More Iraqi News Wednesday PM 2-9-22
More Iraqi News Wednesday PM 2-9-22
TLM724 Administrator BondLady’s Corner
The Gateway To The Economy
Wednesday 09 February 2022 137 Omar Saad Salman Many countries in the world have been suffering from the specter of unemployment for ten years, and fears of its rise are increasing, especially since the youth group suffers the most from it. Unemployment cannot be addressed without increasing the rate of economic growth, which requires stimulating the performance of the various economic sectors that move through supporting the industrial sector.
The reader may wonder why the industrial sector is the main engine of growth and the key to addressing unemployment? Because the industrial sector has huge production capacities and high added value, and there is strong interconnection and interdependence with various other economic sectors (agriculture, transport, hotels, communications, construction, retail trade, electricity In addition, it is the main attraction for investment due to its high export capabilities, and then the industrial sector can be a major supporter of state treasury revenues that collect taxes and fees.
The industrial sector is the most capable of creating job opportunities because each new industrial project provides 13 job opportunities, while every new facility in the other sectors provides only 3 job opportunities. It is rising rapidly through this vital sector that needs to be stimulated to unleash its potential.
In order for us to be able to develop the industrial sector in the country, it requires following a number of measures in the short term, starting with enhancing manufacturing capabilities by reducing electricity tariffs for industrial facilities to give them a competitive advantage that enables them to face imported foreign goods, as well as subjecting shipping agents to a sectoral agency that controls the pricing process for delivery permits. It is necessary to abolish the customs service allowance on factory production inputs to ease the financial burden on the industrial sector and enhance its competitiveness.
The industrial sector needs to reduce the rate of social security deductions compared to the rest of the other sectors. and address tax distortions.
Supporting the industrial sector in the medium term is focused on (enhancing domestic and foreign sales), as export is the fastest axis to drive growth, and there are untapped opportunities for export to all countries of the world that lead to the creation of a third of the jobs necessary for the full employment of citizens through exports (42% created jobs and 32% jobs Direct and 26% non-jobs directly).
Here, it is necessary to protect the national product within the local market through a set of legislation and laws, especially the food industry, which is one of the requirements for self-sufficiency in any country, raising the percentage of preference for national industries in any government tender and obligating government institutions to purchase 85% of their needs from large enterprises and 15% through Small and medium enterprises.
The industrial sector needs long-term support that focuses on attracting local and foreign investments and expanding the production base by defining industrial activities and priority sectors to attract investment that guarantee high added value, transfer of modern technology, and job creation for citizens, and here it is necessary to develop a system of investment incentives for these unconventional activities. And awareness that takes into account basic criteria: (investment volume, new job opportunities, technological level). It is important to focus on attracting investments that can provide the raw materials needed for the national industry, and establish a specialized unit to follow up on investor issues in the Investment Authority. LINK
Parliament: Kurdistan Region Will Start Exporting Gas To Turkey In 2025
Energy Economy News _ Baghdad The head of the Energy Committee of the Parliament of Kurdistan, Ali Hama Salih, confirmed, on Wednesday, that the region will start exporting gas to Turkey in the year 2025, while pointing out that the region owns 3% of the world's gas reserves, which is a "strong factor" in achieving the prosperity of the population.
Hama Saleh said in a press interview, that the natural gas reserves in the Kurdistan Region are estimated at 5.7 trillion cubic metres, and that 85% of this reserve is in six major fields located within the administration of the "Karmian" and "Chamchamal" region, and that the largest and most prominent of these The two fields are (Khormala and Kormore).
He added that "there is a plan to supply Turkey with the region's gas through pipelines, and the first and second phases of the project have begun, while the Kurdistan Region still needs gas to provide electricity, domestic gas, and heating. Therefore, gas cannot be sold to Turkey in the absence of filling the local shortage." ".
Hama Saleh continued by saying that "by the year 2025, the process of supplying Turkey with gas is scheduled to begin, and then the population of Iraq will be 50 million people, and the need for gas will increase more. Therefore, if an agreement is not reached with Baghdad, the federal government will create obstacles for the Kurdistan Region." ".
This comes days after Turkish President Recep Tayyip Erdogan said that his country may be supplied with gas from Iraq.
And whether Iraqi gas will come to Turkey from the federal government or from the Kurdistan Region, Erdogan explained that he had discussed with the President of the Region, Nechirvan Barzani, the possibility of supplying Turkey with natural gas recently.
The Turkish president pointed out that Barzani said he would do what he could and would discuss the issue with the federal government (Baghdad). Views 170 , date added 02/09/2022
https://economy-news.net/content.php?id=27198
A New Jump In Global Oil Prices
Economie| 09:57 - 09/02/2022 Follow-up - Mawazine News: Oil prices jumped, on Wednesday, after two sessions of losses, as industry data showed an unexpected drop in US crude and fuel stocks, offsetting fears of a possible increase in supplies from Iran.
Brent crude futures rose 41 cents, or 0.5%, to $91.19 a barrel by 07:22 Baghdad time, while US West Texas Intermediate crude recorded $89.74 a barrel, up 38 cents, or 0.4 percent.
US crude, gasoline and distillate inventories fell last week, and according to market sources citing figures from the American Petroleum Institute on Tuesday, crude oil stocks fell by 2 million barrels, according to the American Petroleum Institute. https://www.mawazin.net/Details.aspx?jimare=184108
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The dollar exchange rates are witnessing stability in the local markets.
And the selling prices of the dollar recorded today, Wednesday, 148,000 dinars per 100 dollars, while the purchase prices of the dollar recorded 147.750 dinars per 100 dollars.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, while the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Views 176 Date Added 02/09/2022 https://economy-news.net/content.php?id=27197
A New Statement From Al-Rafidain Regarding Withdrawals And Deposits
Economie| 09:44 - 09/02/2022 Baghdad - Mawazine News, Al-Rafidain Bank announced, on Wednesday, the continuation of withdrawals and deposit operations in the bank's branches in Baghdad and the provinces.
A statement by the bank, received by Mawazine News, stated that "the bank's branches continue to receive customers who deposit their money and open savings accounts for the purpose of obtaining profitable benefits for them."
The statement added, "The rate of interest and fixed deposits has been determined, and citizens can review the bank's branches for information." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=184105
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