Home
Iraq loses $52 billion in foreign investment due to "corruption"
[You must be registered and logged in to see this image.]
2024-08-10 00:47
Share
font
[You must be registered and logged in to see this image.]
2024-08-10 00:47
Share
font
Shafaq News/ On Saturday, the head of the "Iraq Al-Mustaqbal" Foundation concerned with economic affairs, Manar Al-Obaidi, referred to the latest report of the United Nations Development Program, which revealed the exit of more than 5 billion US dollars in foreign direct investments from Iraq in 2023.
The report showed, according to Al-Obaidi, that Iraq lost foreign investments worth more than 52 billion US dollars from 2013 to 2023.
Al-Obaidi stressed, in a statement received by Shafak News Agency, the importance of foreign investments in stimulating economic growth, increasing job opportunities, and transferring knowledge, stressing that foreign investments are an important source of income for funds not linked to state revenues or local investments.
Al-Obaidi identified the main reasons for the exit of these investments from Iraq, which include the deteriorating business environment, lack of transparency, accumulated bureaucracy, and multiple and conflicting decision-making sources, explaining that the lack of clear laws to protect foreign investors’ funds also contributed to this deterioration.
Al-Obaidi described the private sector support programmes as “weak slogans”, pointing out that the totalitarian and socialist thinking is prevalent in government institutions, which has negatively affected the objectives of investment agencies that have focused mainly on local real estate investments rather than in the fields of energy, infrastructure and productive projects.
Al-Ubaidi stressed that the continuation of socialist and pastoral thinking in government agencies will lead to the continued draining of foreign investments from Iraq.
He stressed the need for a real will to improve the business environment through three basic elements: transparency, facilities, and protection, in order to attract foreign investors and strengthen the Iraqi economy.
[You must be registered and logged in to see this link.]
The report showed, according to Al-Obaidi, that Iraq lost foreign investments worth more than 52 billion US dollars from 2013 to 2023.
Al-Obaidi stressed, in a statement received by Shafak News Agency, the importance of foreign investments in stimulating economic growth, increasing job opportunities, and transferring knowledge, stressing that foreign investments are an important source of income for funds not linked to state revenues or local investments.
Al-Obaidi identified the main reasons for the exit of these investments from Iraq, which include the deteriorating business environment, lack of transparency, accumulated bureaucracy, and multiple and conflicting decision-making sources, explaining that the lack of clear laws to protect foreign investors’ funds also contributed to this deterioration.
Al-Obaidi described the private sector support programmes as “weak slogans”, pointing out that the totalitarian and socialist thinking is prevalent in government institutions, which has negatively affected the objectives of investment agencies that have focused mainly on local real estate investments rather than in the fields of energy, infrastructure and productive projects.
Al-Ubaidi stressed that the continuation of socialist and pastoral thinking in government agencies will lead to the continued draining of foreign investments from Iraq.
He stressed the need for a real will to improve the business environment through three basic elements: transparency, facilities, and protection, in order to attract foreign investors and strengthen the Iraqi economy.
[You must be registered and logged in to see this link.]
» The Communications and Media Commission is looking into settling debts and fines owed by Korek Telec
» Pentagon: We continue security cooperation talks with Iraq
» Transparency International: We appreciate the Iraqi government's measures to combat corruption
» The Companies Registration Department issues a notice to its auditors
» US court orders Iraqi ports to pay $120 million to Cypriot company
» Parliamentary Security Committee proposes two options to end the "Turkish incursion" and a proposal
» Parliamentary letter to the US Embassy regarding personal status amendments: Do not interfere, "Your
» Defense and Foreign Ministry issue humanitarian appeal regarding remains of missing Kuwaitis
» Results of the meeting of the Ministerial Council for Economy in Erbil
» Economist blames central bank for dollar's rise: Confused decisions
» Kurdish proposal to end the "crisis" of Kurdistan employees' salaries initially
» Ministerial reshuffle: “non-serious” talk dependent on “appeasement”
» Labor completes procedures for launching the 43rd batch of soft loans
» The Collapse Has Begun... 8 Revelations About the Truth About Iraq's Economy
» Coordination Framework: We strongly support the government and Al-Sudani, and his success is our suc
» Parliamentarian: The Parliamentary Evaluation Committee completed its report and determined who dese
» Barzani to US Ambassador: Erbil-Baghdad talks are going very positively
» Integrity: 5 severe prison sentences issued to the director of a government bank in Diyala
» Conflicts over ending the international coalition’s missions in Iraq.. Will Washington’s forces with
» Civil Status suspends electronic reservation system to obtain national card
» Minister of Electricity stresses the importance of following up on the collection of consumption fee
» Including stores, shops, pharmacies, clinics and all civil activities in electronic payment
» Has the Kurdistan Regional Government agreed with Baghdad on the distribution of salaries?
» President of the Federal Court: Iraq has made very big strides in the field of building democracy an
» President of the Federal Court: Iraq has made very big strides in the field of building democracy an
» The President of the Supreme Judicial Council receives the international investigation team UNITAD
» 7 real gains achieved after the entry into force of electronic payment
» Rafidain Bank identifies three advantages of electronic payment systems
» Hours and he will land in Baghdad.. What files does Pezeshkian carry on his first foreign visit as p
» At the top of which are economic projects in Basra.. Iranian ambassador reveals the agenda of Pezesh
» The rise in the dollar exchange rate in Iraq.. This is the list
» After the recent agreements... Is America serious about ending the military presence in Iraq?
