Iraqi News Early Saturday AM 4-16-22
Iraqi News Early Saturday AM 4-16-22
TLM724 Administrator BondLady’s Corner
Economist: Two Paths To Protect The Iraqi Product And Provide Foreign Exchange
Monday 11 April 2022 10:41 | economic Number of readings: 375 Baghdad / NINA / - The economic expert, Raad Tawij, stressed the need to combat the smuggling of table eggs to local markets and to prevent the market from being dumped with imported materials.
Twig said in a statement to the National Iraqi News Agency / NINA /: "The egg and chicken production sector is one of the productive sectors and represents a major pillar of food security in Iraq and occupies approximately 270,000 manpower, and many food industries that save foreign exchange are derived from it," stressing the necessity of The trend is in two tracks.
The first is to encourage the expansion of more projects in this food production sector, to shift from meeting local markets to competing in foreign markets.”
He added: "The second trend is to combat the smuggling of chickens or foreign eggs to local markets and to try to flood the local market with imported materials,
which means standing in front of any Iraqi endeavor to advance such a sector and trying to spread a state of paralysis and stagnation in this area and adopting cheap methods such as stamping foreign eggs as Iraqi eggs and other methods of fraud and deception, and referring their users to the judiciary. / End 8
https://www.ninanews.com/Website/News/Details?key=968914
Economist To / NINA /: The Decision To Open Import Harmed Local Products.. And The Government Should Support The Productive Sectors
Wednesday 13 April 2022 10:33 | economic Number of readings: 283 Baghdad / NINA / - The economic expert, Malath Al-Amin, confirmed that the decision to open imports harmed local products, whether agricultural or industrial, calling on the government to direct real support to the productive sectors.
Al-Amin said in a statement to the National Iraqi News Agency ( NINA ) that "the decision to open imports for food products by the government came for the purpose of controlling prices in local markets, after some traders deliberately monopolized these materials during the blessed month of Ramadan with the intention of speculating and earning additional profits at the expense of consumer".
He pointed out: "The decision to open the import of these products will create competition among traders to sell their goods within a short time, especially since the foodstuffs are perishable, which prompts traders to offer them at reasonable prices to ensure that they are not damaged and exposed to loss."
He continued, "This decision, despite its benefit to the consumer, has harmed local products, whether agricultural or industrial, which requires the government to direct support to the productive sectors towards developing production and improving its quality to compete with imported products." / End 8
https://www.ninanews.com/Website/News/Details?key=969403
Iraq Loses Half Of Its Agricultural Production In 2022 Due To Drought
Money and business Economy News – Baghdad The Ministry of Commerce announced, on Wednesday, that the total marketed quantities of the wheat crop for the current season may reach only two million tons, which is equivalent to 50% of the marketed quantity for the last season, which was more than four million tons.
The director of the General Company for Grain Trade in the ministry, Muhammad Hanoun, said in a statement reported by the official “Al-Sabah” newspaper, that “the ministry’s indicators confirm that the total quantities that will be marketed from the wheat crop for the current season in the country will reach only two million tons,” adding that the decrease is likely to be by 50 percent compared to What was marketed for the last season, to “reduce the area of the winter agricultural plan due to the decreasing water quotas and the lack of rain rates, and the delay in the payment of farmers’ dues.”
He added, "The ministry's ambition is to make this year different from the previous one, for several reasons, the most important of which is the situation of wheat globally due to the (Russian-Ukrainian) war, and the great challenges the country faced in this regard."
Hanoun promised, the current season, “a turning point after the state approved a package of measures to support the agricultural sector, such as increasing the purchase price of one ton of marketed wheat to 750,000 dinars, and paying the dues of the wheat marketer during a maximum period of time at the beginning of next June.” Views 244 Date Added 04/13/2022 https://economy-news.net/content.php?id=27580
Al-Kazemi's Advisor: Large Financial Flows To Iraq, And Huge Funds Must Be Invested With Productive Investments
Economie- 04-15-2022 06:23 PM - Number of readings: 3107 The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that the financial flows to Iraq have become large, stressing the need to employ these huge funds with productive investments.
Saleh said in a statement that "Iraq today is living in its best financial conditions in its modern history in terms of cash flows."
He called for "the necessity of employing these cash flows in productive investments for the resource of the national economy, as well as operating the national human resources in activities that should be income-generating and wealth-promoting at the same time."
He added that "investment policies for large resources require operating them with economic joints in order to achieve financial and economic sustainability," noting that
"exceptional circumstances are what impose a borrowing policy, including the deficit of government revenues due to the cycle of declining oil assets."
