Iraq News Highlights and Points To Ponder Thursday AM 6-27-24
Iraq News Highlights and Points To Ponder Thursday AM 6-27-24
What Is The Importance Of Iraq Joining International Agreements?
Money and business Economy News – Baghdad Today, Wednesday, the head of the National Investment Authority, Haider Makiya, stressed the importance of Iraq joining international agreements to enhance the investment sector, pointing out 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 of 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 legislative environment necessary to provide real guarantees and protection for foreign investors, and this will positively reflect on attracting foreign capital to Iraq, which aims at the process of construction and reconstruction, 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.”
Makkia stressed that "the legal department at the National Investment Commission and the investment authorities in the governorates will work to include international investment contracts based on mediation mechanisms in disputes related to investment before resorting to international arbitration, which will send a message of reassurance to foreign investors and foreign companies to proceed with resolving disputes related to these contracts, in an easier way 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 the government's efforts to enhance 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 Iraq Investment Forum that will be held next November, which will launch more than 100 investment opportunities with complete approvals, and to see the advantages and guarantees that the investment law will provide to investors." Views 42 06/26/2024 - https://economy-news.net/content.php?id=44638
Haider Makiya: Iraq Is An “Important Destination” And We Are Witnessing An Improvement In The Investment Climate
The first 06/27/2024 The head of the National Investment Commission, Haider Makkiya, stated that the improvement in the investment climate inside Iraq reflects the government efforts made to strengthen the economic and investment sector, while he stressed that Iraq has become an important investment destination in the region.
The National Investment Commission organized a conference attended by Al-Sabah yesterday, Wednesday, under the title of mediation “New Horizons” to facilitate business and retain investors in Iraq.
Makiya explained, in his speech, that the conference aims to introduce the importance of Iraq’s accession to the international settlement agreement resulting from mediation (the Singapore Agreement), as the accession document was signed last April in New York City in coordination with the Iraqi representation at the United Nations in conjunction with the visit of the Prime Minister. To Washington.
He added that the agreement contributes to achieving sustainable development goals and encouraging the increasing use of international mediation as an effective means of settling cross-border disputes with the aim of maintaining commercial relations between the parties involved in the investment process.
For his part, the representative of Prime Minister Nasser Al-Asadi stressed the importance of the agreement that keeps disputes away from complex judicial procedures at a time when we are witnessing important achievements on the economic level through the projects implemented and being completed.
Al-Asadi explained that the agreement is an important instrument to enhance trade and provide a special framework to enhance investments and aims to find a consensual formula without imposing a decision on the opponents.
As for the European Union Ambassador, Thomas Seiber, he said: We seek to grow and develop the economy, and we welcome the initiative of Prime Minister Muhammad Shiaa Al-Sudani, and we find that the signing of the agreement is important and enhances Iraqi economic capabilities. He explained that we are working with the government to create a safe climate to attract investments that achieve sustainable development, pointing out the importance of strengthening Iraqi international relations and that adopting international agreements in Iraq encourages the global economic community to enter Iraq.
The United Nations Resident Representative in Iraq, Oba Lats, explained the importance of the agreement, which comes from the fact that it is concerned with investment and resolving disputes in a quick and uncomplicated time and is low-cost by adopting mediation in a way that suits the interests of investors. https://alsabaah.iq/98637-.html
A New Decline In The Dollar Against The Iraqi Dinar In Baghdad
Market Economy News _ Baghdad The exchange rate of the US dollar against the Iraqi dinar fell on Thursday morning in the markets of Baghdad and in Erbil, the capital of the Kurdistan Region.
Dollar prices recorded a decline with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,150 dinars for every 100 dollars, while yesterday, Wednesday, they recorded 147,650 for every 100 dollars.
Selling prices in banking shops witnessed a decline in the local markets in Baghdad, where the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.
