Iraqi News Tuesday Evening 3-29-22
Iraqi News Tuesday Evening 3-29-22
TLM724 Administrator BondLady’s Corner
Iraq Again Obtains A 120-Day US Exemption For Iranian Energy Imports
Energy Economy News _ Baghdad Today, Tuesday, the United States granted Iraq a 120-day exemption from Iranian energy imports.
This exemption will allow the continued import of energy across the border from Iran without imposing sanctions, as efforts have been intensified to revive the 2015 nuclear agreement that would lead to the lifting of some sanctions on Tehran in exchange for restrictions on its nuclear program.
A State Department official said in a statement followed by "Al-Iqtisad News", that "the United States granted a 120-day exemption to allow Iraq to pay the costs of electricity imports from Iran."
And the US Secretary of State renewed the exemption from sanctions on Iraq for participating in financial transactions related to importing electricity from Iran. The waiver includes Iraq's ability to meet its energy needs in the short term while it takes steps to reduce its dependence on Iranian energy imports.
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Trade: Iraq gets the award for establishing a business registration system in a single window
Economie| 01:45 - 29/03/2022 Baghdad - Mawazine News revealed today, Tuesday, that the Republic of Iraq has joined the largest event in the world to build a unified global system for entrepreneurship in the Global Entrepreneurship Week (GEC) in the capital of the Kingdom of Saudi Arabia, Riyadh, for the period from the twenty-seventh to the thirtieth of this March.
In a statement received by Mawazine News, the ministry said, "On the sidelines of the Entrepreneurship Conference in Riyadh, in which more than 180 countries, including Iraq, participated for the first time, where entrepreneurs, experts, investors and policy makers meet to develop a road map for a world of entrepreneurship at some point. After the Corona pandemic.
He added, "The Compass Award, which is dedicated to honoring individuals, organizations and institutions that contribute to empowering entrepreneurs around the world to launch their projects and advance their projects, as Iraq won the (Enterprise Registration + Regulation) award for companies' registration, documentation of procedures, cooperation through governmental and non-governmental institutions, and the strong partnerships between The public and private sectors to establish a single window system for registering companies from an important global institution, the “global entrepreneurship network”, which was received by the head of the Iraqi delegation, Adviser to the Prime Minister, Dr. ".
He explained, "The award given to Iraq was for the role of the Companies Registration Department in developing the entrepreneurship environment, as it represented Iraq well and was able to prove its presence among local and international institutions, and many countries competed for this award, where it is granted to institutions that make a positive difference by helping entrepreneurs To start and expand all over the world, promote innovation and support startups.”
And he added, "It was also during the global conference that a group of senior officials and decision-makers were hosted, to talk about ways to enhance the local entrepreneurship environment in accordance with international best practices."
He pointed out that "the classification of Iraq in the entrepreneurship environment will be re-evaluated by the World Bank later, as every step is moving towards success and openness to the countries of the world, as well as considering it a step to strengthen Iraq's economy and an opportunity for growth and prosperity." https://www.mawazin.net/Details.aspx?jimare=188721
Increasing The Competitiveness Of Local Products
Tuesday 29 March 2022 98 Saad Al-Taie The competition between products of various origins is one of the important drivers to push the development process of these products, in order to ensure the maximum possible weight for them in the markets, through the consumers' preference for them and their desire to buy them.
The element of development is necessary and essential to ensure the continuity of production organizations in maintaining their competitive opportunities in commercial markets, because keenness to maintain the development of produced goods works to keep customers constantly growing, and it also works to increase and improve the potential of the produced goods to reach new customers by providing New and modern features for this item.
Commercial markets are full of competitors and goods with similar advantages and capabilities, which intensifies competition between producers to obtain the largest possible category of consumers, and there are many methods and methods of attempts to acquire consumers, and the development of the produced commodity is one of the methods by which the producing organizations work to achieve its goals in this field.
The process of developing local products requires finding a clear and scientific strategy based on solid and realistic foundations according to consumer market data and their influences in order to accurately determine the extent of demand for these commodities for the purpose of setting the appropriate development strategy, according to these data. The process of developing local products is one of the strategic options that must be To be followed by local production organizations, in order to maintain their communication with their customers and ensure their survival and presence in commercial markets and improve their competitive position in these markets, and in order to ensure support for the national economy by subsidizing local products.
The steady progress of technology and major leaps in our time have increased the necessity of working to increase the processes of developing the local product, as the rapid and successive development of various productive and industrial technologies has increased the intensity of the competition between production organizations in all countries of the world, and made them in a frantic race to attract the largest segment It is possible for consumers and made many goods mere temporary fashions that will soon pass, until they witness an obsolescence in time for others to appear and make them a thing of the past, which is difficult for local products to keep pace with due to the advanced technologies owned by competing foreign production institutions.
