Sunday Evening Iraq Economic News Highlights 10-30-22
An Economist Reveals The 7 Most Important Topics Absent From The Curriculum Of The Sudanese Government
Money and business Economy News-Baghdad On Sunday, the economic expert, Nabil Al-Marsoumi, drew attention to the most important 7 missing topics in the curriculum of the government of Muhammad Shia Al-Sudani, noting that the most important absent topics are the Chinese agreement and the reduction of the dollar price.
Al-Marsoumi said in a post on “Facebook” that “the most important missing topics in the government curriculum are the reduction in the exchange rate of the dollar against the dinar and the Iraqi-Chinese agreement.”
He added that “the economic agreements between Iraq, Saudi Arabia, Egypt and Jordan, as well as the electrical linkage agreement between Iraq, Turkey, Kuwait and Jordan were absent from the government program.”
Noting that “the program of the Sudanese government did not address the agreement of Iraq’s sale of oil to Jordan at reduced prices, and the Iraqi-Jordanian pipeline, Iraq’s sale of black oil to Lebanon,” noting that “these trends indicate the Sudanese’s determination to find alternatives to it.”
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Qatari Report: Saudi Investment May Pave The Way For Iraq’s Accession To The Gulf Cooperation Council
Money and business Economy News-Baghdad Saudi Arabia is seeking to invest in 5 countries, including Iraq, and intends to establish regional companies to invest 90 billion riyals ($24 billion), according to Saudi Crown Prince Mohammed bin Salman, Chairman of the Board of Directors of the Public Investment Fund.
This came during last Wednesday’s announcement that the Public Investment Fund would target investment in Jordan, Bahrain, Sudan, Iraq and the Sultanate of Oman, after the launch of the Saudi Egyptian Investment Company last August. The investment will be in several strategic sectors, including: infrastructure and development Real estate, mining, healthcare, financial services, food and agriculture, manufacturing, communications, technology, and other sectors.
The latest statistics indicate that the volume of trade exchange between Saudi Arabia and Iraq in 2020 rose to 3.88 billion riyals ($1.34 billion), while in 2019 it was about 3.41 billion riyals ($909 million), distributed among 3.37 billion riyals ($898 million) Saudi exports. And 41.8 million riyals ($11.2 million) Iraqi exports, which means that Iraq ranks 11th among Arab countries in the volume of trade exchange with Saudi Arabia.
In light of this, the financial and economic advisor to the Iraqi government, Dr. Mazhar Muhammad Salih, says that the selection of investment projects will be with the common desire between Iraq and Saudi Arabia, within the policy of building bridges, cooperation, and building opportunities for stability and progress for two large countries with a population of nearly 80 million people, and they are among the major oil producers in the world. the scientist.
Saleh believes – in his statement to Al Jazeera Net – that “the agenda of Iraq’s economic interests in the policy of cooperation with neighboring countries in general and Arab countries in particular, should outweigh any narrow considerations that are attached to remnants inherited from a narrow negative past due to the Gulf wars that wasted nearly half a century of development in An ancient country like Iraq, which was generated by the factors of estrangement between the countries of the region at the expense of their stability and progress, and lost opportunities for cooperation between them.
And the government advisor goes on to say that “Saudi Arabia today has distinguished experience in the metallic and semi-heavy industries and distinguished manufacturing in the field of petrochemicals, the maritime transport sector, the technological and digital sector, and others, and in these areas it is possible to invest in Iraq.”
There is a welcome within the economic circles in Iraq for Saudi investment to enter the country, provided that it is productive, and this is explained by the economic researcher, Dr. Ali Dadush, by saying that the entry of these funds in a productive manner will have a positive impact on Iraq through long-term projects such as building factories and laboratories, in addition to the productive Saudi investment. It will contribute to the entry of foreign currency – especially the dollar – into Iraq, which will enhance its foreign cash reserves.
On the other hand, Daadoush – in his speech to Al Jazeera Net – believes that this investment may be a prelude to Iraq’s accession to the Gulf Cooperation Council, to benefit from the advantages enjoyed by member states such as energy networking, licenses for goods and services exchanged between them, skilled labor, artificial intelligence and others.
As for the Iraqi banking sector, it can – according to Daadoush – raise its services through this investment, which opens the door for it to open up to the banking sector and Saudi financial services, by organizing specialized training courses for Iraqi banking workers, which will develop the Iraqi stock market and stimulate productive sectors .