» Failure to install meters.. Baghdad Council restores the monthly pricing system for generators
» Integrity Commission calls on Transparency International to open a branch in Iraq
» 30 years of rule and influence.. The arrest of the Governor of the Central Bank of Lebanon is a “ser
» ͏MM&C 9/924 The parallel market will be upended.. Sources: Expected decisions from the Central B
» utube 9/9/24 MM&C Iraq Dinar-Central Bank-#Iraqidinar #exchangerate #iraqidinarexchangerate Baghda
» utube 9/7/24 MM&C Iraq Dinar-#Iraqidinar-#XRP-Open MarkOperations-OMO-Currenc
» Expected Amendment: Framework Divided Over Future of Election Law
» Iraq Deports UNITAD: The Hidden Conflict Between Justice and Politics
» MP accuses foreign companies of polluting water and environment in Basra
» Leader in the framework: American attempts to obstruct the amendment of the Personal Status Law
» MP demands public trial for those accused of stealing the century
» Kirkuk: Vegetable and fruit traders complain about high prices due to Mosul and Khanaqin taxes
» The judiciary suspends 7 guarantors for the accused Nour Zuhair and Haitham Al-Jubouri and sets a ne
» We are heading towards financial fragility.. How did the new appointments affect the budget?
» Parliamentary Finance Committee reveals its efforts to increase non-oil revenues and activate collec
» Barzani to Al-Alaq: The number of registered individuals in the “My Account” banking project has exc
» Iraq cuts crude oil sales prices to Europe
» Communications: Significant increase in the index of booking postal boxes via the electronic platfor
» Government for all
» Al-Sudani: Our determination to build Iraq will not weaken
» Today.. Baghdad hosts a conference on oil projects
» Building 23 international schools in Babylon
» Launching the electronic payment service for import licenses
» Memorandum of Understanding between the Environment and the Region in the field of mines
» Al-Anbaky announces tax exemptions for various groups
» Sound tax policy
» Investing in the country's geographical location is a starting point for achieving sustainable devel
» Agricultural Bank launches the service of obtaining loans through the electronic platform
» Communications and Media Commission: Launching the hashtag #PopulationCensus-PillarofDevelopment
» Agricultural Bank launches the service of obtaining loans through the electronic platform
» In the presence of the Minister of Labor.. The Iraqi Economic Ministerial Council holds a meeting in
» Coordination Framework reveals developments in electing new parliament speaker
» MP sets date for first Iraqi province to abandon imported electricity
» Baghdad Council threatens "violators": Generator owners exploit citizens
» Reconstruction: Road and infrastructure services in Baghdad are not our responsibility and our proje
» Analysis: US press reports are a “maneuver” and messages to Iraqi factions
» Parliamentary request to end the assignment of Al-Alaq and Al-Masoudi and re-draw the Hajj pilgrims
» Zidane discusses refugee rights with UNHCR
» Factions about Al-Sudani's government: supporters and backers
» The President of the Supreme Judicial Council receives the UAE Ambassador
» Energy Giant: We are finalizing a strategic agreement with Iraq
» Dollar exchange rates on the main stock exchanges in Iraq
» Pentagon statements spark political anger: Government must respond
» Eurasia News: US withdrawal from Iraq is out of the question
» Women's illiteracy is higher in Iraq than men, and work and the Internet are the most prominent driv
» Al-Sudani calls on political forces to support the government in facing challenges
» Warnings of water shortages and calls for desalination of the Euphrates as a sustainable solution
» Iraq rejects Congress members' claims about helping Iran evade sanctions
» Lack of government support and drug crisis exacerbate the suffering of cancer patients in Iraq!
» Nineveh Governor discusses with tribal and university leaders a future vision for reconstruction and
» Severe imprisonment for a bank branch manager
» Shocking number of illiterate employees in Iraq "Expanded"
» Civil Service Council: Coordination between Health and Finance to create job grades for remaining me
» Hajj Commission intends to exclude winners who violate the controls and conditions
» Diyala Criminal Court: Severe imprisonment for a notary public for issuing forged powers of attorney
» The Ministry of Interior announces the imminent opening of national card stations in embassies
» Al-Sudani receives CEO of Baker Hughes
» Al-Awadi: The Prime Minister intervened decisively to stop corruption files before they were brought
» The President of the Supreme Judicial Council receives the Deputy Representative of the High Commiss
» The Prime Minister chairs the expanded meeting to follow up on government measures related to the an
» Iraq's oil exports to the US rose last week
» The House of Representatives takes action against the theft of the century... and more than 90 signa
» The Collapse Has Begun... 8 Revelations About the Truth About Iraq's Economy
» Oil threatens Iraqi employees’ salaries.. What does the barrel’s drop to $67 mean?
» Developments in the theft of the century.. Arrest of 3 of Nour Zuhair’s sponsors in the Karkh Misdem
» utube 9/5/24 MM&C Iraq Dinar-#Iraqidinar-Advanced Global Results-Money Movement Globally-Central B