Investing in Iraq..a “paralyzed” sector needs tremendous efforts and courageous decisions

Investing in Iraq..a “paralyzed” sector needs tremendous efforts and courageous decisions

2021-08-01 | 04:14

Report: Alsumaria News

Investment is the main gateway to the development of all societies in the world, but in Iraq it has become a door to corruption and has turned into an environment expelling investments and investors, at a time when a member of the parliamentary economy indicated that investment in Iraq is almost paralyzed and needs tremendous efforts And courageous decisions, a parliamentarian stressed that the investment file in Iraq is a thorny and complex file.

investing in IraqAlmost paralyzed, a

member of the Parliamentary Committee on Economy and Investment, Mayada Al-Najjar, indicated that the investment environment inIraq Giant efforts, courageous decisions, appropriate grounds and strategic studies are needed to build investment projects that encourage foreign investors to come to Iraq and invest their money.

Al-Najjar said in an interview with Alsumaria News, “Investment in… IraqIf you will, it is almost paralyzed if we do not say that it is completely paralyzed, and the private sector did not find any support from the public sector or a partnership to develop it,” noting that “the attempt to revive the country and build strong infrastructures should rely on the private sector and investment, by eliminating Corruption, red tape and granting facilities and full support to investment and investors.” Al-

Najjar added, “Successively, we did not find any actual action from the governments on the ground to support investment and the private sector, and unfortunately we did not find any courageous and important decisions from them to serve this vital sector, which represents the backbone of life. And strength in all advanced global societies,” noting that “we did not find support for importing raw materials, raising taxes on those materials, granting them soft loans without interest or very simple benefits, or providing a safe, security and social environment for investment to talk about encouraging the private sector and investment inIraq”.

She pointed out that “the weakness of the security infrastructure in the country, in addition to the lack of banking power are all things that do not provide encouragement to the foreign investor to come to invest in the country, in addition to the fact that there are many local investors who prefer to go abroad to invest because of corruption, red tape and the discouraging situation.” them for internal investment,” stressing that “the Iraqi environment, unfortunately, is an environment that repels foreign investments and needs tremendous efforts and strategic studies and preparing the appropriate ground for building investment projects that encourage foreign investors to come to IraqAnd investing their money.” For his part, a member of the House of Representatives, Riyad Al-Masoudi, indicated that the investment file in

A thorny and complex file

IraqIt is a complex and thorny file.

Al-Masoudi said in an interview with Alsumaria News, “The investment file inIraqIt is a thorny and complex file and includes many points that need to be studied for each of them separately,” noting that “the concept of investment is an old concept that depends on the presence of groups that own funds and are looking to operate them in a politically, security, economic and intellectual safe environment, and any defect in this environment becomes an expelling environment.” for both external and internal investment. ” He stressed that “in

Al-Masoudi added, “The other matter is related to the infrastructure, which currently does not exceed 2% of the required reality as a result of previous wars, economic siege and corruption,” noting that “there is an investment law that was legislated by Parliament, but unfortunately there is no actual implementation of it, but rather that there is corruption and deadly red tape that It made investments flee the country.”

Iraq With the exception of the Kurdistan region, there is no real investment name, but rather there is clear theft and systematic destruction that enters the field of investment.

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