TNT:
Tishwash: International forum to support investment companies
On the sidelines of the Baghdad International Fair, the capital, Baghdad, witnessed the launch of the International Business Forum, with the participation of representatives of government agencies, the banking sector and international institutions, along with leaders of the private sector, to discuss investment opportunities and facilities provided to foreign companies in Iraq.
During the opening session, the head of the National Investment Commission, Haider Mohammed Makkiya, announced that the total volume of investments in Iraq had risen to $104 billion, distributed as $67 billion in foreign investments and $37 billion in local investments, an increase of $2 billion during the past four months, in an indicator that reflects the growing confidence of investors and the transition of the investment landscape to a more stable and mature stage.
Iraq’s investment environment
Regarding the forum, the Prime Minister’s financial advisor, Dr. Mazhar Muhammad Saleh, said that the investment environment in Iraq still suffers from the existence of inactive and stagnant laws within the structure of the economy, indicating that they constitute a deterrent factor to investment and limit opportunities to attract foreign companies.
Saleh added, in an interview with Al-Sabah, that international organizations had previously presented their visions to address these problems according to clear legislative frameworks, noting that activating or amending just one law within the House of Representatives could make a real difference in the reality of economic performance.
He stressed that reforming these laws would transform Iraq into an attractive market for international companies possessing technology and capital, emphasizing the importance of the legislative role of the House of Representatives in creating a stable and stimulating environment. For investment and economic development.
Efforts behind success
The Chairman of the Board of Directors of the American-Arab Chamber of Commerce, David Hamoud, praised the great and concerted efforts that stood behind the success achieved by the Baghdad Fair, expressing his pride in being present at this economic event that is being held on land that carries a deep historical and cultural significance.
Hammoud explained to Al-Sabah that the Chamber’s representation of the American private sector stems from the conviction that capital always seeks safe opportunities, stressing that security and the rule of law constitute The foundation of any successful investment.
He added that this participation contributes to conveying a new and positive image of Iraq after the transformations it has witnessed in the past period, noting that the United States includes states specializing in different economic fields.
He stressed that a growing number of American businessmen are showing a genuine desire to work within the Iraqi market, noting that the Chamber is working to connect these opportunities and achieve partnerships that serve the interests of both sides.
International standards
Meanwhile, the representative of the International Trade Centre, Devka Rajiv, saw that the reform process in Iraq is moving towards conformity with international standards in various economic sectors and joints, explaining that this trend forms an important basis for improving the business and investment environment.
Rajiv explained to Al-Sabah that Iraq has made significant and important progress towards joining the World Trade Organization, reflecting the seriousness of government institutions in modernizing economic and trade systems and aligning them with international requirements. She pointed out that the Investment Authority plays an active role in encouraging investment by reviewing existing laws and legislation and intervening to develop them in line with the needs of international companies and contributing to creating an attractive and stable environment for foreign investments.
Customs work automation
The Director General of the Iraqi General Authority of Customs, Dr. Thamer Qasim Dawood, pointed out that the adoption of automation in customs work has greatly contributed to serving investment companies operating in Iraq, by facilitating procedures and speeding up the completion of transactions, stressing that all border crossings have become fully automated, with the adoption of electronic systems in recording customs work.
Daoud told Al-Sabah: “The customs clearance and payment processes are carried out electronically according to modern systems, most notably the ASYCUDA system, which ensures transparency and accuracy. He stressed that the authority prevents any illegal exemptions in cooperation with the competent authorities.”
He added that approvals are issued within moments upon completion of the requirements, indicating that Iraqi law is among the best laws supporting the investment sector.
outskirts of major cities
In a related context, Dr. Mohamed Hassan El-Sayed, representative of the Ministry of Planning, said: The ministry is currently moving towards the outskirts of major cities to prepare areas designated for investments, indicating that this is a step aimed at attracting investors and relieving pressure on city centers.
In an interview with Al-Sabah, Mr. Al-Sayed pointed out that this approach comes within an integrated plan to create a suitable investment climate that achieves optimal use of available resources, explaining that the ministry encourages investment in the governorates by establishing economic and industrial cities in areas outside the cities, due to their role in supporting future economic projects.