Dadush stresses that Iraq needs such investments to employ the unemployed and create added value in the productive sectors, in addition to benefiting from economic and political benefits that contribute to the process of regional economic integration between Iraq and Saudi Arabia.
Upgrading The Infrastructure
For her part, the representative of the “Sadiquon” bloc, Zainab Juma’a al-Moussawi, welcomed the entry of foreign investment into Iraq, including Saudi investment.
Al-Moussawi said – in a statement to Al-Jazeera Net – that “Iraq needs the flow of funds and foreign investments from Saudi Arabia or others, to contribute to the reconstruction of its dilapidated infrastructure and superstructure, and to revitalize its industrial, agricultural, tourism and other sectors, to contribute a greater percentage to the country’s gross domestic product.”
Diversification Of The Economy
For his part, Dadush says that the rise in Gulf investments – especially Saudi Arabia in Iraq – may diversify the sources of the Iraqi economy and revitalize the private sector, in addition to reducing the volume of commodity imports.
The researcher concludes his speech by urging that investment in Iraq be appropriate and enhanced with government support, through the gradual raising of customs taxes on imported goods and services, since these investments need between 3 to 6 years to meet the local demand for goods and services.
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Customs Issues A Statement Regarding Attempts To “Mix Papers” In The Case Of Theft Of Tax Deposits
Money and business Economy News _ Baghdad On Saturday, the General Authority of Customs issued a statement regarding attempts to “confuse the papers” in the case of theft of tax deposits, while threatening those who publicize it to resort to the judiciary.
A statement by the authority stated, “Some are trying to mix papers and pass bad agendas and inhuman desires, and some for the sake of the chair collect misleading information and market it to public opinion as irrefutable facts, which is a falsehood or scattered information that does not belong to the party that is being defamed nor the official who turns to a stated goal, and the truth is to try to get the position to achieve personal positions, goals and objectives.”
The statement added that “what happened during the past few days from the repercussions of the issue of theft of tax deposits opened the door wide for those who want to mix papers, earn, try to obtain positions, remove an official and pay others. for individuals and companies now.
He pointed out that “a letter was issued by the Council of Ministers in 2015, to deduct five percent of the currency auction, and it was worked on for forty days only, after which it was canceled, and an amount of 351 billion dinars was collected at that time, and an amount was transferred to the treasury more than 185 One billion dinars according to the Financial Management Law, Article 26, first, and an amount of more than 160 billion dinars was recovered to its owners in varying years from 2015 to 2020, all of which were subjected to the audit of the Financial Supervision Bureau according to the above book.
He continued, “This happened within documented official documents and books,” explaining that “some people continue their projective approach, and do not want to change, and to work according to an ethical approach and take into account the difficult circumstances and transformations in the country and the desire to confront the repercussions of the previous stages.”
He pointed out that “anyone who defames the authority, its director and employees will be prosecuted.” Views 166 Added 10/29/2022 – 4:18 PM Update 10/30/2022 – 9:02 AM
More Than 9 Billion Cubic Meters Of Gas Production In Iraq In 2021
Shafaq News/ Data and statistics of the British company BP monitored that Iraq produced more than 9 billion cubic meters of natural gas in one year.
The statistics, seen by Shafak News Agency, showed that “Iraq’s production of natural gas during the past year 2021 amounted to 9.4 billion cubic meters, an increase of 34.29 percent over the previous year, in which production amounted to 7 billion cubic meters,” noting that “the highest production The gas in Iraq was in 2019 when it amounted to 11 billion cubic meters.
She added that “the growth rate of gas production in Iraq between 2011 and 2021 increased by 4 percent,” noting that “the proportion of Iraq’s production in relation to world production is 0.2 percent.”
According to the Arab statistics, Saudi Arabia came first with the largest natural gas producer in 2021 with 177.3 billion cubic meters, followed by Qatar by 177 billion cubic meters, Algeria by 100.8 billion cubic meters, followed by Egypt by 67.8 billion cubic meters.
Globally, “America ranked first as the largest gas producer in 2021, with 934.2 percent, followed by Russia with 701 billion cubic meters, and then Iran with 256.7 billion cubic meters.”
