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Parliamentary Committee: The Mineral Investment Law is ready for voting


6ly410
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Parliamentary Committee: The Mineral Investment Law is ready for voting

Monday, 26 October 2020 1:17 PM
Classification:  Iraqi
Parliamentary Committee: The Mineral Investment Law is ready for voting

Baghdad / National News Center - The Parliamentary Economic and Investment Committee confirmed, on Monday, that the Mineral Investment Law is ready to vote on it, and it is likely that the law will be passed during the coming sessions.
A member of the committee, Yahya Al-Ithawi, said, according to the official agency, that "the mineral investment law is ready for voting, and it is expected to pass it during the next sessions," expressing his hope that "the instructions that will be issued for this law will encourage investment inside Iraq."
He added that "there are many details in this law, and we want it to be issued in a good manner, without loopholes, to prevent the corrupt from entering through it."

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Mineral investment maximizes non-oil resources

Wednesday 28 October 2020 63

Mineral investment maximizes non-oil resources
 
  Baghdad: Hussein Faleh, 

the House of Representatives intends to legislate the Minerals Investment Law, in a move to maximize non-oil resources. Specialists in economic affairs saw that Iraq possesses the finest types of minerals in the world but it is still not optimally exploited, calling for mineral investment in ways that enhance revenues Country
Financial.

A member of the Parliamentary Economic and Investment Committee, Representative Nada Shaker Jawdat, said in a statement to Al-Sabah: "The House of Representatives is in the process of legislating a mineral investment law that will provide an opportunity to exploit and invest minerals in Iraq."
And she added: "The mineral investment will contribute significantly to enhancing the state's financial revenues, provided that it is better exploited," calling for "the establishment of specialized factories to be invested in the process of sustainable economic development."
 
Choose sober companies
She pointed to "the need to choose sober international companies to invest in minerals in order to ensure the transparency of their investment, as they represent a natural wealth owned by the people. One must think about how to exploit them to maximize financial revenues."
And she continued: "The law is one of the best laws, but it needs real implementation on the ground after its approval," stressing that "the country needs to maximize its non-oil revenues, especially after the current financial crisis that hit it."
For his part, the specialist in economic affairs, Ahmed Al-Majidi, said in an interview with Al-Sabah: “Minerals investment is a step towards maximizing the state’s financial resources, because the country has natural resources represented by various types of minerals such as phosphates, sulfur, mercury, cement and other potential minerals that are still Untapped. "
 
Optimal mineral investment
He warned that "Iraq has phosphate reserves estimated at more than 11 billion tons, as well as about 650 thousand tons of sulfur," noting that global mineral prices are high compared to oil prices.
He explained, "The optimal investment of these minerals through their exploration, extraction, and then exportation will yield economic benefit to the state in terms of maximizing revenues," calling for "setting up plans to better invest in minerals."
He stressed "the need to search for non-oil resources in financing the general budget, such as investing minerals or gas, controlling ports, collecting taxes, customs duties and others, in order to maximize financial resources in light of the financial crisis."
For its part, the Parliamentary Economic and Investment Committee confirmed, earlier, that the Mineral Investment Law is ready to vote on it, and it is likely that the law will be passed during the coming sessions. 
Committee member Yahya Al-Ithawi said in a press statement: "The mineral investment law is ready for voting, and it is expected to pass it during the next sessions," expressing his hope that "the instructions that will be issued for this law will encourage investment inside Iraq."
He added that "there are many details in this law, and we want it to be issued in a good way, without gaps, to prevent the corrupt from entering through it
Edited by 6ly410
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This law will help to maximize the non oil revenues, attract investment and also will help to diversify the economy.

They need to build an economy that can support an increase of the dinar exchange rate. Diversification of the economy is the key

 

Private Sector, Industrial sector and agricultural sector are of vital importance to build a strong economy.

 

It is clear they are moving from a closed economy to an open market economy.

 

Still some work to do but Iraq is in the right track
 

Go iraq

Go diversification of the economy 

Go open market economy 

Go RV

 

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A strategic plan for operating and rehabilitating 285 factories

