Iraq should use foreign expertise to advance economy, says member of Investment Committe

Posted: November 16, 2013 in Iraqi Dinar/Politics
Tags: , , , , , , ,

Parliamentary economy: the use of foreign expertise for the advancement of the economy of Iraq is important
Saturday, October 16 2 / November 2013 14:16

Saw a member of the Committee of Economy and Investment parliamentary Abdul Hussein Abtan use of foreign expertise is important for the advancement of Iraq’s economy.

He Abtan told all of Iraq [where] “As long as we confirmed that Iraq has not received attention by producing countries and invested and still suffers from significant problems including poor visions and plans of economic and development and use of Iraq expertise foreign longer order is true and important and is supposed to be a long time ” .

He explained that “Iraq’s entry into the World Trade Organization and Tminan countries of the world to the existence of true economic vision and economic plans, as well as the laws that protect the investor and a sophisticated banking system and insurance companies all that gives hope for companies and international economic institutions.”

Economists had warned the vulnerability of Iraq’s economy at risk because of its reliance on oil revenues alone, and that the continued deterioration of security to paralyze the economy and declining investment.

The Iraqi government announced last September for a five-year plan to diversify the economy and develop the industrial sector, rather than relying on crude oil revenues and only focus on the industry.

The plan, covering the period from 2013 to 2017 to invest about 357 billion dollars, in development projects across the country, and focus on five sectors are construction, services, agriculture, education, transport and communications, energy, and will come about 79 percent of these investments from the government and the rest from the private sector Oil will remain the largest source of revenue in that period, and experts predict that oil revenues amounting to 662 billion dollars in the next five years.

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