Improving Erbil-Baghdad relations great for US investors: trade official

ERBIL, Kurdistan Region – Recent improvement in the relationship between the federal government in Baghdad and the Kurdistan Regional Government (KRG) have created an attractive business environment for US companies to invest, a US trade official told Rudaw.

A memorandum of understanding was recently signed between the US Chamber of Commerce and the KRG to enhance investment and trade relations.

The memorandum “focuses on how can we as two different business communities work together”, Steve Lutes, vice president of Middle East Affairs at the US Chamber of Commerce, told Rudaw’s Omar Muradi on June 27.

“It is all about engagement and exchange. So, some of that is on an information basis. It is letting US companies know what the opportunities are here for investment and commercial activity across the range of the economy. And some of that is also informing businesses here about how they can pursue partners and even opportunities in the United States,” Lutes said.

“In addition to the information exchange, it is also about what we are doing here, looking to accomplish with our business delegations visit, which is actually bringing people here, business leaders to see things first hand,” he added.

The Kurdistan Region and Iraq are emerging from a costly war with the Islamic State group (ISIS), which seized large swathes of territory in the summer of 2014. Many cities were devastated in the battle to retake these territories.

The jihadist group was declared territorially defeated in Iraq in December 2017. Much of the territory previously ruled by ISIS lie in ruins and in dire need of reconstruction and basis services.

Iraq is trying to attract foreign companies to invest in the country. American firms want to expand trade with Erbil and Baghdad, which are slowly rebuilding relations after the Region’s referendum for independence from Iraq in late 2017 led to a brief armed conflict and embargoes on the Region’s trade, travel, and diplomacy.

The crisis further damaged the Region’s economy, already wounded by budget cuts and a financial crisis.

The improvement in relations between the KRG and the federal government in Baghdad has created good conditions for foreign companies to invest, Lutes said.

“We know that Iraq and the Kurdistan Region of Iraq are at a pivotal moment. We think it is an opportune time for American companies to be looking to come in to invest and do business,” the trade official said.

“We are hopeful that we will see not only more energy companies, but more healthcare companies, more IT companies, more agriculture companies, running that range of the economy coming here and looking at those types of commercial and investment opportunities.”

Lutes said US companies can also help modernize Iraq’s antiquated financial sector.

“Modernizing the banking system in Iraq is one of the most important things that we as the business community, as a business advocacy organization, should be focusing on,” he said.

Rudaw.net

…A portion of the letter that John Adams wrote to his wife, Abigail, regarding Independence Day, on this date, 243 years ago.

“I am apt to believe that it will be celebrated, by succeeding Generations, as the great anniversary Festival. It ought to be commemorated, as the Day of Deliverance by solemn Acts of Devotion to God Almighty. It ought to be solemnized with Pomp and Parade, with Shews, Games, Sports, Guns, Bells, Bonfires and Illuminations from one End of this Continent to the other from this Time forward forever more.”

(Thanks Daniel)

Parliament sets date for its next session

Information / Special … The MP for the alliance of Abbas Abbas Aliawi, Wednesday, that the House of Representatives will hold its meeting on Saturday, the thirteenth of this month, while likely to pass the candidate of the Ministry of Education through the session.

“The House will hold its next session on Saturday, the thirteenth of this month,” he said, adding that “the meeting will include the second reading of the law of the Iraqi Olympic Committee, as well as reading a number of important bills.”

He added that “the meeting may be offered by the candidate of the Ministry of Education to vote in the event of Prime Minister Adel Abdul Mahdi, his biography of the parliament that it is confined to it only,” noting that “the House of Representatives will hold eight sessions during the extension of the legislative term before going to the legislative holiday.”

The House of Representatives last week raised its regular session to another notice after reading a number of projects and laws and voting on the other. End 25 T

Almaalomah.com

Iraq to sidestep US sanctions on Iranian energy with new financial system

Revenues to be paid in Iraqi dinars to enable Baghdad to buy electricity and gas from Tehran

Iraq is establishing a new financial system to sidestep US sanctions and enable it to continue buying Iranian gas and electricity.

US President Donald Trump reimposed sanctions on Iran’s energy and finance sectors last November after a decision to withdraw from a 2015 nuclear deal between major powers and Tehran.

The Iraqi system is said to be similar to Europe’s Instex, which will help Iran to buy food and medicine, the two items not covered by US sanctions, AFP reported.

Iraqi officials confirmed that talks have been going on for months to establish a “special purpose vehicle” that would allow Baghdad to pay for imported Iranian energy in Iraqi dinars.

“The Iraqi government will continue to pay Iran for gas by depositing money into a special bank account inside Iraq, in Iraqi dinars,” an official said.

Baghdad has told Washington about its deal with Tehran.

Tension between Iraq’s two closest allies have recently escalated after attacks on tankers in the Arabian Gulf and on Saudi Arabia’s oil industry. Washington has blamed Tehran for the attacks.

The US has recently extended a sanction waiver for Iraq, enabling it to import natural gas from Iran for another three months.

