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Parliament: The European Union intends to open investment banks
Iraq 03/04/2024
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Baghdad: Muhannad Abdel Wahab
The Parliamentary Investment and Development Committee reported agreement with European Union Ambassador Thomas Seiler to set 10 goals to achieve in the near future, including opening investment banks in Iraq and financing investment projects.
The head of the committee, Representative Hassan Al-Khafaji, said: “It was agreed to open investment banks and finance investment projects, fight corruption, and discuss the entry of foreign companies into Iraq, in addition to allowing the exchange of experiences in the industrial, agricultural and health sectors.”
Al-Khafaji added, in an interview with “Al-Sabah,” that “the agreement included opening a headquarters and a commercial representation in Iraq, similar to the rest of the embassies, and the work plan will be according to agreed upon timetables after intensifying meetings to support the European Union for Iraq,” explaining that “the government is very serious about providing services and has been completed.” Five residential investment city projects were referred, and more than one million housing units entered into implementation.
He pointed out that "the search for housing forced many citizens to resort to slums, or to parcel out agricultural lands," noting that "this phenomenon will end within the next two years as part of the move toward building moderate-cost housing complexes for citizens," he said.
In turn, European Union Ambassador Thomas Seiler said: “The Union wants to develop the political partnership to include the economic aspect, and there is a call from members of parliament and Iraqi economists for European companies to enter.”
Seiler added to “Al-Sabah” that he will transfer Iraq’s invitations to the European Union headquarters in Brussels, as well as to the European Union member states, indicating that “Iraq is secure and different from what was previously, which constitutes a greater opportunity to activate investment for European companies.” Providing experts in the field of investment, anti-corruption, economics and public financial management.” The European Union ambassador to Iraq added, "Iraq depends on oil revenues, so it must diversify its economy in the coming years, and oil revenues could help with that as well."
Seiler stated, "Politicians must look at the long term, and this is what we call for in the European Union, and benefit from oil resources in order to solve the problems of other areas in industry, agriculture, higher education, and tourism."
He explained, "European investment in Iraq does not necessarily depend on the oil field, but rather in the field of industrial production, agricultural fields, solar energy, and environmentally friendly fields, because these fields are future-oriented, and this is what we would like to invest in in the European Union."
Edited by: Ali Abdel Khaleq
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