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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    What are the reasons for Iraq's loss of foreign investments in recent years?

    Rocky
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    What are the reasons for Iraq's loss of foreign investments in recent years? Empty What are the reasons for Iraq's loss of foreign investments in recent years?

    Post by Rocky Sat 10 Aug 2024, 4:58 am

    What are the reasons for Iraq's loss of foreign investments in recent years?

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    Economy News - Baghdad
    The head of the Iraq Future Foundation for Economic Studies, Munar Al-Obaidi, spoke about the reasons for Iraq’s loss of foreign direct investment over the past years.
    Al-Obaidi said in a post on Facebook, which was followed by “Al-Eqtisad News”, that “the United Nations Development Program stated in its latest report on foreign direct investment (FDI) that more than 5 billion US dollars in foreign investments had left in 2023, noting that “the program stated that from 2013 to 2023, Iraq lost foreign investments of more than 52 billion US dollars.”
    He added that "foreign investments are of great importance to countries as they stimulate economic growth, increase job opportunities and contribute to the transfer of knowledge."
    Al-Abidi explained that “countries are keen to increase foreign investments in their countries because they are a source of money coming in other than state revenues and other than local investments.”
    Al-Obaidi pointed out that “the main reason for the exit of these investments from Iraq is the deteriorating business environment, which lacks transparency, accumulated bureaucracy, multiple decision-making sources and their conflict at times, in addition to the lack of clear laws to protect the money of foreign investors.”
    He added, "The outflow of these funds also reflects that the private sector support programs are just weak slogans and that the comprehensive and socialist idea is prevalent in the thinking of most government institutions and the weakness of the goals set for investment bodies in the governorates, which focused primarily on local real estate investments without focusing on investments in the field of energy, infrastructure and productivity projects."
    Al-Ubaidi said, “As long as the socialist, totalitarian and pastoral thinking dominates the joints of government agencies, the drain on foreign investments from Iraq will continue, and we will lose an important factor that helps develop and improve the economy and works to provide job opportunities.”
    Al-Abidi commented on “the slogans of attracting foreign investors and improving the investment environment and investment opportunities, stressing that they will remain slogans if there is no real will to provide a sound business environment characterised by three basic elements: transparency, facilities and protection.”


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