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Central Bank: the need to improve the investment environment

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Central Bank: the need to improve the investment environment

 

 

         

2/18/2015 0:00 

 Baghdad Tariq al-Araji              

Governor of the Central Bank on the Keywords announced the desire of foreign investment companies to enter the Iraqi market, at the time stressed the need to facilitate the administrative and legal proceedings and the adoption of the single window to encourage investment in the country, being a real breakthrough for the revival of the Iraqi economy.

He Keywords in a statement singled out the "morning" that Iraq has a large and very important investment opportunities, which requires work to find a suitable environment to enter the investment opportunities in the country, especially with the presence of a large thirst for her, confirming the presence of Iqbal and anticipation by major investors to enter Alaracah.wachar market to the need for specialists stakeholders that works to improve the legal, political and administrative environment and to facilitate the procedures with all our strength to be able to bring these investments they represent the foundation upon which the Iraqi economy in the real inception. 

He Keywords that investment is the basis of economic advancement and this is proven by far lower prices Oil a solid foundation for real investment contributes to the creation of real jobs, stressing the importance of reviewing all the subject of investment to dump the environment of the obstacles and the problems, whether legal or regulatory or administrative. 

He also noted that Iraq needs a reformist revolution in the regulatory and administrative frameworks, including abbreviated lot of steps and stimulates investment through a single window that has not yet implemented the adoption.

 

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okay so i was very lost in this translation and asked my friend to translate for me.  In a nutshell the article is saying that the CBI is recommending that the GOI revolutionize (stronger than reform) the process that foreign companies are licensed to do business in Iraq.  The CBI recommends creating a single window to process these multinational companies through because the current process is too cumbersome.  (my friend believes that a foreign company most likely has to engage numerous security entities before being granted proper permission to do business which can take a long time.  having to go through only one entity would make the process more efficient.) The CBI has been in talks with a lot of companies looking to do business in Iraq.  The current environment (administrative, legal, political) needs an extreme reform to make it easier for foreign companies to enter Iraq.  These companies are very interested in Iraq but the process is too difficult.  

 

(me) in summary, Iraq's current investment policies are not conducive to promoting foreign investment.  they are shooting their own selves in the foot and preventing money, opportunity and jobs from entering the country.  create one gateway for all foreign companies to go through and make the process a whole heck of a lot easier.

 

oh, and thanks Yota

Edited by TrinityeXchange
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question  ????   is  any one else  seeing  -------- you might  also  like  these ------ from tablooa  ????    looks  like   more  web  ads ...........   

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Good God . . . I wish they would just get beyond "recommending" or "calling for" and DO !!!! DO FOR GODS SAKE DO !!!!

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The adds are getting a little irritating. I don't mind the porn girls but the big fat belly guy. Come on!!

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YEP, PRETTY MUCH THE ADS ADD TO THE DEGRADATION OF THE SITE, IMO - I DOWNLOADED AD BLOCK FOR GOOGLE CHROME - IT'S FREE AND IT'S WORKING GREAT

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This should add a little more insight to the original posted article.  It is from the World Bank or IMF (can't remember) report on Iraq from circa 2013.

 

Transparency of the Regulatory System

The lack of clear and definitive implementing regulations for the National Investment Law and its amendment remains a source of delay and confusion in the approval of investment projects. Once fully implemented, the law would establish a legal framework for investment. Potential investors, however, would likely still face laws, regulations, and administrative procedures that continue to make Iraq’s overall regulatory environment relatively opaque. Over 950 firms—both foreign and domestic—have filed for investment licenses in Iraq to date, but fewer have moved to an execution phase. PICs have also been active in assisting regional investors. However, NIC and PIC Commissioners and their staff often lack training and expertise, and are still building their operations to serve as effective “One-Stop Shops” for investors to ease their entrance into the Iraqi market.

The absence of other laws in areas of interest to foreign investors also creates ambiguity. Iraq’s Legislative Action Plan for the Implementation of WTO Agreements – the legislative “road map” for Iraq’s eventual WTO accession – requires competition and consumer protection laws that are critical for leveling the business playing field. The Council of Representatives passed a Competition Law and a Consumer Protection Law in 2010;however, the Competition and Consumer Protection Commissions authorized by these laws have yet to be formed. Without these Commissions, investors do not have recourse against unfair business practices such as price-fixing by competitors, bid rigging, or abuse of dominant position in the market. In the IKR, the KRG implemented the Consumer Protection Law by passing Law 9 of 2010.

The way in which the Iraqi government promulgates regulations can be opaque and lend itself to arbitrary use. Regulations imposing duties on citizens or private businesses are required to be published in the official government gazette. However, there is no corresponding requirement for the publication of internal ministerial regulations. This loophole allows bureaucrats to create internal requirements, procedures, or other “turnstiles” with little or no oversight, which can result in additional burdens for investors and other businesspersons.

Read more: http://dinarvets.com/forums/index.php?/user/41268-trinityexchange/?tab=reputation&app_tab=forums&type=received&st=60#ixzz3S7WIuIom

Edited by Markinsa
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