More Iraqi News Monday PM 11-15-21
More Iraqi News Monday PM 11-15-21
TLM724 Administrator BondLady’s Corner
Iraq Reveals Its Most Important Partners In The Oil Sector
Economie| 05:11 - 11/15/2021 Baghdad - Mawazine News Minister of Oil Ihsan Abdul-Jabbar affirmed, on Monday, Iraq's keenness to develop bilateral relations and to strengthen and expand horizons of cooperation with India.
A statement by the ministry, which Mawazine News received a copy of, stated that this came during the minister's reception of the Indian ambassador in Baghdad, Prashant Bisai.
According to the statement, Abdul-Jabbar said that India is an important partner for Iraq in the oil and energy sector because of its promising growing economic power, praising the historical relations between the two friendly countries.
For his part, Indian Ambassador Prashant Bisai expressed his country's desire to consolidate relations and cooperation with Iraq in all fields, especially in the oil sector, as Iraq is one of the most important suppliers to India in this field, pointing to the importance of increasing the volume of bilateral cooperation, and sustaining the bonds of complementary relations. https://www.mawazin.net/Details.aspx?jimare=175094
Oil Prices Fall Amid Fears Of Oversupply
Economie| 07:48 - 11/15/2021 Follow-up - Mawazine News: Crude oil prices fell, on Monday, as a result of pressure from expectations of an increase in supply and weak demand.
Brent crude futures fell 58 cents, or 0.7 percent, to $81.59 a barrel.
US West Texas Intermediate crude fell 58 cents, or 0.7%, to $80.21 a barrel.
Both markets witnessed a decline during the past three weeks as a result of being affected by the rise in the dollar and speculation that the administration of President Joe Biden may release oil from the US Strategic Petroleum Reserve to reduce prices.
Analysts (ANZ) said in a report that "the White House is discussing how to address rising inflation, with some officials calling for the use of the strategic reserve or stopping US exports."
US energy companies this week increased the number of oil and natural gas rigs for the third week in a row, while crude oil prices hovered near their highest level in seven years, prompting some exploration companies to return to drilling.
Baker Hughes Energy Services said Friday that the number of oil and gas rigs, an early indicator of future production, increased six to 556 in the week to November 15, the highest level since April 2020.
Meanwhile, The Organization of the Petroleum Exporting Countries (OPEC) last week lowered its forecast for global oil demand for the fourth quarter by 330,000 barrels per day, compared to expectations last month, after high energy prices hampered the economic recovery from the Covid-19 pandemic.
https://www.mawazin.net/Details.aspx?jimare=175005
The National Industry Is Appealing To The Laws To Protect The National Product
Monday 15 November 2021 134 Baghdad: Haider Falih Al-Rubaie The researcher in the political and economic affairs, Naji Al-Ghazi, suggested a set of solutions that would advance the industrial reality in the country, putting at the forefront of these solutions a strategic partnership between the public and private sectors, to move many of the idle industrial facilities, and to amend some laws that would revive the industrial sector, and overcoming obstacles to its advancement, noting that the absence of real support for the Iraqi industry, led to the suspension of more than 52,000 factories and factories.
Al-Ghazi believes, during his speech to “Al-Sabah” that “the rentier pattern on which the state depends almost entirely in supporting the financial budgets, has caused great damage to the Iraqi industry, and made this sector neglected and unproductive,” noting at the same time, that “the absence of Financial, banking and logistical support, as well as the failure to activate the Product Protection Law, are factors that contributed to the decline in the production of the industrial sector, and the suspension of more than 52,000 factories and factories.
Economic Policies
Al-Ghazi pointed out that “economic policies have strangely neglected the industrial sector, especially as it is a great source of job opportunities and the employment of idle hands, criticizing at the same time, the lack of regulation of the import process, which he described as “random,” as well as the policy of dumping the market with foreign goods. Which led to the creation of unbalanced competition between the local product and the imported one, and caused the suspension of many Iraqi factories.
The researcher explained the difficulty of advancing the industry without state support at the level of the public or private sectors, especially since most factories and laboratories suffer from old machines and erosion of machinery and equipment, as well as their failure to keep pace with the technological development taking place globally, and the weakness of the administrative and technical control and operating systems in the factories.
Suggestions And Solutions
With the aim of reviving the industry, Al-Ghazi believes that the government should move effectively to support this vital sector, through an effective strategy that overcomes the challenges facing the industrial sector, and according to a practical and scientific vision shared between the public and private sectors.
The economic researcher also called for the involvement of organizations, unions, economic bodies and institutions and some research centers, which includes a group of experts, representatives and advisors of different sectors, in economic decision-making, and to work on amending some laws and enacting new legislation, which contribute to supporting and supporting the industrial sector, as well as Striving to activate the idea ofindustrial cities, support them and grant them financial facilities and legal procedures, protect the local product, establish customs facilities and tax exemptions on industrial machinery and equipment and some raw materials, move towards raising the customs tariff on imported goods and competition.
