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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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    Report monitors $5 billion in foreign investment outflow from Iraq in 2023

    Rocky
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    Report monitors $5 billion in foreign investment outflow from Iraq in 2023 Empty Report monitors $5 billion in foreign investment outflow from Iraq in 2023

    Post by Rocky Sun 18 Aug 2024, 4:29 am

    Report monitors $5 billion in foreign investment outflow from Iraq in 2023

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    Baghdad Today - Baghdad
    Today, Saturday (August 17, 2024), the economic expert, Manar Al-Abidi, revealed the details of the global investment report, indicating that the year 2023 witnessed the exit of investments from Iraq worth $5 billion.
    Al-Obaidi said in a clarification, followed by "Baghdad Today", that "the (fdi intelligence) Foundation issued a report on foreign direct investment in various countries, and part of it included what is related to the Middle East and Africa region," indicating that "foreign investments in this region for the year 2023 contributed to more than 2,600 projects, an increase of 19% compared to 2022."
    He added that "the value of foreign investments in these countries amounted to 249 billion US dollars out of 1.3 trillion US dollars in investments worldwide," noting that "foreign investments were distributed according to countries: the United Arab Emirates 1279 projects, Saudi Arabia 359 projects, South Africa 145 projects, Egypt 133 projects, and Morocco 95 projects."
    Al-Abidi continued: “The country with the highest growth in the value of foreign investments was Saudi Arabia, where the value of foreign investments grew by 111% compared to 2022, reaching a value of 29 billion US dollars,” explaining that “the most important investing countries in the Middle East and Africa region were China with investments worth 42 billion dollars, the United Kingdom with investments worth 25 billion dollars, Hong Kong with investments worth 20 billion dollars, and the United States of America with investments worth 17 billion dollars.”
    He explained that "the most important sectors in which investment was made are the renewable energy sector with investments worth $100 billion, the minerals sector with investments worth $23 billion, and the oil, gas and coal sector with investments worth $20 billion," noting that "no mention was made of investments in Iraq, but according to the United Nations Development Program, Iraq witnessed an outflow of foreign investments worth $5 billion during the year 2023."
    He pointed out that "the lack of interest of investors in Iraq despite the availability of capabilities is due to many factors, including the declining business environment, the fragility of the economic and political situation, weak marketing and promotion of Iraq's capabilities and investment opportunities internally and externally, the weakness of government institutions responsible for the foreign investment file internally and externally despite their abundance, and the lack of interest in private sector investments in general and foreign investments in particular, as the strategy to support foreign investments was not mentioned in the 2024-2028 development plan."
    Al-Obaidi stressed that "despite the importance of foreign direct investment to Iraq, as it plays a role in creating job opportunities, developing the private sector, and transferring knowledge, the mentality of state administration is still clinging to the dominant pastoral approach that wants to manage all strategic institutions directly without benefiting from the experiences of others."
    Al-Obaidi said that "we need to have a comprehensive change in the way economic files are managed, and for countries to deal with the correct cooperative approach and find a solution to the regulatory and legislative problems that have placed Iraq among the least ranked countries in the business environment report."
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