"Tidbits from TNT" Monday 7-12-2021

Jul 12

TNT:

Tishwash: Iraq is holding talks to overcome the obstacles to its accession to the World Trade Organization

The Permanent Representative of the Republic of Iraq to the United Nations Office in Geneva, Ambassador Abdul Karim Hashem Mustafa, discussed with the Deputy Director-General of the Organization, Chinese Ambassador Zhang Xiang Chen, ways to activate the file of Iraq’s accession to the organization

This came during their meeting, today, Sunday, to talk about ways to activate the file of Iraq’s accession to the organization, and the importance of continuing to work in completing technical documents to complete the requirements for accession, and to overcome obstacles and challenges facing the accession process, according to a statement by the Ministry of Foreign Affairs.

The two sides stressed the importance of providing the basic elements for a successful accession process, which lie in political will, coordination between ministries, and technical assistance programs that hone the skills of the negotiating team. link

Tishwash: Planning reveals details of talks with Egypt: an oil pipeline through Jordan and facilities for investors

The Ministry of Planning announced, on Monday, details of discussions with the Egyptian side regarding the mechanisms for establishing industrial cities and electrical connection.

The ministry's spokesman, Abdul-Zahra Al-Hindawi, said in a statement reported by the official "Al-Sabah" newspaper, and seen by "Economy News", that "a joint meeting was held by the ministry with the Egyptian side to discuss the decisions of the tripartite summit that was held recently in Baghdad."

He pointed to the agreement to strengthen industrial and commercial cooperation between the two countries through the establishment of industrial cities with joint funding between the two countries, with the selection of appropriate locations for their establishment in Iraq and Egypt, as well as the establishment of permanent trade fairs for the industries of the two countries by strengthening the private sector and highlighting its role, provided that the exhibitions are specialized, including vital activities and industries. mission and discreet craftsmanship."

He stated that "the meeting included setting mechanisms to facilitate the work of traders and investors and granting them the necessary facilities, as well as discussing the tripartite electrical connection and laying an oil pipeline across Jordan."

And Al-Hindawi said, "Egyptian businessmen and investors have expressed their willingness to provide various facilities to the movement of Iraqi traders, industrialists and investors link

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Tishwash: Demand to remove “bureaucratic” obstacles for investors (7/12)

There have been calls and recommendations to give investors more administrative facilities to attract capital, calling for overcoming obstacles related to the investor's obtaining a project license or opening a bank account to import business requirements.

The Prime Minister, Mustafa Al-Kazemi, had issued a package of decisions during a previous visit he made to the Investment Authority, including canceling all licenses for investment projects whose completion rate is between (0 - 35) percent, and the time period available to implement the project has expired, and full commitment to implementing the provisions of Article 28 of the Law Investment by sending warnings to unfinished projects, as well as withdrawing licenses in case the investor does not comply with the completion period.

The economic expert, Dr. Hussein Al-Khaqani, confirmed in a statement to “Al-Sabah” that “the development of the investment reality requires facilitating the administrative procedures for the investor, whether represented in obtaining a license or opening a bank account and the credit he needs to import his work requirements, taxes or customs.”

Noting that "all these episodes contain bureaucracy and red tape that cause a waste of time and money."

amend the law

The economist urged the importance of “amending the investment law in line with the developments taking place in the countries of the world,” as well as “establishing a mechanism to prevent government projects from stopping at the end of the fiscal year, which causes increased costs for the investor,” calling at the same time to “provide protection for investment.” And the security and financial guarantee from accidents and emergencies, stressing that this step will improve the investment environment and enhance investor confidence.”

land titling

Al-Khaqani also called for the necessity of “owning the lands on which projects are established for the company or project, and the ownership is conditional and restricted to the relevant investment,” stressing “the need to protect the investor from any interference that could hinder his work and increase the costs of his investment.”

It is noteworthy that the Ministry of Industry and Minerals recently announced 280 investment opportunities for government factories, while indicating the existence of two types of investment contracts with Arab and foreign companies and the private sector.

The Director General of the Investments Department in the Ministry of Industry, Saif Al-Din Ali, told the Iraqi News Agency (INA): "The ministry is still working on Resolution 336 issued by the Council of Ministers for the year 2018 and is continuing for investment," noting that "there are 280 investment opportunities for government factories."

He added that «there are many important industries suspended, the most important of which is the phosphate and sulfur industry of various kinds, which is one of the most important strategic manufacturing extractive industries». link

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