He stressed that "the rise in oil prices and the resulting large rentier revenues will obviate the idea of external government borrowing." https://www.dijlah.tv/index.php?page=article&id=305464
Iraq Completes 250 Factories And Optimism Has A Broad Role For The Private Sector
Bureaucratic factory owners suffer in importing raw materials, which makes the exemption laws lacking in content
Muayyad Al-Terfi is an Iraqi reporter Monday, April 11, 2022 23:48
Observers called for government support in terms of soft loans to modernize factories in Iraq (AFP)
The Iraqi government is trying to liberate the local economy from the constraints of the public sector and make the private sector gradually expand to take a broader role than government industrial sectors, which are no longer able to compete and convince the Iraqi consumer, in addition to the great losses it has incurred during the past years.
Within this direction, the Iraqi Ministry of Industry announced the completion of 250 factories of different sizes within one year, as well as steps to encourage the private sector and businessmen to establish and construct industrial projects in various fields through a series of incentives.
Customs Exemptions
The Director General of Industrial Development, Aziz Nazim, told the Iraqi News Agency that "Law No. 20 of 1998 stipulated customs facilities and exemptions for a period of ten years for machines, equipment and raw materials according to production," noting that
"the exemptions will help to complete projects with strength and solidity in order to achieve production stability.
He explained that "industrial projects, whether medium or large, when they are exempt from customs and tax duties, will achieve several advantages, including direct employment and reducing unemployment, in addition to achieving a production tax and income tax, and thus a resource for the state will be achieved on the one hand, and the employment of workers on the other."
Food Industry
Aziz Nazim added, "Exemptions are made according to the nature of the industrial project and its production materials.
Raw materials that enter the food or construction industry are included in the exemptions," noting that
"the change in the exchange rate has become the trend towards food industries and the opening of several factories in this regard."
1853 Factories
He stressed that "during the past year, it was decided to establish 1853 factories, of which 253 were completed, with a production development rate of about 25 percent." And he continued,
"Several decisions were issued in light of the increase in prices in global markets, including Resolution 65 that organized the process of delivering raw materials to factories, which led to their not being diverted and sold in the market, as well as Resolution 73, which explained the exemptions for construction and basic materials, the last of which was the complete exemption of materials.".
Iraq is seeking to restore life to the manufacturing sector, which was badly damaged during the period of economic sanctions in the nineties of the last century and after 2003, after the rest of them stopped as a result of the comprehensive openness policy that caused them great losses that forced them to lay off their workers and leave the economic scene due to their inability to compete.
It seems that the high rate of consumption witnessed by the Iraqi society and its increasing need for transformative food industries sufficient to meet its needs and in large quantities, may cause its inability to fully meet the import, which motivated the Iraqi Ministry of Agriculture and investors to enter strongly to activate this sector again.
The Iraqi endeavors focused on supporting food industries that depend on the surplus of Iraqi crops, especially vegetables, according to a plan that relies on distributing them to governorates and agricultural cities far from the capital and from the centers of the most prominent Iraqi cities, to revive economic activity in these areas that suffer from high rates of unemployment and poverty.
Destructive Routine
The former head of the Iraqi Federation of Industries, Ali al-Saadi, said that "the most important suffering experienced by Iraqi factories is the bureaucracy in customs, especially in the issue of importing duty-free raw materials," while noting that
"the contribution of the private sector is estimated at only two percent of GDP."
Extension Of Exemptions
Al-Saadi said that "the owners of factories in Iraq suffer from bureaucracy in importing raw materials, which made the exemptions laws lacking content, and therefore we need follow-up in customs,"
calling for the need to extend the exemptions to more than ten years, since many factories, the duration of their establishment is more From this date," he added,
"it is necessary to monitor the borders of imported materials that have a counterpart in Iraq," noting that
"the establishment of 253 factories last year is a good number."
57 Thousand Industrial Projects
Al-Saadi confirmed that there are more than 57,000 industrial projects in the country, but only 10 to 15 percent of them are currently working, because those who set up the factory collide with the deadly bureaucracy and the failure to grant factory owners loan facilities.
2 Percent
He pointed out that "there are decisions that have not been implemented despite its legislation years ago, such as the law of land ownership that was established ten years ago, it has not been implemented, and those who were owned are only a few factories," noting that
"the contribution of the private sector to the domestic product before 2003 was 14 percent and today it contributes two percent."
Good Industries
Al-Saadi added that "all these obstacles did not prevent the existence of good industries such as the construction industries and the foodstuff industry, such as the dairy industry," pointing to
"the possibility of achieving self-sufficiency in these products if these industries were taken care of."
