Academy: Iraq is seeking to attract $ 50 billion

2/12/2017 0:00

BAGHDAD / Imad emirate
establish an attractive environment for capital is one of the necessities of Iraq and its economy in light of availability of a number of ingredients that effectively contribute to the achievement of sustainable development gradually.

Iraq seeks to create a favorable environment to attract foreign investment, and is no doubt that foreign capital is moving according to the determinants of political and economic stability of the state, along with laws that guarantee the process of transferring money and profits to the state parent or a foreign investor directly, and on this basis whenever appropriate increased investment environment quick foreign investment flows to increase.

Economic academic d. Abdul Karim Hnjar explained that the factor of stability in Iraq , influential in guiding the movement of foreign investment, given that the state is not stable encourage the entry of investments because of the variety of risks that could cause the investor.

He Hnjar in an interview for the "morning" that the confiscation of investments or exposure to various attacks may cause loss of the lives of workers, noting that the general situation in any country disorder is one of the strong factors that help in expelling foreign investment.

He Hnjar that owners of foreign capital are watching the political stability and peaceful exchange of power and the extent of the freedom and democracy enjoyed by the citizens, pointing out that the expansion of economic and trade relations and the degree of integration into the host country with regional and international surroundings Humen the most prominent elements of successful investments overseas.

And between, the investments are also affected by the economic determinants of monetary and fiscal Balseesten in the host country, as well as the size of the market plays a role in the access of foreign direct investment , along with the relative abundance of natural resources necessary for the establishment of foreign direct investment.

Hnjar confirmed that Iraq has vast natural resources such as sulfur, iron and phosphate and has a minimum size of oil reserves of 115 billion barrels of oil and productive age of 130 years and the cost of producing a barrel of oil amounting to approximately 1.2 dollars.

He pointed out that these features enjoyed by the country make him talk about his quest to attract foreign investment ranging between 35 to 50 billion dollars during the period 2017.2030 in the oil and gas sector to produce 10 million tons of petrochemicals.

He pointed out that the banking system is the foundation for the success of the entry of foreign investments, a proper system in performance and transparency in the transfer of money to and from the host countries is one of the success factors in the flow of foreign investment, and the culmination of this trend was issued Law No. 56 included the independence of the monetary authorities of the legislative and executive authorities, It is laying the groundwork for the banking system appropriate for the entry of foreign investment in the years ahead.

Hnjar between the importance of infrastructure , power being one of the elements of the success of the entry aimed at increasing productivity State Energy Investment, also plays an abundance and scarcity to the production elements are particularly important role in attracting appropriate foreign investment into its economy contributes to the re - distribution of income between the owners of these elements and then increase social well - being of their people.

Hnjar concluded, noting that competitiveness has become important factor in attracting foreign investment, and the main sources are the production and specifications and domestic demand - related industries processed more than economic sector elements.