Central Iraq: Baghdad is invited to take advantage of the experience of the Kurdistan region in the field of investment

16/05/2012 10:26

Erbil, May 16 (Rn) - A deputy governor of Central Bank of Iraq, that investment in Iraq is weak compared with what has been achieved in the Kurdistan region in the field of construction and the various services and projects, which cut a long way in this aspect.

He explained the appearance of Mohammed, told the Kurdish news agency (Rn) that "the banking business is still facing difficulties, particularly with respect to the investment environment in Iraq, despite that the bank is fully prepared to the issue of lending and credit to the owners of investment projects, as the Bank may contribute significantly to the investment process through contribution by the actual assets of its securities. "

A comparison between investment in the cities of south-central Iraq, with the Kurdistan region, pointed out that "investment in Iraq is still in its infancy compared to investing the Kurdistan region, and we hope to do the same."

He noted that we "Unfortunately, we are in Baghdad and in the light of the federal government are not good investment process, is not aware of its benefits to the country because we do not have the culture of investment, and this is the opposite of what is happening in Kurdistan because the foreign investment law in the province in which incentives for investors and management in the region."

Mohammed said that "Baghdad needs to be more flexible in dealing with investment, and administrative procedures and tax over the investor, and seeking various ways to provide better facilities to the foreign investor from the harsh reducing red tape through the rest of the facilities."

He stressed that "the experience of the region in this regard was a successful experiment, but we unfortunately did not learn from them the reasons for their success so far, even to reduce them Nstvad Antekasatna in this important area of ​​the country."

As for the budget in Iraq, Mohammed said "We are still so far do not understand the meaning of the budget, and we deal with it on it's just allocations given to ministries, knowing that it must be operational, so Our problem fundamental in Iraq is not financial but is operational."

Regulated investment in the Kurdistan region under the Investment Law No. (4) for the year 2006 which formalized the investment in the Kurdistan region, which has taken important steps to attract investors and owners of capital and offered a range of investment opportunities available in the province and there are projects already implemented in the region, including residential and hotel as well as the number of of private universities such as American University, and electric power plants and a host of other industrial projects.