Views 65 Added 06/27/2024 - https://economy-news.net/content.php?id=4466
Iraq's Oil Exports Exceeded 100 Million Barrels In May
2024-06-27 Shafaq News/ The Ministry of Oil announced, on Thursday, the total oil exports achieved for the month of last May, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).
She said in a statement, received by Shafaq News Agency, that the amount of crude oil exports amounted to (104) million, (130) thousand, and (292) barrels.
The statistics indicated that the total quantities of crude oil exported for the month of May from the oil fields in central and southern Iraq amounted to (104) million, (130) thousand, and (292) barrels. LINK
Al-Atwani Calls For Reforming The Tax System In Iraq
Economy , 06/27/2024 Number of readings: 132 Baghdad - Iraq Today: Chairman of the Finance Committee, Atwan Al-Atwani, stressed the need to develop the tax work system and keep up with activities, to contribute to increasing non-oil resources. He also discussed how to provide an environment that helps contribute to increasing income and supplying the general budget with non-oil resources.
The Media Department of the House of Representatives stated in a press statement, “The Chairman of the Finance Committee, Eng. Atwan Al-Atwani, in the presence of Representative Mustafa Al-Karawi, a member of the committee, received the German Agency for International Cooperation (GIZ) project FFM Strengthening Public Financial Management with the support of the German government and the European Union.
The Chairman of the Committee stressed the need to develop the tax work system and keep pace with activities, to contribute to increasing non-oil resources, given that the state relies heavily on oil resources.
For his part, Mustafa Daoud Salman, the agency's representative, spoke about the importance of sustainable financing and following a specific methodology in the tax system and its implementation mechanism, in addition to taking into account the structural structure of tax work, in terms of providing services in exchange for imposing taxes. How to provide a conducive environment to contribute to increasing income and supplying the general budget with non-oil resources was discussed, in accordance with tax standards followed in the world. LINK
Parliament: Amending the investment law will reflect positively on the future
Iraq 06/27/2024 The Investment and Development Committee in the House of Representatives intends to amend the Investment Law, which will reflect positively on this sector.
Committee member Mohammed Al-Ziyadi told Al-Sabah: This law is an important law, as it enables the legislative and executive authorities to provide what is best for this sector, noting that the issue of replacing heads of investment bodies is a matter that falls under the governorate councils.
He added that the legislative authority must implement the tasks of local governments stipulated in the governorate councils law, in addition to the fact that the constitution has fully clarified the tasks and powers of local governments, and therefore what concerns these governments is their own business.
Al-Ziyadi pointed out that the last stage witnessed the absence of the role of the local government, and timid follow-up by the members of the House of Representatives after the task was entrusted to them, but now the law must be implemented in its entirety and the local councils must present something to their people in all governorates and what they deem appropriate by changing or continuing regarding investment bodies. .
He pointed out that we must benefit from the mistakes that occurred in the past to correct the work of investment bodies, explaining that the violations in the work of the bodies, including extending the work of their heads, which some have spoken about, did not exist because this matter is within the authority of the Council of Ministers,
adding that the matter is up to the provincial councils to implement what they see. appropriate according to their powers and do not allow any of the authorities to take away their powers for any reason. Edited by: Adhraa Juma https://alsabaah.iq/98624-.html
Provoking Thoughts and Points To Ponder On Adversity:
Adversity has ever been considered as the state in which a man most easily becomes acquainted with himself, being free from flatterers. - Samuel Johnson
In all things preserve integrity; and the consciousness of thine own uprightness will alleviate the toil of business, soften the hardness of ill-success and disappointments, and give thee an humble confidence before God, when the ingratitude of man, or the iniquity of the times may rob thee of other rewards. - Barbara Paley
He knows not his own strength who hath not met adversity. - Samuel Johnson
Adversity leads us to think properly of our state, and so is most beneficial to us. - Samuel Johnson
In the depth of winter, I finally learned that there was in me an invincible summer. - Albert Camus
http://famousquotesandauthors.com/topics/adversity_quotes.html