Call for diagnosis of the barriers to investment in Iraq
Looking investment experts the possibility of a real investment on the ground, especially as the reality faced by the country’s push for investment in all sectors to begin most importantly, who touches the life of society and achieve economic growth.
An economist at the Investment Commission of Babylon Haider Kamal al-Din said that the investor looking for the availability of a database of accurate and comprehensive resources available natural and human resources, efficiency and also provides investment map capable of achieving the investment objectives rapid project execution, noting that the single window system allows the departments nominate authorized to decide on approvals concerning the ministry and departments through which the investor gets all the approvals without trouble.
But what happened is that the representatives of the window and even that was ordered Btakoelhm became messengers mail When strive one of them and gives his approval for the establishment of a specific project, and within his powers, and here we see the employee confused in his work due to stress as if the accused that this view is his personal opinion and does not represent the opinion of his constituency and that the signature on the record your legislator does not constitute approval, and this has led investors to accelerate the purpose of obtaining approvals to review the circuit itself and the more friction on the one hand, which is considered a negative factor as contrary to the spirit of the law in addition to being an input from the entrances of administrative corruption.
Kamal al-Din also said that this act has led some local governments to impose its power and instruct investors Balambeshrh businesses of their investment in order to build their provinces away from the approvals ministries that become specialized in the development of the obstacles and constraints, while some have surrendered to the other local governments and began to wait for directives ministries and between these two routes see that the projects that have received investment licenses for its establishment on land that belongs to the state code, while reaching most of the investment projects on private lands to the stage of commercial production.
He added that “the strong need for housing units led to the need to pay attention to this type of investment because of the housing crisis, as well as investors’ willingness to engage in this area, to yield rapid results after the market housing units,” and the most important elements of success of this type of investment is the support given by the Order No. (7) and modify the grant of land for housing for free on condition that speculation in land, and here we find the rush by investors to this type of investment, but the biggest challenge experienced by the sector investment is important banking policy, which turned a lot without the encouragement of investment which become necessary on the Ministry of Finance and Central Bank of Iraq to reconsider its policies through actions Links aims to amend the laws on the branches of the Iraqi Central Bank and private banks by raising the ceiling lending an alternative to running, which required the housing unit as collateral for the loan while should not be lending conditional on the guarantee of the housing unit itself because it is not registered as citizens only after they become completed housing units and the investor insists that the premiums payable under custody since the start of the housing unit, and this indicates the weakness of investment experience in item and incomplete visions of them.
He noted that the most important factors that should be available to create the investment environment and successful existence of the necessary infrastructure for investment, especially providing water services, electricity, roads, communications and other degree approach to what is available in the countries of the world that preceded us in the field of investment, especially the neighboring countries and the provision of banking system fan with insurance companies sober.
And the need for coherence and consistency of laws, including the activation of the article (34) of the Investment Law by reviewing the laws of dissolved Revolutionary Command Council, which is inconsistent with the investment law, as well as provide the administrative structure is far from routine interacts with the investor and be proactive in overcoming the obstacles in front of him.