Date: Thursday, 03-05-2012 10: 39 am
Baghdad (newsletter) … Member of the Finance Committee/National Alliance Deputy/Secretary Hadi Abbas, to the need for the speedy establishment of a free economic zone for ongoing exchanges on the Iraqi border, to strengthen the Iraqi economy and diversification of financial revenue for the State.
He said Abbas (News Agency news) on Thursday: that most Middle East countries such as Turkey and Iran and the UAE have recovered economically from its inception more than a free economic zone, are trade and benefit from transit cargo across, without taxes or customs.
Said: the Iraqi economy must be complemented and reinforced through accelerated construction of more of a free economic zone to all Iraqi border with Kuwaiti border to Basra, with Jordan or Syria or Iran or Turkey.
Free zones is one of the important pillars underpinning the national economy, particularly in developing countries, defined as a small districts located within the political boundaries of the country, but are outside the customs border of that country that all exports and free zones is not subject to import and export control and customs duty.
Economic philosophy is of free zones in the State’s waiver for certain taxes on any activity in order to achieve the greatest benefit for all the country’s economy and many countries of the world adopted the method of establishment of free zones, particularly in developing countries, have free areas of importance in creating additional sources of financing for development and attract foreign investments selectively and transfer of modern technology and local labour to eliminate unemployment.
Founded the general body of free areas under Iraqi law No. (3) of the year (1998) for the purpose of keeping pace with global developments of increased coherence in international economic relations in the framework of economic freedom in order to isolate these developments on the Iraqi economy, privacy and advancing the socio-economic development by attracting national and foreign capital and establishing industrial projects that use advanced technology, there are currently three free zones belonging to the body (Nineveh, Khor Al-Zubair, quo).
The Currency Newshound 