "all start-ups start with challenges, but reap the fruits of that later."[/size]
[size=45]Taha went on to stress the need to "make amendments to investment laws in order to attract foreign investments and encourage and assist emerging projects to grow more and develop private sector activity that is in the interest of the country."[/size]
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