Despite Iraq’s low production of gas, it ranks 12th with the largest gas reserves in the world, at 130.5 trillion cubic feet per day, according to data from the British BP Oil Company for 2016. Iraq consumes most of its gas to feed power stations while it imports the rest from Iran. LINK
The Industry Clarifies The Fact That 60 Thousand Factories And Factories Have Stopped In Iraq
Calendar 10/29/2022 Baghdad / Al-Mawrid News Today, Saturday, the Ministry of Industry detailed its plan to reopen the stalled factories and establish a national industry in Iraq, and while it summarized the reasons for stopping the factories over the past periods, it indicated that the talk about the disruption of more than 60 thousand factories and factories is incorrect.
Hassan Nazim, Director General of the General Directorate of Industrial Development, one of the formations of the Ministry of Industry and Minerals, said in an interview with the official agency, “The directorate continues to support the private sector and grants licenses to establish projects for the private and mixed sectors under Law No. 20 of 1998, under the title of industrial investment.”
Nazim added, “The law showed facilities and flexibility for private sector projects, especially with regard to two files: importing production lines and raw materials, as well as coordination with sectoral authorities regarding fuel and electricity,” noting that “there is an existing plan, and it is being re-updated for the purpose of giving more facilities. For factories, to support the national industry and introduce products made in Iraq.
He pointed out that “there are a large number of licenses, especially during the past two years, amounting to more than 3,000 licenses under construction, and there are procedures for facilitating procedures for the completion of industrial projects, as the results reached 425 completed factories, which opened their doors and hired young people and workers.”
He explained that “there are special forms in the directorate, which include standards and documents provided by the industrialist, and then the license under establishment is initially granted, after which the procedures are carried out in coordination with the sectoral departments and the responsible authorities, for the purpose of giving final approvals attached to the basic approval, to issue complete licenses for the establishment to open factories and employ youth “.
He noted that “after 2003, the industry went through difficult conditions that led to the emigration of many private sector owners from their factories,” noting that “many factories were closed for reasons including their old age and inability to keep pace with what is produced through modern machines, as well as because of the security conditions that have passed.
The areas of Iraq over the past years, including the entry of ISIS terrorist gangs into three provinces, and thus the factories continued to stop.”
He pointed out that “the plan of the ministry, the government and the directorate is to develop mechanisms to restore these factories to open their doors, and there is a plan to facilitate procedures such as bringing in experts and importing production lines by industrialists and facilitating the procedures for entering them from border crossings, and there are other facilities related to raw materials.”
He continued, “This led to the re-effect of many of these achievements,” stressing that “the ministry is continuing to establish a national industry in the country through the transfer of sober technology and the introduction of products made in Iraq.”
He stressed that “talking about the disruption of more than 60,000 factories and factories is incorrect, and the factories that were disrupted due to what was mentioned about the security incidents that took place in the governorates,
in addition to the presence of factories in which their owners stopped working for various circumstances, including financial,” noting that “talking about numbers The huge number of factories and factories that have stopped comes for the purpose of frustration and to give an unreal picture of the Iraqi industry.”
He concluded, “There are thousands of factories operating in Iraq, continuously offering their products in the local markets, and they continue to support the private sector.”
Minister Of Electricity: The Government Is Aware Of The Seriousness Of The Energy File And Its Reform
Energy Today, Sunday, Minister of Electricity Ziad Ali Fadel confirmed that the government is aware of the seriousness of the energy file and its reform, while indicating that the ministry will work to solve electricity problems in all governorates.
The ministry’s spokesman, Ahmed Moussa, said in a statement received by “Al-Iqtisad News”, “The Minister of Electricity, Ziyad Ali Fadel, stressed, during the performance of his duties, the importance of working to lift the burden on the citizens, and we are not exempt from any repercussions and we have no excuse but success.”
The minister stated that “there is great priority and care for the electricity file, which has a governmental specificity,” stressing that “the government is aware of the seriousness of this file and its reform.”
The Minister of Electricity added, “We will focus on the important, governing and main axes, and we will proceed with the ministry’s short and medium-term plans,” noting that “the ministry will work to solve electricity problems in all governorates, and this is our duty and the core of our service work.”
He explained, “We need the support that we count on and we will achieve a lot, and we will make the citizens feel that we are the bond and the help,” noting that “we will not be concerned with anything other than the technical and service file only.”
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