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Adviser to the Prime Minister: Investment will witness a "quantitative leap"
Economical 06/01/2023
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Hussein Thaghb Al-Tamimi
Advisor to the Prime Minister for Investment Affairs, Muhammad Al-Najjar, revealed the country's need for new cities that accommodate the increase in society and take into account the high population growth rate, while he expected investment in the country to witness a qualitative leap in the coming years.
Al-Najjar said to "Al-Sabah": "The paths of investment performance in Iraq will witness a quantum leap, by working to create a suitable environment for work," pointing out that "the volume of work in the country is large and requires a wide investment effort, as it seemed inevitable to establish projects in The various productive sectors that maintain the capital cycle within the country, and the services that provide what is in harmony with the needs of the Iraqi family.
He added, "The country needs new cities to accommodate the increase in society, and to take into account the high population growth rate that Iraq is witnessing."
For his part, a member of the Baghdad Economic Forum, Jassem Al-Aradi, explained that "investment is important for the country, and after the security situation has improved, we have seen many international and Arab investment companies studying the reality of investment in all its aspects, especially since Investment Law No. 13 of 2006 and its amendments is one of the most important laws in the region." He added, "The construction processes required by the country make it imperative for all concerned institutions to provide an appropriate environment for the influx of foreign capital into the local work arena," noting that "the reality of work today collides with effective decisions that date back to before 2003 and is not commensurate with the transitional phase in the country." .
He stressed that "the speed of business depends on the availability of the legal environment and the facilities provided by government departments that achieve smooth procedures and move away from the complexity of dealing with local and international investors, and it is possible to benefit from regional and international experiences that have achieved rapid investment leaps."
He pointed to "the importance of adopting a flexible tax system that facilitates the smooth entry of the requirements of performance success that support the investment process and provides attractive climates for modern technologies through which large and giant projects are implemented," noting that "the complexity that is practiced in the border crossings will be an expulsion of the capital that the country aspires to enter." ".
Economic affairs specialist d. Silwan Al-Nouri explained to "Al-Sabah" that "the reality of the investment situation in the country needs to review the legislation in force, study it carefully and work on pruning that is not commensurate with the current stage that requires a high flow of business implementation, just as the work requires the approvals of many different departments and this is one of the determinants." New investment work in Iraq, which leads to the creation of new mechanisms that speed up the process of implementing projects in Iraq.
He pointed out that "the disruption witnessed in the field of work leads to an increase in financial expenditures and leads to an imbalance in the budget approved for the project, and the reality of the situation requires a reduction in bureaucracy and corruption that accompanies investment work by some weak-minded people."
On the issue of lands allocated for investment, he explained that "many lands are disputed and there is difficulty in obtaining them, and these are among the determinants that confuse the reality of the situation and go to a halt, which negatively affects the overall investment operations that the country is witnessing."
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