More News, Rumors and Opinions Wednesday PM 6-26-2024
KTFA:
Clare: Al-Sudani: Iraq has become a safe and attractive environment for capital
6/26/2024
Prime Minister Muhammad Shiaa Al-Sudani confirmed: “Iraq has become a safe and attractive environment for capital from international companies, and a preferred market for businessmen and investors.”
During his presidency of the eighth meeting of the Supreme Committee for Reconstruction and Investment, Al-Sudani stressed the necessity of not slowing down or delaying in making decisions that are compatible with the economic reform approach LINK
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Clare: What is the importance of Iraq joining international agreements?
The Chairman of the National Investment Commission, Haider Makiya, stressed today, Wednesday, the importance of Iraq joining international agreements to enhance the investment sector, noting that Iraq has provided real guarantees to attract foreign investments.
Makiya said, in his speech, during the launch of the National Investment Commission conference in cooperation with the United Nations Development Programme, that “Iraq’s accession to the International Settlement Agreement resulting from international mediation and disputes that was signed in 2024, will contribute to achieving the goals of sustainable development and encouraging the increasing use of international mediation as a means.” Effective for settling cross-border disputes, for the purpose of maintaining trade and investment relations between the parties involved in the investment process.”
He added, "This agreement has a pivotal dimension, foremost among which is finding an alternative method to litigation procedures before international arbitration bodies in disputes arising from investment, especially since Iraq joined in 2015 the International Center for the Settlement of Investment Disputes between States and Citizens of Other Countries, and this "It will give foreign investors the right to resort to the Washington Center."
He continued, "Also, the Republic of Iraq's accession to the New York Convention on the Recognition of Foreign Judgments of 1958 means completing all the necessary legislative environment to provide real guarantees and protection for foreign investors, and this will reflect positively on attracting foreign capital to Iraq, which aims at the construction and reconstruction process, and will raise Iraq's classification." .
He explained, "This agreement enhances the Iraqi investment reality, because it includes many international and qualitative strategic investment opportunities that impose contracts with specialized foreign companies for investment purposes. This requires Iraq to provide legal protection to those companies by resolving disputes in the event that they arise from investment contracts that It is imposed by state institutions on these companies, which prefer to resort to international arbitration to guarantee their rights, as stipulated in Article 27 of Investment Law No. 13.”
He pointed out, “Iraq’s accession to the International Mediation Agreement (Singapore Agreement) is necessary to attract foreign investments and achieve intended development, especially in light of Iraq’s transformation and dependence on a free market economy. This agreement will also create a legal framework that allows reliance on agreements.” The settlement resulting from mediation is easily implemented by all countries.”
Makiya stressed that “the legal department at the National Investment Authority and the investment authorities in the governorates will work to include international investment contracts by relying on mediation mechanisms in investment-related disputes before resorting to international arbitration, which will send a message of reassurance to foreign investors and foreign companies in order to proceed with resolving disputes.” related to these contracts, is easier than entering into international commercial arbitration procedures.”
He pointed out that "the Republic of Iraq's accession to the International Commercial Arbitration Convention and the Singapore Mediation Convention, in addition to concluding many agreements to encourage and protect mutual investments between Iraq and many international countries, made Iraq occupy the fourth place in the classification of foreign direct investment."
And the best emerging markets to invest in 2024.”
He stressed that "the noticeable improvement in the investment climate in Iraq comes as a result of government efforts made to strengthen the economic and investment sector, in attracting foreign investments," calling on foreign companies, foreign investors and businessmen to "visit Iraq to learn about the investment opportunities included in the investment map, and to attend the forum."
"Iraq Investment Bank, which will be held next November, will launch more than 100 investment opportunities with integrated approvals, and review the benefits and guarantees that the investment law will provide to investors." link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Mnt Goat She [my CBI contact] said that her committee was directed to be ready in June and did plan in June to begin the project to delete the zeros but the Central Bank as not yet received the assurances needed in writing from the US Treasury that they would support us fully all the way through the process. To me this meant to conduct the project to delete the zeros, swap out the notes and then onward to the reinstatement of the dinar. I was assured I was correct in my thinking. I already knew this as this was all in the Dr Shabibi plan anyway. This was just a confirmation that they are still closely following this part of the plan anyway... the US is still holding back and not fully supporting the financial reforms and the events that were supposed to happen at the end of the second phase of the reform process. [Post 1 of 2....stay tuned]
Mnt Goat So as investors where do we stand with the RV? Based on this information from my Saturday call to Iraq, I will summarize it for you. We are still waiting for the US to give assurances. The project to delete the zeros was scheduled for June and we will still have a week remaining in June. This is all I know and can tell everyone at this point... But I will tell you that I was told last month that for us to see the RV, there was only two phases and that they were completing the 2nd phase in June. So go figure… What would you now think? [Post 2 of 2]
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The US Is About To Be Blindsided By Saudi Arabia And China
Atlantis Report: 6-26-2924
There has been a significant change happening in the global economic and geopolitical landscape.
The United States, traditionally a dominant force, is facing a challenge from an unexpected partnership between Saudi Arabia and China.
Motivated by their own economic and strategic goals, these two countries have been quietly working together.
Their growing alliance will disrupt the current power balance and force the U.S. to make a huge adjustment to its approach.
The U.S. dollar has been the primary currency used in the global oil trade for many years. This was supported by an agreement in which Saudi Arabia, a major oil exporter, exclusively sold oil in dollars.
This arrangement, known as the "petrodollar" system, has been crucial in maintaining U.S. economic strength by ensuring a steady global demand for the dollar and U.S. Treasury securities.