Investors confirm that the Iraqi market has an excellent investment environment
The partnership agreement signed between Iraq and Saudi Arabia in private-sector industrial investments is a significant initiative that will improve the level of services in the Iraqi market.
Salman Daoud Salman, the Director Commissioner of Iraqi Diyar Company, stated in an official statement that the private sector of Iraq and Saudi Arabia participated together for the first time under the patronage of the Iraqi Fund for Development.
Al-Diyar Company has acquired 49% of the investments of Saudi Northern Factory in Iraq. The company is considered necessary in the industrial field.
He stated, “The industrial city is considered one of the strategic projects that covers an area of 6,000 dunams and is located in the Al-Najaf Governorate.” He further added that “there are currently six factories under construction in the industrial city, and work is progressing at a continuous pace.”
The director of the Northern Cement Company in Saudi Arabia, Saud Al-Arifi, expressed his happiness about signing a partnership agreement for industrial investments in the private sector. This marks the first investment partnership in the sector at this level. Al-Arifi made this statement to the official agency.
Al-Arifi expressed his hope that the new initiative would inspire other investors to adopt the same approach and collaborate on mutually beneficial investments. He emphasized that the investment environment in Iraq is excellent, opportunities are plentiful, and the market holds promise in all aspects.
“The government is making efforts to support and streamline procedures,” he said. He also urged all investors in the Gulf region to step forward and take advantage of the unique opportunities that will enhance the quality of services and construction in the Iraqi market.”
He said, “Numerous projects will be completed soon.”
The oil law has not reached the government, and the Baiji refinery will operate within 6 months – Parliamentary Committee
The Parliamentary Oil and Gas Committee has confirmed that the proposed oil and gas law is still with the Ministry of Oil and has yet to be presented to the Parliament. This is due to political differences between the center and the region. On another note, the Baiji refinery is expected to function fully for the next 6 months.
In an interview with the official newspaper followed by the 964 network, committee member Bassem Ngheimesh stated that OPEC countries are determined to decrease oil production to stabilize oil prices, which is in the common interest of all member states. He also noted that the Ministry of Oil has significant projects planned that can compensate for the reduction in production.
During the next six months, the Karbala and Al-Samoud refineries will operate at full capacity, which will reduce the need for importing petroleum products from abroad.
Naghmish highlighted that the activation of the fifth licensing rounds, along with the fifth and sixth annexes, will contribute significantly towards achieving self-sufficiency in petroleum products and reducing the amount of gas imported from Iran. It’s important to note that any decision to reduce production will have an impact on the budget revenues.
He emphasized that the proposed law regarding oil and gas is still with the Ministry of Oil because of the differences in political views between the central government and the regional authorities. Although joint committees have been established, they have not resumed their work in the recent past.
Mawazine News – Baghdad The new Iraqi government, headed by Muhammad Shiaa Al-Sudani, has begun the first practical steps in reforming the tax system in Iraq after many years of neglect and waste of public money as a result of corruption. On Wednesday morning, the Prime Minister, Muhammad Shiaa Al-Sudani, sponsored the work of the conference on reforming the tax system in Iraq.
In his speech, Al-Sudani welcomed those in charge of preparing this important and qualitative conference dedicated to tax reform, praising the research papers presented by the relevant officials, businessmen and international organizations. Al-Sudani stressed that economic reform, which was identified as a basic priority in the government program, was not a slogan, but rather a temporary goal that came through a realistic reading and an inevitable result of the problems and challenges facing Iraqi society, most of which have economic roots.
Al-Sudani explained that tax reform represents an important message to local and foreign investors, companies and international organizations, regarding the government’s seriousness in restoring the business environment, reforming systems and legislation, and rehabilitating institutional building. To be more attractive for investment, production and operation. He continued, “Tax reform was present in all the meetings with businessmen and local and foreign investors,” noting that “implementing the reform requires persistence, determination, diagnosing the defect, and making bold decisions.” He stated, “Despite the difficulties that appear on the medium and long-term level, we will reach a stage where the producer, consumer, and investor will feel a state of acceptance and satisfaction, after justice has been achieved.” He stressed, “We hope that the conference’s recommendations will support legislation and infrastructure, and adopt a controlled and automated system that will eliminate extortion,” noting that “the phenomenon of extortion represents one of the factors that discourage those charged with fulfilling their tax obligations.”