Al-Ghazi also stressed the importance of “decision makers adopting the policy of mixed partnerships between the public sector and the private sector through partnership contracts, participation in production management, training and qualification of professional cadres,” calling on the government to “activate the industrial investment window through coordination with the National Investment Authority and the industrial sectors.” Businessmen, local and foreign investors. LINK
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad "Economy News" publishes the dollar exchange rates in the local markets for Monday, November 15, 2021, according to the monitoring of specialists.
Baghdad - the stock exchange 148,200
The price in most exchanges Purchase 147,750 Selling 148,750
Views 121 Date Added 11/15/2021 https://economy-news.net/content.php?id=26775
Lack Of Investment In The Knowledge Economy
Monday 15 November 2021 141 Baghdad: Mustafa Al-Hashemi Investment in the knowledge economy and patents globally represents an important pillar of the advanced economies globally, but the matter may be different in Iraq, as there are no supportive incubators for such scientific achievements that serve the national economy, according to the College of Business Economics and the Center for Market Research and Consumer Protection, There are several reasons for the absence of the knowledge economy, the most prominent of which is the complete lack of marketing for these innovations.
The Dean of the College of Business Economics at Al-Nahrain University, Dr. Nagham Hussein, believes that “the advanced countries of the world have created incubators for applied scientific products backed by patents, such as Sweden, which has allocated a ministry to it, as well as South Korea, which has created an organizational structure to manage scientific research and apply it to serve its economy.”
Absence of incubators
Hussein added in a statement to “Al-Sabah” that “the situation is completely different in Iraq, and here we do not mean the absence of creativity and scientific innovations, on the contrary, but the reality indicates that this knowledge, science and technology are not employed in the economic aspect, for reasons including the lack of incubators, whether they are The government or the private sector supports such an approach, as well as the lack of interest in the economic file in the country in this aspect.”
And she indicated that "government interest and follow-up play an important role in the success of investment in the knowledge economy, especially since scientific universities are not free of obtaining patents in various fields, which, if employed correctly, would have achieved a boom in the economy and in the service of humanity."
percent
For his part, Director of the Market Research and Consumer Protection Center, Professor Dr. Yahya Kamal Al-Bayati, said: "There is no percentage so far in investing scientific products and patents in scientific colleges despite their abundance, effectiveness and creativity."
Al-Bayati added in a statement to “Al-Sabah” that there is a diagnosed weakness in employing scientific innovations in the economic aspect in Iraq, noting that “the absence of the private sector from communicating with universities and scientific colleges is one of the most important reasons for the decline in investment in knowledge.”
double marketing
Al-Bayati stressed the need for “there should be integration in institutional work, and that patents and scientific innovations be marketed, because poor marketing is the most prominent reason for not investing in the knowledge economy,” pointing out that the Iraqi inventor abroad has multiple opportunities to market his scientific products, while Inside Iraq, they will be deprived of these opportunities, which calls for finding incubators for their products, not for them to rest on the shelves.”
Al-Bayati indicated the importance of “marketing innovations and patents to employ them in the economic aspect through scientific exhibitions in universities, technological institutes, and specialized colleges such as engineering, science, chemistry and others, provided that an invitation is sent to the private sector to see employment opportunities for what suits them in the economic aspect and to serve the market, the inventor and the owner of the company.” ». LINK
The Cabinet Issues A Directive Regarding The Fight Against Corruption
The Council of Ministers headed by Mustafa Al-Kazemi
Money and business Economy News – Baghdad The Federal Integrity Commission announced, on Monday, the issuance of a directive from the Office of the Prime Minister obligating ministries, agencies not affiliated with a ministry, and all governorates, in coordination with them in conferences, meetings, and areas related to the contents of the international anti-corruption agreements.
A statement by the authority, which was reviewed by "Al-Iqtisad News", stated that "the office of the Prime Minister issued a directive obligating ministries and agencies not affiliated with a ministry and all governorates, in coordination with the Integrity Commission, in conferences, meetings and areas related to the contents of the international agreements concerned with combating corruption."
The statement added, "The letter of the Prime Minister confirmed that this directive comes within the framework of the efforts and endeavors of the Republic of Iraq to combat corruption, and in line with the contents of the United Nations Convention against Corruption, to which Iraq joined, under Law No. (35) of 2007."
He pointed out that "the directive, in coordination with the Commission, comes from being the official body concerned with representing Iraq in the UN Convention, and the contents of the provisions of its effective law No. 30 of 2011, as amended, and in order to unify efforts aimed at strengthening cooperation between state institutions and relevant authorities, to avoid confusion and to avoid conflict." .
He explained, "Iraq has ratified the Arab Anti-Corruption Convention under Law No. (94) of 2012, in order to strengthen Arab cooperation in the fields of preventing, combating and exposing corruption in all its forms, so the General Secretariat of the Council of Ministers attributed the Commission to be the official body representing Iraq in this agreement." Views 159 Date Added 11/15/2021
https://economy-news.net/content.php?id=26778
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