Therefore, planning and working on developing the local product offered by the local production project is one of the strategic necessities of the productive organizations in our country, in order to stay permanently in the arena of competition with competing foreign production organizations. LINK
Experts Warn Of Continued Constitutional Violations
Tuesday 29 March 2022 190 Baghdad: Shaima Rashid Legal experts have warned of the danger of continuing constitutional violations with regard to the entitlements of electing the President of the Republic and other entitlements that follow, suggesting that these violations will become the norm that the political authorities will follow in the upcoming parliamentary sessions.
Legal expert Amir Al-Daami said in an interview with "Al-Sabah": "Parliament's continued violation of the constitution is unacceptable and a real disaster, as it paves the way for it to be a norm for future sessions," noting that "what governs the country today is political consensus, not the constitution."
He added, "The failure to achieve a quorum during next Wednesday's session devoted to choosing the President of the Republic will not result in any legal matters, but the situation will remain as it is, that is, until the political blocs agree among themselves," noting that "legally, what is happening is not correct, but rather it is considered a breach." Constitutionally, but Parliament does not respect timings
Constitutional.
He explained that "there is no solution but to wait or dissolve parliament, and this matter requires 110 deputies to submit a request to the Presidency, and the vote will be 165 deputies, and this is impossible."
And he continued, "The Federal Court has no decision in this regard except in one case that (obliges Parliament to the constitutional timings, otherwise Parliament will have to dissolve itself on the grounds that it is unable to perform its constitutional duties)", adding, "This will also not happen where we do not have An independent judiciary to this extent, because our judiciary is restricted to political bargaining,” according to Al-Daami’s expression. LINK
Metal Investment.. Steps To Multiply Revenue
Tuesday 29 March 2022 77 Baghdad: Hussein Thaghab and Shukran Al-Fatlawi Economists have called for working on the legislation of a law that allows the investment of minerals, in order to achieve the real orientation of the multiplicity of financial revenues for the country and to escape from dependence on crude oil and the accompanying risks in its market that are difficult to predict its future, especially since Iraq possesses the finest types of minerals in the world, but it is still not Invested in a way that serves the national economy and future generations.
A member of the Baghdad Economic Forum, Jassem Al-Aradi, said: “The House of Representatives has the task of legislating very important laws that do the national economy and move it to a better stage, and at the same time guarantee the rights of future generations, including the legislation of the Mineral Investment Law, which will provide an opportunity to invest the minerals in various regions.
Iraq.
He added that "working on mineral investment helps to enhance the state's financial revenues, as it requires short, five-year and other decimal plans, which ensure a deliberate expansion of mineral investment," noting that this trend requires a broad movement of more than one sector, to achieve results that have a real positive impact on the economy. national, and put the country on the railway track of real sustainable development.
Qualitative Effort
He stressed that "this important trend requires the involvement of the global qualitative effort and work on selecting sober international companies to invest in minerals in order to ensure the transparency of their investment, as they represent a natural wealth, which must be invested to serve the country and its current and future generations and to achieve maximizing real financial revenues," noting that thus Laws that need real implementation on the ground, as they move the country's labor market and its position in the international market, which requires important minerals available in Iraq.
Sober Economy
In turn, the economic affairs specialist, Ahmed Maklef, confirmed in an interview with “Al-Sabah” that “the investment of minerals is an important step on the path to building a solid economy commensurate with the country’s wealth, and is heading towards maximizing the state’s financial resources, because the country possesses natural resources represented by different types of minerals, such as phosphates and sulfur.” And rare rocks, glass, cement, and other minerals that are still untapped.
It is noteworthy that Iraq possesses phosphate reserves estimated at more than 11 billion tons, as well as about 650 thousand tons of sulfur, and that the prices of minerals globally are high compared to oil prices.
He pointed out that the optimal investment for these minerals is extracted and dealt with and then exported to the global market, and this will bring economic benefit to the federal budget in terms of maximizing revenues.
He cautioned that "the reality in the global market and the gradual transitions towards clean energy requires the search for non-oil resources in financing the general budget, such as investing in minerals or gas or controlling outlets and collecting levies, customs fees, and others, in order to maximize financial resources."
Mineral investment The Parliamentary Committee on Economy and Investment had previously confirmed in the previous session that the mineral investment law was ready to be voted on, suggesting that the law would likely be passed during the sessions.
coming.
She said: "The Mineral Investment Law is ready for voting, and there are many details in this law, and we want it to be issued in a good manner, without loopholes, to prevent the corrupt from entering through it."
International Companies
He pointed out that Iraq has the task of thinking seriously about investing wealth in an easy way, which achieves the highest levels of benefit, and here it is necessary to go to new and serious bilateral partnerships with the specialized global effort, as these wealth require serious and actual work with international companies specialized in their field and classified On the international list, to ensure real performance and positive results that have a clear resonance on the national economy, especially since Iraq is able to be at the forefront of the countries in the region economically, when performance is organized in a scientific manner, and it is possible to benefit from global experiences in this field.
He cautioned that "the investment of minerals available in Iraq, comes with large financial revenues and brings a great global effort to work in Iraq, and here the country will be a global center from which important industries will be launched at the world level, and this moves society to a new stage that achieves prosperity for the citizen and stabilizes his economy."
