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Experts are calling for the government to form the Investment and Reconstruction Council
Economical 2023/03/07
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Shukran Al-Fatlawi
Experts in economic affairs called on the Council of Ministers to establish the Investment Council in order to help end the problems in this file and speed up the pace of investors' work, which will reflect positively on the national economy.
Professor of Economics at the Iraqi University, Abdul Rahman Al-Mashhadani, said: The government is required to establish the Investment Council or the Reconstruction Council, because it will contribute to studying the country's needs in all economic sectors.
He added that the investment council must be chaired by the prime minister, with the membership of 8 other institutions, including the Central Bank and the Association of Banks, and that the role of the private sector be effective, because it is the body responsible for implementing projects and spending money, explaining that quotas and affiliation must be removed from this council, because they will lead to Killing his turn, as happens with some boards.
He pointed out that the executive management of the council must be of the same competence because its role will be great and contribute to resolving major crises.
For his part, economist Ammar al-Rubaie said: Many countries have investment councils aimed at facilitating the investment environment, pointing out that the number of the private sector in the council should be greater than the government, because this will lead to power in decision-making.
He stressed that many investment companies suffer from problems in their work with ministries and state departments, and therefore their work in completing the project is delayed, which requires the establishment of a council that will solve these problems and accelerate the pace of work.
For example, Jordan established the Investment Council headed by the Prime Minister, with the membership of each of the Ministers of Investment, Planning, International Cooperation, Finance, Industry, Trade, Supply, Digital Economy, Entrepreneurship, the Governor of the Central Bank, the Chairmen of the Board of Directors of the Chamber of Commerce and Industry, as well as representatives of the private sector.
In turn, the economist Mustafa Hantoush told Al-Sabah: In the event that the council is formed and becomes effective, it is assumed that the discussion of major priority investment projects that are in contact with the life of the citizen should be considered, taking into account the amendment of relevant laws, especially investment and state real estate.
and industry.
Hantoush stressed the transfer of investments through bids or tenders, with setting a time limit for granting the license and completing the project, as well as preparing an investment plan for important projects that the country needs and granting facilities for important projects, in addition to the need to set strict penalties for those who delay in working on projects and eliminate bureaucracy and routine.
He added that the council will be a nucleus for resolving many crises, foremost of which is the unemployment crisis by working in the private sector and relieving the state of the burden of government appointments after the number of workers exceeds the actual need and the state budget has risen to about 120 trillion, most of which is an operational budget.
And he indicated that the council should include representatives of the government, the authorities concerned with investment, state real estate, and banks such as the industrial and central banks, as well as members of the private sector, industrialists, bankers, and merchants, as these bodies together will be an important nucleus for solving problems that surround the investment side in the country.
Edited by: Ali Mouafaq
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