Minister of Finance: No threat to foreign companies and investors in Iraq
Baghdad Mawazine News – The Minister of Finance Fuad Hussein said that fighting the situation of the Iraqi economy and finance in the service of the battle and led to the militarization of society and the majority of the infrastructure is destructive, indicating that there is a need to rebuild with the improvement of the security situation, stressing that there are no threats to foreign companies and investors.
“The role of the private sector in the future will be central,” he said in a speech at the fifth Iraqi-German economic forum. “Iraq is, in the final analysis, a rich country. The opportunities for profit and interest exist for investment companies and Iraq is moving toward building a market economy. There are opportunities to choose a local partner in the investment process. ”
He stressed that “fighting the situation of the Iraqi economy and finance in the service of the battle and led to the militarization of society and create a weight on the economy and led to increased expenditures, and effects will remain future and influential in the financial and economic situation.”
He added that “the decline in oil prices during the years of fighting, especially in 2014-2015, led to a decline in treasury revenues and the fighting and the security situation and the general situation, led to the halt or delay hundreds of investment projects, production and housing.”
“During years of frantic fighting, many foreign investors left Iraq, and there was an abandonment of domestic capital abroad,” he added.
“Now we see the situation differently and positively, starting with the end of fighting, which reduces the amount of military spending or combat general.”
He also pointed to the rise in oil prices, especially in 2018, and the survival of these prices, and so far, in this year about 60 to 65 dollars per barrel, which led to the improvement of the financial situation.
He also pointed to the existence of a clear strategy for the construction process in general, and the construction of the economy in particular, and work to implement it.
He stressed the importance of starting work on stagnant and stagnant projects, focusing on providing the necessary services and setting priorities, especially in the field of electricity and water.
He noted that the importance of “the return of many foreign investors and the rebuilding of trust between local investors and banking institutions, and government finance.”
Fouad Hussein talked about positive frameworks and outlines of the future strategy that we adopt.
He stressed the diversification of the sources of income through overcoming the oil economy to the diversification economy, through the reconstruction of the agricultural sector, and the formulation of a tourism policy. Tourism will be an important source of revenue, expanding and maximizing state revenues through customs and customs policy restructuring. Taxation, and combating corruption.
He also called for the establishment and construction of work systems in the departments and ministries on the basis of automation, the transition from the paper system to the electronic government system, the reorganization of banks, and encourage government banks to enter into partnership with commercial banks, especially foreign ones.
He stressed the direction of commercial banks in order to play a greater role in investment and business activities and support and continue to build the private sector and march towards the market economy.
He called for continued implementation of the decentralized system of governance, the building of local and provincial economies and the granting of broad powers to local governments in various fields.
He also stressed the importance of working with parliament to change some laws and also some instructions that stand in the way of investment, especially in front of the foreign investor, He talked about the work for gas production and industry, the petrochemical industry and the work to build the services economy. Therefore, in the coming years, the focus will be on education and health institutions.
“The majority of infrastructure is destroyed, so there is a need to rebuild it, the security situation is improving, there are no threats to foreign companies and investors,” he said.