Economic Commission advises the Iraqi government, among other issues resolved, "wrong policies"

2015-12-18 05:08:03 | (Voice of Iraq) - Twilight News

He called for economic and investment commission member Naabah proof Almamori reliance on Iraqi products in bridging local service Ctaj goods while keeping the government support of food commodities through ration card as affect the lives of citizens.

Mamouri said that falling world oil prices, the detection of the wrong policies that were followed by previous governments to rely on the export of oil to support the general budget, and not to use the surplus funds in the formation of a production base, whether industrial or agricultural.

He noted that the decline in oil prices led to a large deficit in the financing of the general budget, whether operational or investment, "which invites us to immediately start finding alternatives and relying on Iraqi products service goods as well as Iraqi factories of cement, iron, steel and reduce import through the activation of the tariff laws and the protection of the local product, which reduces the waste in hard currency, which drains in the importation of products manufactured locally.

He said a member of the economic and investment commission that the committee worked through a whole year and a big effort and was able to accomplish the amended investment law, which included significant concessions to activate this important sector and these privileges included industrial and agricultural sector and the production of consumer goods.

Mamouri also called on the government to send a private investment law in refining crude oil for adoption Iraq is losing billions of dollars annually to import oil derivatives, taking into consideration that the establishment of oil refineries to achieve significant revenue for the state as well as to stop the import of oil derivatives.

And also it called on the government to reconsider the oil licensing rounds and that the bulk of the benefits of the oil customs go to manufacturers because of the high cost of a barrel produced by these companies with low oil prices, which makes the interest derived from the oil sector is very slim, so it must reconsider these contracts in order to achieve the benefit of the Iraqi state.