Saleh reveals the details of the first economic reform program in Iraq and its launch date
Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the details of the first economic reform program in Iraq and the date of its launch, while indicating that there is an opportunity to make Iraq independent of its oil dependency.
Saleh said, “Iraq has an opportunity that extends for ten years before entering the world and penetrating the roots of the Fourth Industrial Revolution and the start of various renewable energy alternatives, so that its production costs become less than the cost of producing crude oil (the depleted wealth whose use was associated with the second industrial revolution during the Victorian era until now)” . He added link
Al-Kazemi: The Iraqi government is largely crippled due to the restriction of the financial budget
Shafaq News/ Prime Minister Mustafa Al-Kazemi said on Saturday that his current government, which he heads, is “largely constrained due to the restriction of the financial budget” for the year 2021.
This came while presiding over a meeting that included directors of service departments in Dhi Qar Governorate.
Al-Kazemi said during the meeting, that the reconstruction and service projects in Dhi Qar governorate have been delayed for many years, due to the accumulated and ongoing crises.
He added: Today, we are facing relative stability, which we must preserve and invest in to move forward strongly towards providing services to our people in the governorate and launching and completing construction projects in it.
Al-Kazemi indicated that “there are strategic projects such as Nasiriyah Airport, which today we laid the cornerstone for construction and rehabilitation. I call on everyone to cooperate in achieving it as soon as possible.”
He continued by saying: Large projects in Dhi Qar governorate, such as Nasiriyah Airport, may open the way for several and varied investments in the fields of tourism, transport and trade.
The Prime Minister said: We have directed an inventory of lagging projects to address them. The people of Nasiriyah are our people and deserve all our efforts and sincerity, after years of deprivation and the accumulated problems they have
General stability stimulates the entry of foreign investment
Iraq has tried to create an appropriate investment environment to bypass the determinants of entering foreign direct investment into its economic sectors, and as it is known that foreign capital moves according to the determinants of the country’s general stability, so the expansion of Iraq’s economic and commercial relations, and the degree of its integration with its regional and international surroundings, and joining international organizations, especially In the economic field, it would provide a suitable environment for investment that must be supported by legal legislation, and effective mechanisms for its implementation.
On the role of the political determinant in entering foreign investment, the academic Dr. Abdul Karim Al-Issawi said, “This is an influential factor in the country in directing the movement of foreign investment, given that the politically unstable state does not encourage the entry of foreign investments due to the various risks that may be inflicted on the foreign investor.”
He added that «there is a set of political determinants that the foreign investor sees as signs of the political stability of the host country, such as the expansion of economic and trade relations, and the degree of integration of the host country with the regional and international surroundings, and joining the multilateral international organizations».
Al-Issawi indicated that “there are economic determinants related to the appropriate monetary, financial and accounting policies in the host country, in addition to the size of the market,” stressing that “we can say that these determinants can be avoided through the promising investment of the natural resources owned by Iraq, with a banking system that has succeeded in performance and transparency is what establishes A banking system suitable for foreign investments to enter the country.
As for the economic researcher, Dr. Shawkat Al-Talqani, he saw that “in order to help and stimulate the entry of foreign investments, it is necessary to adapt to the radical transformations in global economic and political relations, as competitiveness became the main factor in attracting foreign investments,” stressing that “Iraq has worked on issuing special legislation and laws. Investing through laws such as Investment Law No. 13 of 2006 and its amendments.
Al-Talqani continued, “Foreign direct investment is cross-border funds that countries have resorted to as a type of funding through which they tried to overcome their economic failures, and foreign direct investment in the productive fields represented by agricultural institutions and projects for the exploitation of natural resources and the establishment of anchor projects, and also includes the establishment of new projects or the expansion of projects. List”. link
Source: Dinar Recaps
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