Important Achievement
In turn, economic researcher Basem Jamil Antoine considered that "the completion of a quarter of these factories is a good achievement and will employ a lot of manpower," stressing "the support of factories by 20%."
Antoine said that "the completion of the construction of 253 factories is a very good number in light of the current circumstances and the Iraqi environment that is not attractive to industry," noting that
"if this number is completed a quarter of it, it is a great gain, because many workers will be employed, meet the market need and limit import.".
The absence of consensus obstructs the election of the presidents of the republic and ministers in Iraq
Industrial Cities
The economic researcher called for the establishment of integrated industrial cities according to a study by the Ministry of Industry of the obstacles faced by factory owners, stressing the need to divide the industrial areas as polluted and non-polluted industrial cities.
Food And Construction
Regarding the factories that investors accept, Antoine said, "Food factories are the masters of projects, as well as construction industries such as the cement industry, which we have achieved self-sufficiency in, especially in light of construction and reconstruction in the country that is progressing in full swing."
Until 2015, Iraq imported about 12 million tons of cement annually, according to the statistics of the Iraqi Ministry of Industry and the Iraqi State Cement Company, before its import was prevented and large difficult sums were provided.".
Through these steps during 2018, Iraq was able to achieve self-sufficiency in cement production for the first time since 2003, with a production of more than 18 million tons from government and private factories, which represents an important prelude to raising production to record levels that the country has not witnessed since the establishment of this industry in the country in the forties. the last century.
Antoine pointed out that "the Iraqi industry was previously competing with the importer, but the dumping of foreign goods and the development of global factories led to the decline of the local industry,"
calling for "the creation of government support in terms of soft loans to modernize factories."
Industry Support
The same speaker pointed out that there are laws that need to be activated, including the customs tariff law that encourages the protection of national production and the anti-dumping law, stressing that
"neighboring countries support their industry by up to 20% and it is not possible to compete with that industry without government support." https://www.independentarabia.com/node/320191/
It Will Reduce Currency Smuggling... Integrity Appreciates The New Customs Procedures
Monday 11 April 2022 10:25 | economic Number of readings: 294 Baghdad / NINA / - The Federal Integrity Commission appreciated the measures taken by the General Customs Authority to adopt a new mechanism; To support the validity of the issuance of customs permits, stressing that this would reduce cases of currency smuggling outside the country.
The authority indicated that the application of the new mechanism will contribute to weakening the dealing and collusion between the merchant and the weak-hearted employees of the customs calculator, in addition to controlling and not smuggling hard currency outside the country, and matching the entry of goods in terms of number and type with the value of what was withdrawn from hard currency by the merchant from The Central Bank of Iraq.
It called for approaching the Ministry of Transport and its affiliated formations (land, sea and air) operating at the border crossing points to cooperate fully with the departments of the General Authority of Customs; For the proper application of the new mechanism to ensure the highest interest of the country.
The new special mechanism relies on the Ministry of Transport’s departments approaching at the ports to confirm the validity of the issuance of (manifests) and delivery orders for the entry of trucks, in addition to confirming the validity of the issuances in the electronic calculator database and opening the customs tariff audit department. For the purpose of matching automatic and manual permits, and claiming receipts for all fees. /End 9 https://www.ninanews.com/Website/News/Details?key=968943
Iraq Invested 23 Billion And 425 Million Dollars In US Bonds
Thursday 14 April 2022 10:41 | economic Number of readings: 260 Baghdad / NINA / - The US Treasury announced today, Thursday, the Asian countries that own the most US bonds, indicating that the Arab countries' possession of these bonds in the Asian continent amounted to more than 244 billion dollars.
In its latest table, the Treasury said, "Asian countries have invested more money in US bonds than other countries in the five continents," noting that
"the total investment in these bonds amounted to 7 trillion, 661 million and 733 million dollars."
And she added, "What Asian countries own is the lion's share of it, with a sum of 3 trillion, 897 million and 145 thousand dollars, while the European countries came second, with a total of 2 trillion and 542 million and 726 thousand dollars, and then the North and South American countries came with a total of 844 billion and 103 million dollars."
Then came Australia and its neighboring islands with a total of 62 billion and 806 million, and finally the African countries with a total of 54 billion and 41 million dollars.
She explained that the total amount invested by the Arab Asian countries in US bonds amounted to 244 billion and 998 million dollars, noting that "Saudi Arabia" It came first with a value of 119 billion and 402 million dollars, followed by Kuwait with 50 billion and 578 million dollars, followed by the UAE with 44 billion and 788 million dollars, and then Iraq with 23 billion and 425 million dollars. / End 8
https://www.ninanews.com/Website/News/Details?key=969639
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