Iraqi News Highlights Friday Afternoon 7-21-23
Iraqi News Highlights Friday Afternoon 7-21-23
Tlm724 Administrator Bondlady’s Corner
Advisor To The Prime Minister: Our Priority Is To Support The Productive And Service Sectors
Economical 2023/07/18 Baghdad: Hussein Thagheb Al-Tamimi, Advisor to the Prime Minister for Investment Affairs, Muhammad Al-Najjar, said:
The government is serious about supporting the productive and service sectors, in a way that leads to reviving the qualitative national product and returning it to the local markets, while specialists believe that the local economy needs advanced technology.
Al-Najjar told "Al-Sabah": "The country is able to advance the reality of production and services through the adoption of advanced technology," pointing out that
"Iraq can rotate the wheel of industrial and agricultural production through which the country's wealth can be maximized, and
a capital cycle inside the country that would Work to expand the circle of work, by investing the financial revenues in new projects that will achieve great benefit to the national economy.
Industrial affairs expert Abdul Hassan Al-Shammari pointed out that
"the transfer of advanced technology from its sources to Iraq needs legal procedures that contribute to the smooth entry of production lines, laboratories and equipment that contribute to activating the industrial sector in a phased manner," pointing out that "the country has to start from where it left off."
The world, and it requires the adoption of advanced devices and equipment to achieve economic growth and reduce the gap between Iraq and the developed world.
In an interview with Al-Sabah, he said:
He pointed out that "the developed global effort began to view the Iraqi work arena as the most important among the countries of the world, due to the presence of a large volume of work in a country that possesses a large amount of wealth, and
this is a great incentive for most international companies, especially that the Iraqi markets accept the new that occurs on the global arena, and that Our country possesses the elements of industrial development in terms of raw materials and a wide and growing consumer market.
A member of the Iraqi Businessmen Union, Ahmed Meklef, pointed out that "benefiting from the experiences of countries must represent the focus of the next performance, as
it requires standing on the requirements of transferring advanced technology and making it the starting point for a new stage that changes the reality of the national economy for a better stage," and stressed
"the inevitability of working on Providing an environment that attracts foreign capital and serves the local economy, especially since the elements for investment advancement are available in the country, foremost of which is Investment Law No. 13 of 2006 and its amendments.
He stressed that "the transfer of advanced technology must represent the most important requirements for the next stage, and that preparation for this stage takes place in coordination with the developed global investment effort,
especially since the country's companies and factories need a serious stand by the concerned authorities, because most of the available lines were established several decades ago and have gone out." about the scope of service.
And the expert in commercial affairs, Muhammad Zboun, had indicated that "the local market has begun to receive the new that the global industry is witnessing in more than one detail, and
most international companies want to be present in the Iraqi market directly without an intermediary, and this is an important element that helps supply advanced technology."
And he indicated that "the issue of technology transfer is important for the advancement of the joints of the economy because we have been away from the world for a long time, and for this you find international companies, especially those that were dealing with Iraq, keen to enter the local market."
He pointed out that "the local economy needs advanced technology and work to supply it or enter into partnerships with international companies that can transfer technology to the country." https://alsabaah.iq/80878-.html
A Financial Researcher Identifies 5 Reasons For The “Failure” Of Private Banks: They Have Become A Burden On The Iraqi Economy
Special|.. Today, Thursday, financial researcher Ahmed Al-Janabi said that private banks “failed” to implement the instructions of the Central Bank, and have become a “burden” on the Iraqi economy.
In his interview with Al- Jarida , Al-Janabi put 5 reasons for that “failure”, the first of which is “the dependence of those banks on quick profits by relying on the currency auction, without significant financial risks.”
He explained that "the second reason is the inability of private banks to achieve the financial goals for which these banks were established, as well as their inability to attract and develop deposits."
The third reason, according to Al-Janabi, is “the failure to achieve investment goals due to the failure of private banks to attract real capital and employ it in the economic fields.”
And he continued, “The fourth Saturday is the failure to achieve real profits, because more than 85% of its net profits depend entirely on the currency window.”
Al-Janabi referred to “the failure of private banks to achieve development goals and innovative goals, especially their abject failure to innovate new financing formulas and their inability to open branches in sound countries.
The supervisory authority is responsible for this decline in the performance of these banks, because there are 1,000 question marks about the sources of funds for these banks, most of which do not rise to the name “bank”. https://jaredaiq.net/News/4897
Economic Advisor: The Banking System Is Unwilling To Adapt To The Requirements Of “Disciplined” Work
Special|.. Today, Thursday, economic advisor Ziyad Al-Hashemi considered that the Iraqi banking system is unwilling to adapt to the requirements of disciplined work.
Al-Hashemi said in an interview with “ Al-Jarida ”, that “private banks are working on a strategy of maximizing profits through one main activity related to dollar purchases through the central bank window, without the presence of diversification in other banking services, and
this has led to banking practices that have a lot of financial greed.” , which is represented by transferring dollar cash blocks to the parallel market (through intermediaries) and taking advantage of the price differences,
in addition to exploiting the network of relations with external banks and even international financial transfer companies, to conduct fraudulent operations to transfer dollars and circumvent the recommendations of the Central Bank of Iraq and the controls of the US Federal Reserve. He explained,
"This leads us to the conclusion that the Iraqi banking system is unwilling to adapt to the requirements of disciplined banking with mechanisms that require a high level of compliance and transparency, and to work towards expansion towards providing real and diversified banking services through which it achieves rewarding revenues." He continued,
"The efforts of these banks focus clearly on searching for loopholes and weaknesses in the Iraqi monetary, banking and legal system to take advantage of them to sustain their operations and reap profits in a way that violates central controls and has a lot of damage to the Iraqi economy."
https://jaredaiq.net/News/4901
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