He added, “The concept of tax needs work, awareness, and education, and tax revenues must be reflected in service projects that improve the living reality of citizens, and make taxpayers feel that they are contributors to development.” He warned that “a large part of the problems of banking and financial reforms is the evasion and fraud of some merchants and businessmen from the tax system,” stressing that “businessmen go to the illegal market for foreign currency, and leave the official price and the electronic platform in order to avoid the tax.” He continued, “Some of the reasons for tax evasion are related to the origin of the tax system and its legislation, and some are related to tax culture and the spread of evasion,” noting that “total imports, according to data from the Ministry of Planning, indicate imports worth 42 billion dollars, of machinery, goods, and products.” He said, “Data from the Central Bureau of Statistics indicate the presence of imports amounting to 16 billion dollars, which means that 26 billion dollars were not subject to customs duties and taxes,” pointing out that “tax evasion has disastrous effects on industry and trade, and hinders development projects.” He stressed, “We have taken practical steps in banking and financial reform, land administration, electronic payment systems, and support for industrial cities, which is an integrated package that requires reform of the tax system.”
AMERICA IS SHACKING IRAQ WITH THE POWER OF FEDERALISM. OIL MONEY IS RESERVED AND GOVERNMENTS ARE POWERLESS
Information/private.
The United States of America continues to dominate Iraq through political, security and economic agreements that Washington separates according to what serves its interests in the first place, as the US administration sought to circumvent political agreements in order to prevent the parties that are trying to rid the country of its influence over the Iraqi oil sale funds.
Not allowing the country to deposit the money of selling oil in Iraqi banks is tantamount to imposing economic restrictions on it and the inevitable loss of the huge funds that are invested from America before sending them, the parliament’s orientation towards ending this power needs to bear the burdens and retaliatory decisions due to the termination of agreements and sending the money directly to Iraq.
*Many ways
Speaking about this file, a member of the House of Representatives, Jassim Al-Musawi, stressed that there are many solutions to get rid of the domination of the United States of America over the money selling Iraqi oil, adding that the trend towards this decision needs to bear the burdens and results that Washington may issue against the country.
Al-Moussawi said, in an interview with the Information Agency, that “obtaining financial independence requires the support of political forces from all segments of society to proceed with the implementation of this decision,” noting that “it is not possible to build a free and strong economy without moving towards achieving financial independence away from Washington.”
He continues, “The general situation and the current developments do not allow the continuation of hegemony and mortgage the money and economy of Iraq decisions of the United States of America,” noting that “Washington suffers from the decline of its economy significantly in recent times
* Circumvent Conventions
In addition, the leader of the State of Law Coalition, Haider al-Lami, accuses the United States of circumventing political agreements by bidding farewell to oil sale funds at the Federal Bank, while stressing that the changes made by Washington are tantamount to an occupation of the country.
Al-Lami said, in an interview with the Information Agency, that “the introduction of ISIS gangs into the country under American auspices is to change security and strategic agreements as Washington deems appropriate for it,” noting that “Washington has worked to change many agreements that have been made in the security and military aspect as well.”
He continues, “There are many violations in the file of farewell to the money of selling Iraqi oil in the US Federal Bank instead of Iraqi banks,” pointing out that “the internal opposition to the American presence rejected many of the conditions and dictates that America will impose.”
* Consequences of the former regime
For his part, the economic expert, Nasser al-Kinani, explains the reasons why the United States continues to deposit the money for the sale of Iraqi oil in the Federal Bank, these agreements have existed since the former regime. (since 1991 gulf war)
He continues, “Iraq will end the US hegemony in the event of ending the deal in the dollar and heading towards the euro or other global currencies,” adding that “these agreements began during the former regime by exporting oil in exchange for food and medicine and were developed to serve the interests of Washington in the first place.”
The United States of America continues to impose influence on Iraq in many vital files,including the farewell of the money for the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which places great pressure on the government.
(You heard it here in this article. No more rumors that the US is abusing Iraq.)
Al-Nusairi: The Central Bank has achieved an important step to finance trade with Türkiye in the euro
Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed on Wednesday that the Central Bank completed an important step last week to finance trade with Turkey in the euro currency in the tens of millions as an initial payment to cover retailers’ imports from Turkey, as “the implementation of the banking understandings agreement with Turkey began last Sunday.” ".
Al-Nusairi noted that “this came through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros,” pointing out that “after that, settlement is made with Turkish merchants in Turkish lira.”
The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, previously announced that “an Iraqi delegation went to Turkey to agreewith Turkish banks to enhance balances in euros or Turkish lira.”
He pointed out that the Central Bank continues to hold periodic agreed-upon meetings with the US Federal Reserve and other banks that were agreed with last month as part of a series of negotiations in order to reach more agreements to regulate trade financing and enhance balances of various currencies in correspondent banks, and thus control speculation in the dollar. On the black market, maintaining exchange rate stability link