2014 will see significant changes in Iraq’s investment law, says National Investment Commission

Posted: January 6, 2014 in Iraqi Dinar/Politics

5/1/2014 0:00

Araji: Trends expand investment areas for the private sector

BAGHDAD – Yasser incumbent – Hussein Tgb Tamimi,
head of the National Investment Commission d. Sami al-Araji: that the Commission has been able to achieve its core that be a window of Iraq to the world through its openness to all continents in terms of investment and development, cross-marketed to the real needs of strategic projects for Iraq

and has been able to attract major international companies which confirms its willingness to invest in it, in spite of all the circumstances going through.

strenuous efforts Araji In answering the question “morning” for the most prominent achievements of the Commission during the past year in 2013, he said it is useful to clarify that the task of attracting investment is not easy and you need to strenuous efforts to persuade the states and knowing the requirements of the country she knows well the potential of Iraq and its natural resources and all you need to know is required of them and this is done by the body already.

identified three main points have been made ​​in this aspect, the first of which enter into negotiations and contracts initial, second, talks tariff and third axis opportunity untapped, pointing out that these things are absent from the grasp of many when evaluated the performance of the body. decades of housing and on the question about the proceeds realized from these efforts drew Araji to sign a number of investment contracts in the field of housing, at a cost of 20 billion dollars included project banks of Karbala and includes 25 000 housing units, a project the city of the future in the area Aldhnp at the rate of 30 000 housing units The project committee Baghdad in Kazimiyah and includes 20 000 housing units.

revealed Araji all that the year 2014 will witness the hauling project Maskararashid Housing Authority is now in the final stages in the evaluation of investment companies advanced for its implementation and will then be forwarded to the company that is chosen, explaining that the project includes the creation of 75 000 housing units and inclusive of building a sports city, and other medical and commercial centers and entertainment.

coordinate continuous and pointed out that these projects are part of a special plan to address the housing crisis, noting that the coordination is underway with the Governors resolve some obstacles for the Balmottagaosen We have come great strides in this area, expressing hope the interaction of citizens with these trends to benefit from the presentations and buying condominiums which commends the methods developed to make available to the Commission an opportunity to expand in such mega-projects.

predicted Araji be a case of investment during the current year is better than its predecessor to the presence of a large number of global investment firms wishing to enter the the field of local labor in all economic sectors, without exception, and that the constant contact with the body to stand on developments in the investment map of the country.

new amendment and pointed out that a new amendment to the Investment Law No. 13 of 2006 provides in the case of approval elements to attract new corporate investment, pointing out that he includes in Some paragraphs tax breaks extends until the completion of the project begins in the production or service after it was exemptions limited to three years, in addition to the Commission proposed the establishment of the Bank for Development and Investment, and allocates a rate (1 percent) of the annual budget of the state for a period ranging between 5-7 years This proposal aims to finance small and medium enterprises through a program of soft loans provided to targeted projects.

areas of private investment and noted al-Araji, that the authority supports the idea of creating areas of private investment, which attract advanced technology in their work in all disciplines that expansion of private sector activity, which is the focus of work The administration of these areas, which aims to achieve sustainable economic development. in detailed public sector companies, said al-Araji: that companies put up for reform in the various ministries of up to (200) company, can enter into partnerships to activate the reality productive and supplying the domestic market, the products quality within its jurisdiction , pointing out that the Commission believes that the national private sector first with the participation of the public sector companies and local levels.

strategic projects and pointed to the importance of changing the financial system in the country and become commercially developmentally, where there is economic movement between the state and the citizen, the state has to provide services and the citizen interacts with the effort that efforts by the State through its role in supporting these services across the financial obligations imposed on it.

He noted that the Commission continue its efforts and negotiations with various parties to create an environment of investment projects Almthbh on the investment map, where the negotiating body for cooperation with the Ministry of Transport to set up airport Euphrates which is worth the investment up to a billion and a half, in addition to the establishment of the port of Faw, as the Commission works in collaboration with Ministry of Electricity to negotiate on the production (13) thousand megawatts, while finding that the industry is negotiating with companies to set up factories petrochemical industries as well as factories for the production of chemical fertilizers.

companies ready to invest and pointed out that in the housing sector there are investment companies ready to build and work in the creation of housing units , but it needs to interact with citizens through these projects to benefit from the presentations and buying condominiums which commends sophisticated ways.

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