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Experts: Iraq has important investment laws, but they are ineffective
Economical 11/23/2023
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Baghdad: The mainstay of the emirate.
Specialists in economic affairs said that the investment law in the country is one of the best laws that can attract capital and international companies, in addition to being appropriate to the economic reality, indicating that those advantages provided by the law were not exploited optimally to bring about developmental or reconstruction moves. Broad, and the provisions of the laws were not widely exploited except in the oil field, indicating that legal legislation alone is not sufficient for the inward flow of investment capital.
In an image that confirms the government’s intention to activate investment laws, Muhammad al-Najjar, advisor to the Prime Minister for investment affairs and director of the Iraqi Fund for Development, during his hosting earlier by the Parliamentary Investment and Development Committee headed by Representative Hassanein al-Khafaji, stressed the necessity of reconsidering investment laws and some other laws to suit the objectives of Iraqi Fund for Development.
The advisor, according to a press release issued by the Investment Committee, provided a detailed explanation of the vision for the Fund’s work, the problems and obstacles that obstruct the workflow, as well as the opportunities for success that the Fund seeks to achieve, indicating that the most important goals that the Fund focuses on in its work are establishing partnerships with investment funds and completing investment projects. Through the private sector in Iraq.
Al-Najjar also confirmed that the most important projects that the Fund focuses on supporting are projects with social returns, such as schools and housing projects, as well as profitable projects such as environmental projects, the technology sector, raising production in the agricultural sector, and others, while the Chairman of the Parliamentary Committee, Hassanein Al-Khafaji, stated that we cannot proceed. In building a strong Iraqi economy without an active and effective private sector, to contribute to creating job opportunities and reducing dependence on oil.
In this regard, the academic and economic researcher, Dr. Abdul Karim Al-Issawi, said in an interview with “Al-Sabah” that “Iraq has begun a new era in its distinguished economic and political relations, and is striving towards openness to the outside and integration into the global economy after political isolation that extended for nearly two decades, and it was... The first step towards that openness was the adoption of liberal laws at the investment level, and accordingly, Investment Law No. 13 of 2006 and its amendments were issued.”
Al-Issawi believes that “this law is one of the best investment laws in the regional and Arab neighborhood, but it did not achieve the desired and expected goals of it, namely the flow of foreign funds to invest in the commodity and service economic sectors in Iraq, and foreign investments were limited to the oil extractive sector largely through oil licensing rounds and in a small percentage.” " Very much so than other sectors
."
Dr. Al-Issawi continued, “This reality affected national capital, which preferred to invest abroad as a result of the failure to activate investment laws in their correct form, and the absence of an appropriate environment for work in Iraq at that time, which was determined by a group of economic, financial, political, and security determinants, as legal legislation alone cannot It is sufficient for capital and investments to flow inward, but these legislations must be implemented in the correct manner in order to be compatible with the Iraqi economic reality.”
Al-Issawi pointed out that the current government trends are in the interest of attracting investors and capital, as the Sudanese government is working to activate laws that are in the interest of investment, so this trend should be exploited to create strategic projects relying on the private sector and foreign companies, indicating that these positive factors were not available in Previous years, as the difference in visions regarding the quality and nature of investments constitutes a major obstacle to companies wishing to enter Iraq, in addition to the conditions that the country experienced in the past, which have completely disappeared now.
For his part, the specialist in economic affairs, Dr. Adnan Bahia, says that investment is one of the development arms of any country that is trying to move at an accelerated pace towards development and sustainable development. It also contributes to the transfer of technology and modernity, employs a large number of workers, local experts and graduates, and reduces the burden on the state financially and planning. In the areas of development and shaping the future.
Bahia added that investment works to strengthen relations between countries and companies, especially in the field of long-term investments, but it needs a safe and stable environment, in addition to its need for an environment that protects it from routine and dealing with relevant institutions
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