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International Center for Finance and Trade
Economical 09/13/2023
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Yasser Al-Metwally
Finally, the dream has become a reality after the announcement of the establishment of an international center for finance, trade and business, beginning its first step by choosing a distinguished location by transforming one of the malls in Sulaymaniyah into a financial center that carries out a major activity in coordinating investment and financing activities in particular.
The Central Bank of Iraq announced its intention to establish an international financial and business center during the last banking conference held last June.
I mentioned in a previous article, here in Al-Eqtisadiah, the title: The Financial Center: A Dream or Reality?! It seems that the Kurdistan Region hastened to establish this center in Sulaymaniyah Governorate, with the initiative and support of the private sector through one of the largest companies in it. To demonstrate the importance of this center, we must address To experiences in our regional and Arab surroundings,
The International Financial Center in Dubai brings together most of the buildings of financial institutions and companies, including banking, stock exchange, insurance, and some banking companies and other financial sector belongings, in addition to offices for companies and businessmen.
You can imagine the volume and ease of interconnected transactions that are intertwined in many businesses and tasks. These institutions are also equipped with the latest global and technological technologies that we are now striving to possess, even if we are lagging behind in this amazing development. From here, the importance of establishing this center emerges, similar to what exists in... neighboring countries .
The advantages of the center are wide and numerous and important in stimulating financial investment and quickly providing various services needed by beneficiaries, including businessmen, investors and bank customers, due to the ease of services provided as a result of the close distances, their electronic connectivity, and alleviating the routine of transactions between institutions.
This center is considered one of the important economic centers in the country and the largest attractor of investments. It is also secured by a high-quality security team that cannot be penetrated within the complex.
Now, this center has begun to take vigorous steps as a nucleus towards implementing the vision of the Central Bank of the importance of establishing an international center for finance and business in the capital, Baghdad. It is considered an advanced step if the center began its first work by obtaining a green light from His Excellency the Governor of the Central Bank of Iraq, who pledged to support and encourage this trend as a nucleus for the future of the main center. It is planned to establish it in the rest of the governorates, especially in Baghdad, and a solid cooperation agreement was signed
With the Securities Commission.
Thus, this center will contribute to providing regular services to the financial and business sector and will contribute to expanding and strengthening development programs that require coordination to achieve broad investment flows, as it is considered a center for attracting these investments through the institutions active in it, which is one of the requirements for attracting investors.
While we refer to this proactive initiative, we await the greatest dream of establishing the mother center in the capital, Baghdad, due to its importance in the investment flows that the country needs for construction and development.
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