More Iraqi News Tuesday PM 11-16-21
More Iraqi News Tuesday PM 11-16-21
TLM724 Administrator BondLady’s Corner
Oil: Achieving Remarkable Increases In Production Capacities
Economie| 12:06 - 16/11/2021 Baghdad - Mawazine News Oil Minister Ihsan Abdul-Jabbar Ismail announced, on Tuesday, that remarkable increases in production capacities have been achieved.
A statement by the ministry, received by Mawazine News, stated, "The Minister of Oil, during a lecture at the Defense University for Higher Military Studies, emphasized the role of the oil and gas industry in supporting the national economy, and the Ministry of Oil's keenness on the optimal investment of oil and gas resources in the country, leading to the sustainable development of the national economy." .
And he indicated that "the oil sector companies are working according to a planned strategy for developing oil fields, optimal investment for gas, and using modern technology in the manufacturing and refining industry," noting "a significant increase in oil and gas production capacities, all of which is in the interest of increasing the financial revenues of the federal treasury."
He explained that "the development in the oil and gas industry and the increase in production have boosted the Iraqi state's revenues and also contributed to securing the country's necessary needs in various sectors."
He pointed out that "the Minister of Oil gave a lecture at the Defense University for Higher Military Studies at its invitation under the title "The Ministry of Oil's strategy and its impact on strengthening the national economy", during which he reviewed the reality of the oil industry in Iraq and the clear progress it has achieved in the field of developing fields, optimal investment for gas, and the ministry's endeavor To achieve more for the development of the economy.” Ended https://www.mawazin.net/Details.aspx?jimare=175181
President Of The Republic: We Hope That The Elections Will End With Legal And Constitutional Results
Political | 11:03 - 16/11/2021 Baghdad - Mawazine News, the President of the Republic, Barham Salih, confirmed, on Tuesday, that the next stage is a stage of great benefits in Iraq, while expressing his hope that the elections will end with legal and constitutional results and that a government will be formed that meets the rights of Iraqis in a free and dignified life.
The President of the Republic said in his speech during the Forum for Peace and Security in the Middle East, that "the Middle East is in a transitional stage and a decisive stage," noting that "Iraq is a point of convergence of Arabs, Kurds, Shiites, Sunnis and other sects."
Saleh pointed out that "Iraq has achieved an important openness to neighboring countries and the region," noting that "in Baghdad, the various countries of the region met with each other."
He continued by saying, "We have a problem in establishing the foundations of good governance and the way the state performs, which should be worked on," noting that "the outstanding problems between the federal government and the Kurdistan region must be resolved through a real dialogue in Baghdad, in order to overcome the annual problems that occur around the budget and other issues." Ended 19/b 88 https://www.mawazin.net/Details.aspx?jimare=175167
Iraq Submits A Message To Join The Asian Infrastructure Investment Bank
Banks Economy News - Baghdad
The Iraqi embassy in Beijing announced, on Tuesday, that Iraq submitted a letter to its joining the Asian Infrastructure Investment Bank, while noting that Iraq is in dire need of infrastructure reconstruction projects, especially in the field of electric power.
The embassy said in a statement seen by "Economy News", that "the ambassador of the Republic of Iraq in Beijing, Shorsh Khaled Saeed, met with the Vice President of the Asian Investment Bank for Infrastructure, who is specialized in the affairs of joining the new members, Ludger Schocknecht," noting that "an explanation was provided about the steps that will be taken after The document and letter of Iraq's accession to the Bank were delivered.
And she added, "Iraq's request will be referred to the Board of Directors during the next week to vote and approve it, and then Iraq's request will be presented to the Board of Governors to vote and approve Iraq's accession, which will take about twenty days," expressing his hope "that this will be completed." Procedures by the end of this year, so that Iraq will be declared a visible member, and thus Iraq will become a full member.
For his part, the Iraqi ambassador affirmed, "Iraq's keenness and seriousness to join the Bank," noting that "Iraq is in dire need of infrastructure reconstruction projects, especially in the field of electric power, due to the damage to its infrastructure as a result of previous wars and terrorist attacks against some regions of Iraq." ".
It is worth noting that the bank, which is headquartered in the Chinese capital, Beijing, has provided dozens of loans to its members from countries with the aim of establishing infrastructure projects.
Views 133 Date Added 11/16/2021 https://economy-news.net/content.php?id=26792
Reviving Investment Requires An Institution Linked To The Prime Minister
Tuesday 16 November 2021 176 Baghdad: Hussein Thaghb Shukran Al-Fatlawi
Removing and encouraging investment obstacles in the country does not only require amending a law or issuing a new law, but rather requires the establishment of an integrated system that is capable of reviving investment, provided that there is a higher institution that reports directly to the Prime Minister in managing the file, standing up to its obstacles, solving its problems, and improving the investment climate to be Reserve and logistic for the National Investment Commission.
