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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq is betting on the mineral investment law to exploit its wealth

    Rocky
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    Iraq is betting on the mineral investment law to exploit its wealth Empty Iraq is betting on the mineral investment law to exploit its wealth

    Post by Rocky Wed 12 Oct 2022, 7:08 am

    [size=47]Iraq is betting on the mineral investment law to exploit its wealth[/size]

    Ahmed Eid


    October 12 2022
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    Iraq has huge reserves of oil and minerals (AFP)
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    The Investment and Development Committee of [You must be registered and logged in to see this link.] announced the resumption of work on the draft [You must be registered and logged in to see this link.] law and its presentation for the first reading in the parliament session, which was held on October 8, 2022, and hosting a number of ministries concerned with this law to take into account their proposals regarding the provisions and paragraphs of this law, as well as review On the experiences of developed countries in the field of mineral investment.
    The committee confirmed, in a statement yesterday, Tuesday, that this law will work to develop the governmental and private industrial sectors, because of its great advantages to achieve the public interest of the country.

    The committee explained that the law is one of the important laws that can be relied upon in promoting the industrial reality and maximizing the country's imports, through optimal investment of the country's mineral resources, supplementing the public budget, attracting foreign investments from private international companies, and investing the country's resources in a way that secures permanent revenues for the state.
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    [size=12]Arab economy
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    The importance of the law

    Iraq ranks second in the world in phosphate reserves, which are estimated at 10 billion tons, and represent nearly 9 percent of the world's reserves. Iraq also owns ores of industrial metallic and non-metallic minerals, such as free sulfur and silica sand, and other minerals in different areas of its territory, which constitute investment opportunities for the mining and construction industries.
    Specialists believe that the mineral wealth in Iraq has not been invested in a way that guarantees the achievement of large financial resources for the country through which it can supplement the state budget instead of its total dependence on oil revenues, and that there are many minerals that are still in place and not well invested.
    The economic researcher, Izz Al-Din Al-Shammari, explained that the spread of financial and administrative corruption and political quotas, as well as the absence of strategic planning for the economic system, are among the most important reasons for impeding mineral exploration and investment in mineral wealth.
    Al-Shammari stressed, through his speech to Al-Araby Al-Jadeed, the importance of legislating the mineral investment law in Iraq to ensure that this law is not exploited for utilitarian purposes specific to influential parties and companies or their supporters, but rather seeks to supplement the Iraqi state treasury with new financial resources that enhance the strength of the national economy. .
    Al-Shammari stressed the need to present investment opportunities to solid international companies for mineral investment, because this requires huge sums of money, while ensuring the protection of the sectors of the national economy from the dominance of foreign capital.

    lapses of law

    For her part, the resigned MP from the Sadrist bloc, Anaam Al-Khuzaie, questioned the integrity and impartiality of this law, considering that its summary "encourages foreign investment to enter the extraction sector, as happened with the oil sector."
    Al-Khuzaie confirmed, in a press statement, that this law "suggests that it was written under pressure from foreign investors and companies to approve it in order to control the precious metals in the country, which are estimated at billions of dollars at the expense of national companies and the wealth of future generations."
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    [size=12]Markets
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    Al-Khuzaie pointed out that Article 4/Seventh of the proposed law stipulates contracting with the private sector to invest lands, while its extraction and investment should be limited to the public sector through national companies, because the wealth in the ground belongs to the people as guaranteed by the constitution, and its investment must be Such as oil and gas for the benefit of the people, and through the government sector exclusively.”
    She stressed the importance of supervising investment agreements by the state, and that “the disposal of this wealth should be under the auspices of joint high committees between the Ministry of Oil and Industry, at high levels, and submitted to the House of Representatives in order to express an opinion to ensure the proper disposal of the country’s mineral resources, and to limit the extraction and investment of precious metals to national companies.” Preserving the country's national wealth.
    She also criticized the paragraphs of Article 16 of the same law, which set rental allowances in a very symbolic way, which reinforces the weakness of the Mineral Investment Law, and how granting an investment license ranges between (1-25) million dinars, while fees for granting similar investment licenses reach hundreds of millions. of dollars, considering that this is a "blatant waste of the country's resources and wealth without valid reasons."
    While Article 17/ first defines a set of privileges and exemptions, the most important of which is the release of the capital with the returns whenever the investor wants, the exemption of foreign fixed capital from taxes and fees, and the exemption of fixed assets imported to the foreigner from fees and taxes as well.

    Application of the mineral investment law 

    For his part, a member of the Iraqi parliament, Mueen Al-Kazemi, said that the implementation of the Mineral Investment Law needs a government with full powers to be responsible for implementing the provisions and paragraphs of this law.
    Al-Kazemi stressed, in his speech to Al-Araby Al-Jadeed, that this law should not be "a waste of natural resources, and that the goal of mineral investment should not be to acquire minerals and natural resources in the country."
    He pointed out that there are a number of members of the House of Representatives who demanded that this law be deported until a new government with full powers is formed, stressing the guarantee of the people’s rights from being lost, and “not granting investment licenses according to special interests, because the mineral and natural resources belong to the Iraqi people, and they must be controlled.” by the state.”
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    [size=12]Arab economy
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    The economic expert, Manar Al-Obaidi, believes that this law is very important for the Iraqi national economy, because it opens the way for investment for international investment companies.
    The economic expert explained to Al-Araby Al-Jadeed that the establishment of metallurgical and manufacturing industries in Iraq needs a law that regulates the work of investment factories, guarantees the rights of all parties, controls state funds and protects them from waste and loss.
    Al-Obaidi stressed that this law "is considered effective once it is officially approved and published, even under the caretaker government, because constitutional and parliamentary legislation has nothing to do with the form of the executive authority."
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