UN economist: Corruption and the underdeveloped banking system hinders investment in Iraq

Posted: August 10, 2013 in Iraqi Dinar/Politics
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Industrial development expert said at the United Nations [UNIDO] Ali al-Sudani said “the scourge of corruption hinder investment in Iraq.”

He said the Sudanese in a statement received news agency public opinion a copy of “out of Iraq from Chapter VII is an important event and embarrassment in the history of modern Iraq and a means important to bring about developments and gears quality levels of technological and scientific in all economic sectors, research and scientific, he also gives the financial and banking sector greater freedom and more credibility in dealing with global banks and in a form which provides financial cover depends upon by the foreign investor to enter into a large and important projects in Iraq. “

The Sudanese that “the scourge of corruption hinder this trend and will undermine the tireless efforts that are being made in the process, because the financial and banking system in Iraq is old and suffers backward and reluctance in its procedures and ways to interact with the global banking system, which would be a burden plus the Iraqi economy and a new factor contributing to the the funding of terrorism on the one hand and activate and raise levels of corruption in Iraq, on the other hand. ”

He added that “the seventh item is not a major factor in the reluctance of foreign investors to enter the Iraqi market, but there are many factors, most notably the absence of mechanisms to control and audit in all respects and mechanisms of governance and strategies in projects implemented or are in the pipeline, and the spread of corruption in all walks of life has led to prevent international companies from Germany and Japan and America that are subject to standards of transparency and governance and accountability in all of its pollution does not allow its name to the draft of a corrupt nature from afar or nearby. ”

The expert pointed out the economic internationalist that “the role of the Iraqi government, unfortunately, the role of an observer only and no proactive steps in the field of investment, it is a dominant feature of all sectors faced by vulnerable and fragmented in the planning and the correct setting of the requirements for success, such as security sectors, administrative and economic.”

He called on the Sudanese government to “activate investment in Iraq through the strategies and mechanisms of clear-paced and timetable of implementation to become Iraq and attractive destination for investment and not repulsive to him, in addition to moving away from traditional methods of dry in investment promotion and marketing is limited to posters and international conferences ineffective and trade fairs limited to two or three countries like Iran and Turkey. ”

Sudanese concluded his speech by saying that “the role of the state must begin Petrchin the banking and financial sector to make it able to provide financial guarantees easy handling and guaranteed security and controlled in terms of distancing itself from the financing of terrorism in all its forms.

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