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International expert: Promoting investment requires implementing comprehensive strategies
Economical 09/21/2023
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Baghdad: Hussein Thaghb Al-Tamimi
International economics expert Dr. Abdulazizi Al-Khudairi: Promoting investment in Iraq requires implementing comprehensive strategies that include protecting national products, improving the legislative and financial environment, and adopting improved agricultural methods that suit the country’s conditions. Through these efforts, Iraq can achieve sustainable economic growth and improve its economic and social future
He said in an interview with "Al-Sabah": Investment in Iraq is considered inevitable, as it is considered a matter of urgent and necessary need at the present time, pointing to the abundance of investment opportunities and capabilities in various sectors such as agriculture, industry and services.
The sustainable development of Iraq constitutes a major challenge that requires joint efforts from inside and outside the country, as the need requires reviewing the importance of investment in Iraq and ways to achieve the goals in a way that benefits the national economy and the future of the country.
It is noteworthy that government sources confirmed to “Al-Sabah” that “investment performance paths in Iraq will witness a qualitative shift, by working to create an appropriate environment for work,” pointing out that “the volume of work in the country is large and requires a broad investment effort, as the need seemed inevitable.” “To create projects in various productive sectors that maintain the cycle of capital within the country, and services that provide what is in harmony with the needs of the Iraqi family.”
He pointed out that the industrial joint is an important axis in creating development, and here we find that protecting national products plays a pivotal role in strengthening local industries and encouraging investments, and thus the protection should be sufficient to prevent foreign products from competing with local products at low and expensive prices, through imposing appropriate customs duties. And organizing imports in a way that achieves a balance between local production and imports. He pointed out that the agricultural sector is able to prove its presence and be an important supporter of the federal budget by providing large allocations for importing crops, indicating that with Iraq facing major challenges with regard to agriculture and limited water resources, methods must be adopted Modern and improved agricultural techniques, as irrigation techniques and drip systems are an essential step towards achieving better productivity and greater sustainability, and these methods also make greater use of treated water and well water, and support sustainable economic activity in the country.
With regard to enhancing investment through legal and financial reforms, he stated that legal and financial reforms are one of the keys to enhancing investment in Iraq, and legislation and laws must be adopted that protect the rights of investors and provide an environment conducive to business growth. In addition, the business climate must be improved by facilitating procedures and simplifying Bureaucracy.
Al-Khudairi called on the Iraqi government to expedite the establishment of special committees aimed at promoting foreign investment in Iraq. These committees can contribute to directing and consolidating efforts to develop the national economy by attracting various investments that contribute to enhancing production, increasing employment, and enhancing sustainability.
It is noteworthy that the Director General of the Economic Department in the Ministry of Industry and Minerals, Dr. Ikram Al-Aqeel told “Al-Sabah”: “The Ministry has directions to address the reality of companies and is heading towards activating national production, as we are well aware that industrial production represents an important axis in the sustainable development that the country seeks, which requires us to work towards developing solutions for the decline in the performance of companies.” Ministry."
She pointed out, "The presence of many of the Ministry's companies supplying the local markets with their qualitative production that is clearly accepted within the local market, especially since some local industries have left a positive impact on the souls of the Iraqi family, and from here we can restore trust between the Ministry's products and the citizen who determines the levels of demand.
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