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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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    Kurdish investment trend in central and southern Iraq.. What are the reasons?

    Rocky
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    Kurdish investment trend in central and southern Iraq.. What are the reasons? Empty Kurdish investment trend in central and southern Iraq.. What are the reasons?

    Post by Rocky Tue 05 Nov 2024, 4:50 am

    Kurdish investment trend in central and southern Iraq.. What are the reasons?

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    Economy News - Baghdad
    [rtl]The economic crisis in the Kurdistan Region of Iraq, the increase in taxes and fees on projects, and the entry of some parties into the investment competition, prompted many Kurdish capitals to enter the investment market in several Iraqi provinces in the center and south.[/rtl]
    [rtl]The businessman and spokesman for the Kurdistan Investors Union, Mulla Yassin Mahmoud, says that the volume of investments by Kurdish businessmen in central and southern Iraq has currently exceeded twenty billion dollars, and that the economic, financial and security stability, banking facilities and good economic feasibility of projects have contributed to encouraging Kurdish investors to compete in the Iraqi market.[/rtl]
    [rtl]Yassin explains that more than 100 Kurdish investors have obtained investment contracts in Iraqi provinces outside the region during the past four years in the sectors of housing, oil industries, electricity, food industries, and others.[/rtl]
    [rtl]He points out that the investment market in the region “has declined significantly over the past decade as a result of the economic crisis and the repercussions of the Corona virus pandemic, in addition to political and financial disputes with the federal government and the increase in taxes and fees.”[/rtl]
    [rtl]Yassin denied that the movement of Kurdish investors to central and southern Iraq was driven by the influence of the entry of companies affiliated with parties into the field of investment competition in the region, and said that the financial crisis and the large disparity between supply and demand in the Kurdistan region led to a decline in the volume of investments there.[/rtl]

    [rtl]“perfect market”[/rtl]

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    [rtl]For his part, businessman Naji Ezz El-Din says that investors in the Kurdistan Region and Iraq in general “are subject to pressure from the parties,” adding that “the investor is looking for security, economic stability, and an ideal market for his goods, and this is currently available in other Iraqi regions.”[/rtl]
    [rtl]He added that Kurdish investors have been heading to other Iraqi provinces for more than five years, after broad investment opportunities were offered there, indicating that “the Kurds have experience in several investment and industrial fields that may not be available to many Iraqi businessmen.”[/rtl]
    [rtl]Ezz El-Din attributes the reasons for the cessation of many industrial plants in the Kurdistan Region to “the high value of taxes and the cost of electricity and fuel,” adding: “There is no support for the national economy in the region or in the rest of Iraq, nor protection for local production and the consumer. The borders are open and there is no control over the entry of low-quality goods into the country, so it is difficult to compete with imported products.”[/rtl]
    [rtl]According to the Kurdistan Region Statistics Authority, the number of large and medium-sized factories in the region exceeds 130, a third of which are threatened with closure for many reasons, most notably the ongoing economic and financial crisis, the difficulty of competing with imported products, and the high cost of services.[/rtl]
    [rtl]In the same context, Abdul Hassan Al-Shammari, a member of the Iraqi Federation of Industries, believes that the investment areas in the areas affiliated with the Baghdad administration are numerous and profitable and have begun to attract the attention of Kurdish investors, especially since they obtain facilities from the Federal Investment Authority for investors.[/rtl]
    [rtl]Al-Shammari says that dozens of Kurdish business and factory owners have transferred their investments to cities in central and southern Iraq to benefit from the advantages offered to investors, which include “customs and tax exemptions, protection of the local product, ease of marketing it inside and outside Iraq, ownership of industrial project lands, and much more.”[/rtl]
    [/size]

    [rtl]Economic feasibility “better”[/rtl]

    [size]
    [rtl]Businessman Rashid Al-Saadi, a member of the advisory committee of the Iraqi Economic Council, says that Kurdish investors have the experience, financial and human capabilities that enable them to expand the borders of their investments outside the region.[/rtl]
    [rtl]He believes that the economic feasibility in other Iraqi regions “is now better than in the region,” so “it is natural for Kurdish businessmen to invest in them.”[/rtl]
    [rtl]Regarding the nature of investments that attracted Kurdish businessmen in central and southern Iraq, economic expert Kawa Abdul Aziz says that they are concentrated in the fields of housing, electricity, and oil industries, and these are projects that require great financial capabilities and expertise that Kurdish investors possess.[/rtl]
    [rtl]Abdul Aziz describes the Kurdish investors’ move to central and southern Iraq as “temporary because they have other ongoing projects inside the Kurdistan Region,” indicating that a number of factories and plants have been closed for administrative reasons related to their lack of licensing, such as oil refineries.[/rtl]
    [rtl]While other factories in the region were closed due to the economic and financial crisis and the difficulty of marketing their products, which forced their owners to sell them or move to other governorates, according to Abdul Aziz, and “there are other factories that have completely stopped and are waiting for government support to restart the wheel of production in them.”[/rtl]
    [rtl]The Kurdistan Region of Iraq has witnessed an investment boom during the past two decades in the fields of industry, tourism, agriculture and housing, in light of the security stability and the privileges of the Investment Law (No. 4 of 2006), which exempts investors from fees and taxes and provides all investment requirements. However, financial disputes with the federal government have affected this sector, and Kurdish investors are now looking to invest their money in other Iraqi provinces and even in Arab and regional countries.[/rtl][/size]


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