Parliamentary economy: foreign investment did not enter Iraq and the development of the private sector is ink on paper
Parliamentary economy: foreign investment did not enter Iraq and the development of the private sector is ink on paper
2023-06-27
Today, Tuesday, the Economics Committee in the House of Representatives confirmed the lack of real political will to move towards reviving Iraq’s economy, indicating the lack of foreign investment so far for many reasons, the first of which is financial and administrative corruption.
Committee member Mowaffaq Hussein said in a statement to “Al-Mutala'” agency, “Iraq is a rentier country, and the political parties at the helm are still not interested in developing the country’s economy, and since 2005 to today we see talk about developing the private sector, but no steps in this aspect have been taken.” You never get.”
Hussein added, “The successive governments did not have a strategic vision to diversify the sources of income for the financial budgets, which all went to operating expenses, and did not allocate the necessary funds for investment.”
He pointed out, “His committee is working on enacting the industrial investment law, which provides an opportunity to activate the industrial investment file in the country,” adding, “The industrial public sector suffers from problems, and most factories and companies since the eighties, many of which have stopped working, and the other section is losing companies and factories.” .
And on foreign investment, Representative Mowaffaq Hussein said, “The agreement with China has not yet taken place, and there are no agreements with other countries. The environment in Iraq is repelling investment and is not appropriate because of financial and administrative corruption, as well as the security situation.”
And he added, “Solutions are possible, but they need a political decision and will, and we see that the current Prime Minister Muhammad al-Sudani is able to move towards interest in these important files.”
almutalee.com