Iranian energy imports are vital to Iraq, which faces chronic power cuts that often leave homes without power for up to 20 hours a day.

Iraq’s reliance on Iran is uncomfortable for Washington, which regards Tehran as its top regional foe.

Last summer, Iraq had mass protests over power cuts and a lack of water. The demonstrations have started again this year as summer temperatures have already passed seasonal averages.

Iraqi Prime Minister Adel Abdul Mahdi and Saudi Arabia’s King Salman discussed co-ordination over stabilising oil prices in a phone call on Monday.

“The talks were primarily over the brotherly countries co-operating in the Opec conference for oil … and to achieve oil price stability in the coming period,” Mr Abdul Mahdi’s office said in a statement.

The National

Central Bank: Approval of the registration of companies on the establishment of the Iraqi Deposit Guarantee Company

The Central Bank of Iraq announced on Wednesday the approval of the registration of companies on the establishment of the Iraqi Company to secure deposits.

The bank said in a statement that “based on the bank’s obligations stipulated in its law and with the aim of ensuring the stability of the banking sector and increasing confidence in it, we announce the approval of the company registration department in the Ministry of Commerce to establish the Iraqi Deposit Insurance Company / joint contribution based on the provisions of Article 19 of the Companies Law No. 21 Of 1997 amended “.

“The Iraqi Deposit Insurance Company was established with the contribution of 42 banks, including 6 government banks, 21 private Iraqi banks, 15 Arab and foreign banks, as well as the National Insurance Company and the General Retirement Authority / State Pension Fund,” noting that “the company’s capital is 100 Billion dinars. ”

Deposit insurance companies have been found to support efforts to stabilize the financial and banking system.

Burathanews.com

Detect the number of wanted persons who are outside Iraq

Al Ahd News – Follow-up: A security source revealed on Monday the number of wanted men outside Iraq, indicating that their names are circulated through the red leaflet by Interpol.

“There are more than 600 wanted men who are now outside Iraq on different criminal charges,” the source said in an interview.

He added that “including politicians accused of embezzlement of public money,” noting that “their names are circulated through the red bulletin by Interpol.”

On 10 June 2019, INTERPOL Director General Sadiq Faraj Abdulrahman revealed that 653 international red notices were issued against Iraqis wanted for Baghdad.

Alahadnews.net

Abd al-Mahdi introduces new education ministry candidate: MP

Prime Minister Adil Abd al-Mahdi has introduced a new candidate for the Ministry of Education to the presidency of parliament, MP Karim al-Elewi said, adding that the new candidate is a university professor from Mosul.

Abd al-Mahdi and Parliament Speaker Mohamed al-Halbousi have made a political deal to complete the government formation within this week, Elewi added.

Abd al-Mahdi already sent the biography of the new education ministry candidate to the presidency of parliament on Saturday evening, Elewi explained.

The Iraqi Parliament earlier in June finally elected three candidates to key ministerial posts in the government of Abd al-Mahdi.

The parliament elected Najah Hassan al-Shamari as Minister of Defense, Yassin al-Yasiri for the Minister of Interior, and Farouq Amin Shwani as the Minister of Justice.

However, the parliament failed to pass the education ministry candidates – most recently Zahida Abdullah.

Thebaghdadpost.com

Central Bank invites banks and electronic payment companies to deploy ATM and POS POS

The Central Bank of Iraq invites banks and electronic payment companies operating in Iraq to develop plans and strategies for the dissemination of collection tools from ATMs and POS points in proportion to the number of electronic payment cards, in order to shift towards electronic payment and facilitate this service to the beneficiaries.

This bank confirms that there is no objection to the continuation of banks and payment companies to work through the agents / cash withdrawal outlets until the availability of adequate dissemination of collection tools.

Central Bank of Iraq

Economist: In 30 years will be the cash currency paper

A member of the Board of Directors of the Iraqi Economic Council Baqir Mashat, on Tuesday, that the government’s payment of salaries of employees through resettlement is a good step to break the deadlock of Iraq’s banking.

“The decision of the Iraqi government to pay the salaries of employees through government and commercial banks is an important step in its way to break the deadlock of the Iraqi citizen in dealing with local and international banks,” he said in a press release.

He pointed out that “the step of Emiratisation will contribute to enhancing the confidence of citizens in the banking sector in order to reduce the dependence on banknotes, which are about 1500 years old.” (I think they meant “15 years old”.)

Alsumaria.tv

Deputy: The failure of a political meeting of the political blocs on the distribution of special grades

Baghdad / Network News of Iraq – The MP for the wisdom of Ali al-Badiri, on Tuesday, the failure of a meeting of political blocs held yesterday evening to reach an agreement on the special grades and the mechanism of distribution. He said Badiri in a press statement, “The political blocs held a meeting yesterday To reach a specific agreement on the special grades and the mechanism of distribution, “stressing that” the meeting to any agreement on that. “He added that” the special grades proved conclusive evidence that they are subject to political quotas, “asserting that” the majority of political blocs did not reach on the resolution of special grades so far “He said.

Iraqakhbar.com