Babel Investment: We face obstacles that hinder our work
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Hilla: Fadel Al-Ali
The Babylon Investment Commission revealed the existence of problems and obstacles that stand in the way of investment, calling for the need to address them in order to advance the work of the investment sector in the province.
The head of the authority in the province, Eng. Muhammad Jassem Zakum, said in a statement to "Al-Sabah": "The authority suffers from several problems that cause the investment wheel to not move forward," explaining that "the main problem in the investment sector lies in the lack of real estate suitable for investment."
He added, "The law stipulates that the entities that own real estate and related institutions are committed to providing real estate suitable for investment on the first of January of each year," noting that "this issue is not activated."
He explained that "the other problem that investment suffers from is the lack of interaction by other state institutions in completing investment transactions, which take a long time due to routine.
Zakm added, "The head of the administrative unit in the province adopted the follow-up of the investment aspect and the obstacles that stand in front of the investment sector, as two meetings were held during the current month of January with all state institutions in order to prepare a solid investment base that would serve the reality in Babil Governorate."
It is noteworthy that the Babylon Investment Commission did not grant a single investment license throughout the past year due to the lack of a board of directors, which negatively affected the investment plan and led to a significant decline in the province, like its peers.
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