The economic affairs specialist, Yasser Al-Kubaisi, said in an interview with “Al-Sabah”: “The failure to eliminate bureaucracy and red tape costs the investor time, money and effort and makes him alienate from investing in the country, knowing that attracting investments is one of the most important advantages that achieve economic development, and consequently its direct impact in absorbing Unemployment, reducing poverty in society, raising the standard of living for citizens, and increasing local production in light of the policy of diversifying the production base.
Work climate hurdles
Al-Kubaisi added, “Most investors suffer from several obstacles related to the work climate, the laws regulating activities, the inflexibility of some state employees, as well as energy and infrastructure problems, political turmoil, the rate of inflation, and the difficulties facing remittances.”
At a time when the government has repeatedly stressed the need to attract investors and avoid red tape and bureaucracy.”
suitable environmental conditions
He pointed out that "there should be a periodic meeting that brings together the private sector with the Prime Minister to present problems and work to avoid them quickly," pointing out "the importance of the investment climate being accompanied by appropriate facilities and environmental conditions to attract local and foreign investors by first overcoming the bureaucracy, with the need to rehabilitate the employees who own The matter and training them on how to accomplish their tasks,”
stressing that “the cooperation of the investment authorities in the governorates will have a significant impact in restoring the lost confidence between the state and the investor, who will sense the authority’s goodwill towards investment and investors.”
Sober corporate invitation
On how to remove investment obstacles, Al-Kubaisi suggested the importance of holding serious investment conferences through which discreet companies are invited to all fields and in various sectors, provided that each ministry organizes its investment program, with the need not to announce any investment project from various sectors before the authority obtains official approvals from all departments Concerned only with approval or rejection,
where the ground is ready for the investor without seeking more than a dozen ministries, as in other countries, to eliminate corruption and disrupt and destroy the prestige of investment, accompanied by the policy of administrative decentralization in dealing with investors, in addition to seeking to stimulate investment and overcome obstacles, Not to mention the necessity of withdrawing all lands and licenses issued by investment authorities for lagging projects one year after the issuance of the license.
The current stage requires that “convergence of efforts in investment and resource development, the most important of which are human resources and youth development, to revive the economy and push the wheel of economic development, work to activate texts and materials and eliminate bureaucracy and administrative routine that troubles investors, which was the main reason for the departure of most serious investors to work outside their country.”
To this, the expert in economic affairs, Ahmed Al-Rikabi, indicated that “the specialized global effort in all parts of the world looks at Iraq with great importance, and this is felt by everyone who participates in international economic forums, as he finds an international desire to work in Iraq, but waiting for the appropriate time in which the environment is available.” Attracting capital and advanced technologies that shorten time and effort in achieving different projects.” LINK
The Private Sector And The Future Vision
Tuesday 16 November 2021 104 Dr. Mustafa Mohamed Ibrahim The implemented economic systems and economic schools confirmed that there are important transformations related to the work of the government and the private sector in economic life, which reached a consensus that the private sector means that part of the economy that is owned and managed by the owners of private projects and not government departments.
The private sector suffered from continuous neglect after 2003 as a result of the suspension of private industrial and agricultural projects, due to the high production costs and the lack of local demand for its products due to the flooding of the Iraqi market with poor imported goods, which took the national capital to different markets around the world.
In 2006, Investment Law No. (13) was issued, which seeks to encourage investments by the private sector and transfer modern technologies to contribute to the process of economic development and development, and to expand its production and service base.
The private sector has stopped, as well as the unwillingness of human resources to work within the joints of the private sector, due to the lack of guarantee for them after the termination of their job; That is why we note that everyone looks at the public sector as a guarantee for the future, which made the future image of the private sector tainted by neglect.
These and other reasons led the specialists to develop a private sector development strategy for the years (2014-2030), and this strategy did not succeed to a large extent that the business community in the country hoped for.
The next direction of the government requires a real and actual detailed study of the private sector based on the aforementioned strategy, and for all economic sectors, as well as its support from the material side, i.e. financing and technical according to modern technologies and means, and it is necessary to activate the Social Security Law in cooperation with the Ministry of Labor and Social Affairs Coordination with the Ministry of Finance, especially the Accounting Department, in implementing the funds allocated to the Ministry of Labor and Social Affairs, and the Department of Social Security.
This requires applying the principles of governance in all private sector companies, and amending fees and taxes imposed on the private sector, especially companies importing foodstuffs, in addition to activating the agricultural and industrial bank within the law as specialists in the development of agriculture and industry in Iraq, and if this vision is implemented in a way My real and serious will move the private sector to a large extent from the dark region to the bright region. LINK
To read more current and reliable Iraqi news please visit BondLady’s Corner: