Wednesday, November 14, 2012 14:18World Bank: Iraq is ranked 165 in the worst countries to do business
Translation / Baghdadiya News / .. According to Agence France-Presse that the Iraqi Prime Minister Nuri al-Maliki said last week that Iraq will become a destination for investment in the region, but experts warn that there are problems innumerable in the country, which prevents them from being a good choice for everyone but will serve as the adventure.
Excessive red tape and corruption, the judicial system, which can not be relied upon in addition to the lack of security and stability and poorly trained workforce as well as the weakness of the economy, which still dominate the state are among the problems that has plagued Iraq.He added that "various difficulties to work in Iraq has raised doubts about efforts to reach the $ 1 trillion in investment income over the next decade, which officials said they need him to rebuild the country's economy shattered."
Said a Western diplomat who declined to be identified, "If you want to attract capital and companies must do so in a positive way," he said, adding, "I've got incentives to invest here, but there are lot of المحبطات".
He added that "the recent report of the World Bank included a series of problems, including small private sector and limited access to credit and the mass exodus of Iraqis educated and decades of isolation from world trade and damaged infrastructure and instability equipment water and electricity and poor transport network," adding that "in addition to securing stability the country must be addressed to the real challenges of regime in Iraq in order to achieve its economic potential. "
The report noted that "a survey conducted by the World Bank on the number of companies in Iraq, which ranks 165 among the worst countries to do business found that there are three major obstacles are poor electricity supply, and political instability, and corruption. Generally, the Iraqi companies lose 22% of their sales as a result "poor investment climate."
Iraqi officials have said they are in the early stages of the process of reforming the economy toward more orientation of a market economy and must be patient with the country's newly emerged from decades of war and isolation.
The MP said Sami al-Araji, head of the Iraqi National Committee for Investment "People are impatient and they want us to almost create miracles and I fully sympathize with them."
The Araji that "reforms to Iraqi institutions bloated and banking sector the old and the legal system Byzantine still all under the work but acknowledged that bureaucracy in the country still opposes changes widespread," adding that he "hopes that reforms are under consideration to remove all those constraints hands Iraq "