Experts: Government efforts have placed Iraq in advanced positions globally in the field of foreign

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[size=52]Experts: Government efforts have placed Iraq in advanced positions globally in the field of foreign investments[/size]

[size=45]Experts in economic affairs praised the government's efforts to encourage investment and Iraq's obtaining advanced positions in foreign investments, stressing that the government's vision was reflected in the noticeable improvement in the investment climate in Iraq and the efforts made to strengthen the economic sector and attract more foreign direct investments.[/size]
[size=45]In this regard, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: “The Iraqi economy is characterized by two basic features that help give it preference in foreign investment: the first is the cash flows in foreign currency reflected in the current account of the balance of payments relative to the gross domestic product, which the international economic and national centers estimate at a surplus estimated at By about (positive 7%), Iraq also ranks second in OPEC oil production and fifth in the world in that production.”[/size]
[size=45]An attractive environment for investment.
He added, “As for the second advantage, there is a wide overcrowding of available investment opportunities provided by transportation, digital communications, housing, and construction activities, and it ends with encouraging partnership between the state and the private sector in the manufacturing industry and various technological fields, the latest of which was the Cabinet’s adoption of the facilitating instructions at its last meeting that encourage partnership.” “The investment law frames the provision of an attractive investment environment for investors, especially the economic surplus trends of the countries of the region and their orientation towards profitable investments in Iraq in the industrial, agricultural and other fields.” “This gives a positive signal to international investment in general to be attracted to Iraq and investigate promising opportunities there.”[/size]
[size=45]He stressed, “The Development Road Project, as a development strategy, adopts the idea of ​​development-leading projects. It formed the central call for international companies to participate, starting from the port of Al-Faw and ending with the Turkish border for economic connectivity with Europe, which means that the state’s economic vision is based on encouraging direct foreign investments in development activity in Iraq, which... Its natural resources are abundant in the ground.[/size]
[size=45]He explained, “Iraq is ranked ninth in the world in terms of natural resources in the ground, and ranked first in reserves per square kilometer of investable natural resources such as (phosphate, sulfur, and other important reserves).[/size]
[size=45]Openness to investment
In turn, economic expert Abdul Hassan Al-Ziyadi said, “This year witnessed great interest in investments, with the presence of investment companies to which a number of projects were referred, whether in the housing sector or other sectors,” pointing out that “work in Iraq has become more serious, especially in The government of Muhammad Shiaa Al-Sudani, which began opening up to various sectors.”[/size]
[size=45]He added, “We hope that the state will open up and address many of the stalled issues now, especially since there are many areas of investment in Iraq and in all industrial, oil, and agricultural sectors, corporate development, and private sector development.”[/size]
[size=45]Amending the laws
For his part, the specialist in financial and banking affairs, Mustafa Akram Hantoush, stressed that “Iraq needs a more ready environment for foreign investment, but through licensing rounds, or a foreign investor who comes without a licensing round must obtain an exception from the Prime Minister from all instructions and an exception from tendering and bidding.” Certainly, this is an attractive environment for investment, but it needs attractive laws and real laws that support foreign investment, support local investment as well as the local investor, and limit bribery and extortion.”[/size]
[size=45]He continued, "Iraq needs a serious pause to attract foreign investment in many sectors, not just the oil sector or the residential sector. We need a more serious pause to activate local investment and amend laws such as Investment Law No. 50 of 2015, Tax Law No. 113 of 1982, and many other real laws that need to be amended." For the purpose of activating internal investment and part of foreign investment.”[/size]
[size=45]In addition, economic expert Nabil Jabbar Al-Tamimi said, “The percentage of foreign funds flowing into Iraq for investment has increased more than twice as much as before, which is evidence of an improved investment climate and the existence of a real opportunity.”[/size]
[size=45]A study conducted by the FDI Intelligence website, which specializes in foreign direct investment affairs, stated that “Iraq ranked fourth among ten countries in the latest classification, and this classification was evaluated based on several criteria, including the growth of the gross domestic product, the inflation rate, and the growth in spending.” Capital in foreign direct investment, and the growth rate in foreign direct investment projects.”[/size]
[size=45]The study indicated that “the growth rate of Iraq’s gross domestic product reached 2.9%, while the inflation rate reached 3.6%, and the growth rate in capital spending in foreign direct investment witnessed an increase of 371%, and the growth rate in foreign direct investment projects reached 95%.” “, indicating, “These numbers reflect the noticeable improvement in the investment climate in Iraq and the efforts made to strengthen the economic sector and attract more foreign direct investments.”[/size]
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