 
  Baghdad: Muhannad Abdul-Wahhab 
 
The Ministry of Industry and Minerals has developed a strategic plan to operate and rehabilitate its factories to provide and support the ration card materials, with the participation of the private sector.
The director of the Ministry of Information, Mortada Al-Safi, told Al-Sabah: “The ministry has developed a large strategic plan to operate the Ministry of Industry’s laboratories, whose number reaches 285 - 85 of which have been discontinued - and within the plan, all these factories will be operated in their full number.” 
He added, "The ministry insists on operating all of its factories, in addition to developing new laboratories to be added to the Ministry of Industry and Minerals." Indicating that «the priority of rehabilitation laboratories within the plan; It starts with the laboratories that need less than 30% of the funds and allocations to be rehabilitated to actually enter the work, and they will have priority, and after that the labs are qualified according to the degree of their need for the assignments, while the factory that needs 100% rehabilitation will be at the end of the list. 
The ministry's plan was divided into three sections: short from 6 months to a year, medium from one to 3 years, and long term from 3 years to 5 years, and according to the plan, most of the Ministry of Industry's laboratories will work with the participation of the private sector, to promote the national industry and rely on the national product and to support Public budget. 
Safi shows, that «the ministry seeks to involve the private sector in the production of ration card materials; Including sugar and edible oil, especially since the raw materials are available in Iraq from the cultivation of sugar cane and beets, with the participation of the Maysan and Mosul sugar factories. 
By qualifying these factories and with the participation of the private sector, Iraq will achieve self-sufficiency in the produced materials, especially after the completion of the implementation and rehabilitation of the laboratories. The ration card will contribute to providing hard currency and reduce the unemployment rate.
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The information / Baghdad ..
The General Company for Communication Equipment and Capacity, one of the companies of the Ministry of Industry and Minerals, announced, on Thursday, the success of the staff of the Al-Kindi factory of the company to prepare the medicinal substance (hydroxyapatite) used to compensate for bone loss, including the maxillofacial bones, resulting from facial injuries or as a result Surgical excision.
The general manager of the company, Mutaz Muhammad Abbas, said in a statement received / the information /, that “this material is prepared for the first time in Iraq in (Al-Kindi Factory). The material was examined in the laboratories of the University of Mosul and the results of the examination were in conformity with the international chemical specifications of the material imported from foreign countries in addition to To its appropriate production cost, making it ready for production and marketing if the necessary support for this achievement is provided.
Abbas added, "The preparation of this important medical material was one of the results of cooperation with the College of Dentistry at the University of Mosul to prove the Iraqi industrial expertise its capabilities and ability to supply the country with everything it needs in all fields." End / 25

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 energy


Economy News _ Baghdad

The Parliamentary Economic and Investment Committee announced, on Wednesday, that it submitted a proposal to form a national company for mineral investment, independent of the Ministry of Industry.

A member of the committee, Hassan Al-Kinani, said during a press conference held at the parliament building and attended by the correspondent of "Al-Iqtisad News", "We are in the process of submitting a proposal to form a national company for mineral investment linked to the prime minister apart from the Ministry of Industry. ".

He added, "According to the international classification, Iraq is considered one of the ten most expensive countries in the world with natural resources and ranks ninth out of 193 countries in the world."

And Kanani, that "the natural resources in Iraq are classified as oil, gas, minerals, sulfur, copper and red olives in Maysan Governorate."

 
 
Number of observations 48   Date of addendum 11/11/2020
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Yea they need to move to a market economy at God's Speed!! If something doesn't happen in 2021 I will be at a loss for words...They have to Borrower money to pay the salaries for the rest of this year but what will happen after that. They see that they can not live off of oil revenue only. They have to get their sh#$t together or the economy will collapse,

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  • 3 weeks later...

Parliament is considering public-private partnership and mineral investment

 
  Baghdad: Muhannad Abdul-Wahhab 
 
The Parliamentary Economic Committee is preparing to submit two laws (partnership between the private and public sectors) and (mineral investment) to the Presidency of the Council of Representatives after fulfilling all their legal requirements to vote on them.
A member of the committee, Representative Nada Shaker Jawdat, said in an interview with Al-Sabah: "There are many laws that the committee has completed, and will be submitted to the vote, including the partnership between the public and private sectors and the mineral investment law."
She indicated that “the committee will resume work on the company law between the private and public sectors again, which contains only one problem; It is how to preserve the assets of the government, such as land and main roads, ”she said, adding:“ All what the government owns should not be handed over to the private sector, because in all countries of the world, strategic projects remain in the hands of the state. ”
She added, "The youth employment law is almost complete and its financial allocations are available, and it needs one paragraph related to the government preventing the import of what is produced locally." And it will not cost the government anything as its money is earmarked from the previous session. ”
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This is part of E-Governance as well...beside Ministry of Minerals...

 

 

Training courses for the advancement of human resources

 
 Baghdad: Morning
 
The Ministry of Industry and Minerals continues to adopt a plan to develop its human resources and enable them to develop performance in accordance with the best international methods.
A statement of the Ministry confirmed the launch of three training courses on standard documents in government contracting, and the course of preparing financial statements according to the unified accounting system, organized by the General Company for Electronic Systems of the Ministry through its training center, and under the supervision of the Training and Rehabilitation Department in the Administrative and Financial Department and another for electronic media in the implementation of the program The government, where all courses are organized at the Ministry’s center and will last for five days. The statement indicated that “organizing the courses comes within the plan of the Ministry of Industry and Minerals and the General Company for Electronic Systems to train and qualify the Ministry’s employees and their formations and give them new practical experiences, as the aforementioned company and the Training and Rehabilitation Department in the Administrative and Financial Department continue The Ministry's center has their training programs for their great impact on developing the level of work performance and raising the efficiency of workers.
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