He added that these cities will contribute to development and re-export, stressing that the main goal is to achieve integration between the public and private sectors.
International data
Meanwhile, the head of the International Chamber of Commerce branch in Iraq, Mohsen Al-Humaid, stated that the Chamber is working to encourage foreign companies to enter the Iraqi market, relying on three international factors that contribute to creating a safe and attractive investment environment. He explained that one of the most prominent of these factors is the International Arbitration Center, which guarantees the preservation of the rights of all working parties and enhances confidence in commercial and investment transactions.
Al-Humaid told Al-Sabah: “The Chamber has a special platform for direct communication with international companies, which aims to facilitate partnerships and build effective cooperation channels between the Iraqi private sector and its international counterpart, in order to support investment and enhance the presence of foreign companies in Iraq.”
Banking development
In addition, the representative of the Central Bank of Iraq, Ahmed Dawar Salman, pointed out that the bank has achieved an important financial accomplishment by strengthening its relations with a number of international institutions and bodies, stressing that this has contributed to the development of banking work and raising the level of international confidence in the Iraqi financial sector.
Salman added to Al-Sabah that the procedures for financial transfers are witnessing greater smoothness in terms of safety and accuracy of transfer operations, which has encouraged global banks and international banks to express their desire to be present and work inside Iraq. He added that cases of delay in transfers are mostly due to a lack of some auditing requirements, as the Central Bank is keen to adhere to international standards to ensure transparency and financial stability.
Open visions
Meanwhile, economist Khalid al-Jabri considered the conference an opportunity for a meeting between official Iraqi economic and commercial channels (the Customs Authority, the Tax Authority, the Registrar of Companies, the Central Bank, and some banks) with the aim of highlighting the strength of the improvements made over the past three years in economic activity.
Al-Jabri continued, in an interview with Al-Sabah, that the improvements are generally good, but added that there is still a long way to go to continue the necessary reforms.
He pointed out that the Iraqi economy suffers from a fragile structure and needs a set of legislations and amendments, explaining that the country changed its political system after 2003, but its administrative system did not change, which caused a clash between the democratic political system and the multiplicity of decision-making authorities from parliament to judiciary to central bank to monetary policy.
He added that open visions are incompatible with the totalitarian vision with which the administrative and economic laws were written before 2003, which left a fundamental distortion and negatively affected the economic movement and created a continuous clash between the Iraqi private sector, which operates with the market economy and its methodology, and the laws that operate with the central totalitarian system.
Openness to the world
Nidal Sharaan, representative of the Saudi pavilion, confirmed that the impression formed by the delegation confirms that Iraq has a genuine desire to open up to the world.
He indicated that this approach could constitute a real starting point towards achieving sustainable economic development.
He stated that participation in the Baghdad International Fair provided important opportunities for direct communication with relevant parties, revealing that several understandings were discussed with representatives of the Iraqi private sector, paving the way for future cooperation and building partnerships. It serves common interests. link
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Tishwash: Government advisor: All salaries and pensions are fully secured and the financial situation is stable.
The Prime Minister’s financial advisor, Mazhar Muhammad Saleh, confirmed on Friday that all salaries are secured and the financial situation is stable, while explaining that the delay in salaries is due to temporary procedures for disbursement mechanisms and financial timings.
According to the official agency, Saleh said that “any limited delay that may occur in the disbursement of salaries is not in itself a financial crisis, nor does it reflect a shortage of resources or a breach of obligations, but rather it is due to temporary organizational and procedural considerations related to disbursement mechanisms and the management of financial timings.”
He affirmed that “salaries, pensions, and social welfare allowances are fully secured within the approved financial framework,” noting that “regular disbursement is the general rule, with the possibility of limited time differences in some exceptional cases, without this affecting financial stability or the ability to meet entitlements.”
Saleh stressed that “the financial situation is stable, and liquidity management will continue in a way that ensures the sustainability of public spending and protects the incomes of employees, retirees and social welfare beneficiaries, while working to reduce any delays to the lowest possible level, within the priorities of spending in public finance.” link
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