It is noteworthy that Anbar Governorate alone contains about 53 trillion cubic feet of natural gas, in addition to the numerous mineral wealth, according to a survey conducted by the Iraqi Geological Survey, and accurate information that confirmed the existence of huge mines for minerals, including uranium, manganese, iron, gold, silver, red mercury and free sulfur, as well as Copper, tin, chromium, nickel, aluminum and in bulk. LINK
Electronic Applications In Iraq Succeed In Attracting Foreign Investment
Posted On2022-03-29 By Sotaliraq Translated by Hamid Ahmed A press report confirmed that electronic application projects help to attract foreign investment in Iraq, but he talked about obstacles related to the routine procedures of the official registration process caused by old laws.
A report published on the website, The National, the news and its translation (Al-Mada), stated that "the emerging technological applications projects that Iraq is witnessing, which are behind an ambitious generation of young men and women, would attract more foreign investment, enhance private sector activity and help mitigate From the country’s dependence on the revenues of the oil sector only, despite their work amid the challenges of difficult market conditions.”
The report continued, "Investment opportunities are flourishing in various sectors in the country, starting from electronic shopping applications, i.e. Commerce, via the Internet, to environmentally friendly technology, modern agricultural technology and food delivery."
Ali Al-Suhail, a commercial investor working in the private sector, said, “Iraq is witnessing an economic transformation. The winds of developing technological applications are knocking on our doors, and there is a new economic activity in the country that bears modern technological qualities.”
The report confirmed, "The database of Magnet Corporation, Global Finance, confirmed that emerging projects in Iraq achieved financing profits of $7 million last year, which is more than double the amount achieved in 2020, through seven emerging economic transactions, most of which are within the food and beverage sector."
“ He continues, that the emerging technological applications projects, although they are considered recent in Iraq compared to the rest of the countries of the Middle East and North Africa, which achieved profits of up to 2.6 billion dollars during the year 2021, but economic experts expect that these projects will attract foreign investments inside the country, noting that the private sector In Iraq, it is currently witnessing a recovery amid the dominance of the public sector and has begun to provide job opportunities and develop non-oil economies for the young generation looking for change.”
The report noted, "Iraq depends 95% of its economy on oil imports, but the outbreak of the Corona epidemic and the restrictions that followed it led to a decline in oil prices in the year 2020 and weakened the Iraqi economy."
The Iraqi financial and economic expert, Shawan Taha, said that "the Iraqi environmental economic system is still nascent and modern compared to other regional markets in the region, and it has witnessed rapid growth during the past few years."
Taha added, "The foreign investor should be encouraged to come because the ecosystem sector is witnessing development and expansion. We have capabilities and competencies in the field of technology and we work despite all circumstances."
The report stressed that "startups based on Internet technology applications are currently attracting the attention of many investors at home and abroad, which indicates that this sector is witnessing development."
He noted that "the application of the electronic toothpick has achieved profits of $3 million since 2019, while several investors have started forming a new company concerned with this sector, and other emerging projects in the environment and modern agriculture sector have achieved millions of dollars in investments last year."
And a report spoke about “Basma Abdel Rahman, a young woman, the owner of an environmentally friendly technology project that she founded in 2018, called the Green Technology Project, which aims to reduce the difficulties faced by many Iraqis in obtaining electrical power supplies.” He added, "This project provides electrical energy from solar cell panels, which serves as an alternative energy for using fuel, the loss of which leads to continuous power cuts in the country during the summer season."
Abdel Rahman, winner of the Cartier Women’s Regional and Scientific Initiative Award for Technology, stated that “the chances of success for our project are great. We have to keep the environment clean and get rid of carbon emissions on our planet. Solar panels are available and easy to obtain, and they provide electric energy in an economical way.”
Abdel Rahman expressed her wishes that "in the next 15 years, Iraq does not depend on oil, but rather that it develops other sectors."
However, the report emphasized that "the founders of these emerging projects complain that the implementation of a project in Iraq collides with routine obstacles and slow registration procedures according to old laws that impede the implementation of small projects during all their stages."
And he stressed, "The ease of project implementation index issued by the World Bank for the year 2020 put Iraq in the 172nd sequence out of 190 economic powers in the world."
And the report added, “The British Department for International Trade wrote in its guide to companies looking for investment opportunities in Iraq, and explicitly, a phrase that says: The Iraqi market is not recommended for the faint of heart, but it added by saying: Nevertheless, the Iraqi market in the end enjoys high profit returns despite the challenges. And the big risks for those who want to implement a project.”
The expert, Shawan Taha, returns to say that "high risks and risks are matched by high benefits," noting that "the Iraqi market is more encouraging than other markets in the region."
He finds, "The important point is to invest with qualified people from the youth segment who have an aspiration to develop work," adding that "all start-ups start with challenges, but reap the fruits of that later."
Taha went on to stress the need to "make amendments to investment laws in order to attract foreign investments and encourage and assist emerging projects to grow more and develop private sector activity that is in the interest of the country." LINK
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