40% of governmental investment projects are “useless from the economic viewpoint”.
In a TV interview, he pointed that the government allocated 13 billion dollars for the investment plan for this year, but 40% of these projects have no economic feasibility, with neglect to the main industrial projects.
Iraq is trying to attract international investment s since 2006, but the investors hesitated to take part due to the deterioration of the security situation.
During these years, many amendments were made on the Investment Law that permitted the public sector to participate with the private for developing governmental establishments.
Minister al-Sudani disclosed that he referred 121 contracts to the Integrity Commission for investigation.
After 2003, Iraq turned to be the biggest importer in the region, with no ability to compete foreign commodities.
Iraq depends on oil revenues by 95% to cover its expenses.
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