Government: a new strategy to revive the economy

Investment Authority confirms the need for $ 500 billion for the rehabilitation of structures country’s infrastructure during the decade

of Baghdad – Al Sabah 
government unveiled yesterday a new strategy to revive the Iraqi economy, as confirmed the investment needed to 500 billion dollars over the next ten years for the rehabilitation of structures of the country infrastructure. 
Deputy Prime Minister Ruz Nuri Shaways during a conference on Iraq in the Indian capital New Delhi yesterday: “After the change experienced by our country in 2003 and the subsequent new directions in economic, social, political and cultural, has been the trend towards radical review of the economic policy followed in the country.” 
said Shaways In a statement received “morning,” a copy of it, that the most important trends the new strategy are: restructuring the economy and rid it of its reality rentier unilateral and diversify sources of national income, by encouraging the production and investment in the fields of agriculture, industry and the fields of services, tourism and others, and the liberalization of the economy from the grip of the central state and the trend towards decentralized management and support for spatial development, in addition to the orientation of the centrally planned economy to a market economy and economic freedom, and create a real partnership between the public and private sectors, with the reform of state-owned enterprises and lead the process of economic transformation towards joint stock companies and privatization. “He said There are orientations of the other is: “to encourage local and foreign investment in all spheres, particularly the housing projects and the enactment of laws and legislation stimulating it, and go about the process of fiscal reform and a comprehensive management and conduct of legislative amendments, commensurate with the economic trends of new, as well as seeking to integrate the global economy and to obtain the gains associated with this merger and negotiation for accession to the WTO and take advantage of the system of governance, transparency, disclosure and protection of intellectual property and the transfer of technical know-how and technological changes and building national capacity and the free movement of capital and enhance the confidence of the world the Iraqi economy and the accompanying processes to attract significant foreign investment and improve the business environment. ” It is said that the conference focused on opportunities Allastosmar and business in Iraq. increased Shaways said: “The people of Iraq and India ties with strong historical and strong and as long as I walked caravans for decades between the traders of both countries back and forth, carrying various goods and materials, especially in Basra and we know good value and quality of the goods of India and every year thousands of citizens from both countries exchange visits to work and religious tourism, treatment, and diplomatic relations distinct where it started since 1947 and took out the remarkable to this day. “He said that” India is today one of the major clients in the oil industry of Iraq, and we look forward more cooperation, communication and working with Indian companies sober, businessmen and traders, investors and owners of factories and crafts because of their long experience and good reputation in various fields, especially industrial. ” 
Deputy Prime Minister pointed out that “God is love for our country wealth and natural resources, economic and human resources are rich and varied is the third the largest known reserves of oil and has a large stockpile of minerals and other natural resources, and fertile land of agricultural and capacity of so-called historically the land of blackness, “noting that” Iraq is one of the few developing countries that have so many of the capabilities and competencies of human scientific and artistic and creative producer, but the much of this potential failure over many years due to wars and the siege imposed on our country in the nineties of the last century, something that puts us a new challenge to rebuild the capacity and investment of this tremendous potential. ” 
he said Shaways during the conference which was attended by businessmen and Indian companies, many :   
“We continue to do everything possible to protect investors and investment projects and provide the necessary guarantees it has paved all of this reform, legal and administrative 
, financial and issued an investment law, and later introduced new amendments to the benefit of investors and to facilitate investment operations, which encouraged and attracted many of these to go to invest in Iraq and we are confident that the areas of work and investment in Iraq are the areas of motivating and promising and reassuring to the interests of everyone and strengthen the channels of cooperation and global economic integration. “The Deputy Prime Minister looked forward to that” see you in Iraq and you come into the world of business, investment and all share in campaign of construction and reconstruction. ” 
In turn, said a government official that “Iraq is in need of investments ranging from $ 500 to $ 700 billion over the next ten years for the rehabilitation of structures of the country infrastructure.” 
said chairman of the National Investment Sami al-Araji, during the conference, according to what reported by news agencies “There are significant investment opportunities in Iraq, compared with investment opportunities in Germany after World War II ended in 1945, according to Agence France-Presse.” He al-Araji, that “he does not deny the existence of security challenges prevent the entry of foreign companies track investment in Iraq, but returned to say that the situation has improved significantly compared with the last term. “in turn, said India’s oil minister said his country seeks to import additional quantities up to 80 thousand barrels per day of Iraqi crude in 2012 to 2013 and as part of efforts for the third-largest economy in Asia to procure alternative supplies in anticipation of the cessation of Iranian shipments. 
minister said Q. Jaipal Reddy after a meeting with Deputy Prime Minister in New Delhi yesterday: “Iraq is now the third largest supplier of oil to India, where it exported about 340 thousand barrels a day.”