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Steps to transform Basra into a commercial and financial center
Economical 10/31/2023
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Basra: Saad Al-Sammak
Economic affairs researcher Aqeel Al-Fariji revealed initiatives and discussions with companies and investors to establish advanced technical and commercial financial centers in Basra, coinciding with rapid transformations in the completion of the electronic customs automation system (ESCODA) in ports and outlets.
Al-Fariji told Al-Sabah: The modern financial technology market has recently witnessed significant growth, as the total investments in this market worldwide have increased over the past years to nearly 150 billion dollars.
He added that major financial, commercial and maritime shipping companies are using, according to reliable economic bulletins, a number of advanced solutions that contribute to overcoming the challenges facing the expansion of providing modern financial services in the field of payments, clearing and settlement services, as well as deposit, borrowing and financing services, in addition to insurance and management services. Investment and market support.
He pointed out that based on these approaches and descriptions, Basra Governorate could be a center for financial technology operations due to the presence of major international oil companies, the ports of Umm Qasr and Al-Faw Al-Faw as a starting point for the development project and the regional and international road.
Al-Fariji stated that, within the framework of governmental and local interest, Basra Governorate seeks to encourage investments in the most prominent successful models in the field of financial technologies that are scalable and applicable in Iraq and Arab countries, such as electronic payment technologies in the retail sector, digital payment technologies in the wholesale sector, crowdfunding platforms, and insurance services. investment and other prominent financial technologies, as well as supporting the financial inclusion process.
He confirmed that the financial turnover of Iraq's foreign trade has reached more than 40 billion dollars through international platforms, and therefore the application of these techniques helps prevent money laundering and smuggling operations and control the parallel market for foreign currencies.
Regarding the use of technology solutions for financial trading, Al-Fariji pointed out the spread of financial technology solutions in the field of electronic payment in the retail sector nationwide recently, at a rate of 20 percent of the volume of cash in circulation in dinars and dollars in the market.
He continued that many companies have emerged that provide these services to wide segments of individual users and companies benefiting from a number of factors, including the development of the structure of national payment systems, the use of smart phones in the Arab region, the widespread spread of Internet use, and the increase in the central government’s efforts to provide Legal and regulatory frameworks supporting the activities of these companies.
Al-Fariji revealed initiatives, solutions and discussions with financial companies and investors to establish advanced technical and commercial financial centers in Basra and other governorates, coinciding with rapid transformations in the completion of the electronic customs automation system (SCODA) in Basra’s land and air ports and ports, after the success of the Customs Authority’s experience in implementing the international system in the Air freight at Baghdad Airport, and moving to comprehensive application soon. Al-Fariji urged the need for the government, governorates and the Kurdistan Region to support the activity of financial technology companies in the field of retail and wholesale electronic payment and provide a set of infrastructure elements supporting these solutions.
He stated that the governorate’s plan for the coming period includes providing advanced infrastructure for communications networks and advanced national payment systems, in addition to adopting interoperability between financial systems, as well as a legal framework that enables electronic payment systems locally and supports cybersecurity and is able to protect privacy and data confidentiality in accordance with the best programs and standards. Internationalization as a basic condition for the entry of investment companies and modern technologies into the country and Basra.
Al-Fariji expected the expansion of interoperability between Iraq and the Arab countries during the coming period by 50 percent of the commercial trading volume, to $25 billion annually, due to the electronic payment systems in Jordan, the Emirates, Bahrain, Egypt, Kuwait, Lebanon, Iraq, Algeria, Saudi Arabia, Syria, and Morocco, between the banking sector and service providers. Finance.
Edited by: Ali Mowafaq
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