Economist: Capital Market disability is a threat to the path of economic development in Iraq

Posted by on Oct 28, 2013 | Leave a Comment

Posted 08/10/2013 05:52 PM

economic expert called gentle Abdul Salem Okkaily, the need to encourage investment and transfer of state-owned companies to convertible contribution to the support and development of the Iraqi market for securities.

Ugaili said in an analytical study prepared (of the Agency news): Iraq depends on a mission to provide most of theneeds of daily commodities and goods on the markets of the various countries of the world, where it became the import process constitute a drain on the ongoing financial resources and reserves of hard currency, which led to themarginalization of the area of national production and increasing unemployment.

He continued: We have no doubt the seriousness of this fact on the overall economic activity, which imposes on the State depletion of natural resources to cover the amounts of imports, as well as providing employment opportunities formality in the apparatus of government; to absorb unemployment without any added value, which leads to the threat of an important state in the construction of socio-economic and political development.

He added: that the Iraqi constitution, select the general directions of the state in the face of the economic problem by relying on the support of the private sector and development, as well as to encourage investment, but the results of the application the final on the ground were not successful; due to the adoption of administrative leadership styleis difficult, and overlooked Acer ways and easy.

The Okkaily: The application of the Constitution in this context requires encourage investment, which can be accomplished in terms of scientific according to two methods, the first direct method goal offer opportunities to local and foreign investors to exploit them directly, for example, but not limited to being offered opportunities for the establishment of hotels, industrial plants, farms, residential complexes and other activities to investors who wish to exploit. He added in his study: it is obvious that adopts the National Investment Commission and its branches in the provinces this work, which is one of the important objectives that are imposed on the National Investment Commission be given the attention it deserves, despite the difficulties and complexities derived from the requirements that are no longer available in Iraq now form the right.

He explained: it is in the forefront of electronic transactions system seamless, integrated legal and legislation, in addition to the need for more realistic solutions to the problem of land and the overlap between ministries and between them and the provinces and funding methods and other needs. He pointed out: The second method is the method of indirect investment, which depends on the establishment of joint-stock companies put their shares for investors who subscribed it, and the election of the Board of Directors is able to implement its objectives, a method is easy and underwriter to achieve the flexibility desired by many foreign investors and the Iraqis, in addition to its small savings collection, medium and large in Bodqp one representing the company’s shares.

Among Okkaily in his study: not sin against say that the Iraqi government owns hundreds of companies and institutions convertible into joint stock companies, along with Iraq’s possession of many investment opportunities in the convertible, as well as the possibility of the conclusion of hundreds of contracts massive convertible into joint stock companies annually, In addition, owning Iraq market for money are Balarach and foot, underwent the contribution of the Americans and the international organizations on the issue of development and give him the support and the necessary funds; to perform the work according to the latest global systems.

continued: it was passed its law in 2004 along the lines of the law of New York Stock Exchange, according to specialists can this market attracted more than (100) billion dollars in new investments over a short period not exceeding two years, as well as its ability to help create tens of shareholding companies that provide hundreds of thousands of jobs, at the same time, half of Iraq’s needs, as well as providing hard currency.

He explained: In other words, can this market to achieve a large part of social and economic security of the country during a very short period and without load state financial burdens, but that the state will get the income subject to the existence of these companies, and an illustration of the above point to the wide interest shown by the Committee on the economy and investment parliamentary in the Iraqi Council of Representatives the subject of the capital market, adding that where the Commission has represented a number of its members visited the headquarters of the Iraqi market for securities with the participation of the Finance Committee and met with investors and representatives of companies and those responsible for managing the market, and listened to many views and suggestions, as well as access to international experiences in this regard and the use of specialized experts to help develop a realistic action plan for the development of the capital market and use it effectively in the process of economic development. He continued: Furthermore, was quoted by the media of the conversations told by a number of members of the House of Representatives, that the legislative and executive powers backing together and force the Iraqi market for securities, and are working on the development of this market in earnest and real, in addition to the planned development will be put into implementation very soon.

He pointed out: The failure of departments to achieve economic renaissance in light of Iraq’s possession of the possibilities and the necessary tools to achieve them quickly, in addition to supporting the two legislative and executive branches of this vision makes the reader confused, and imposes on the government at the same time search for the obstacles that stand in front of these trends in a position to make a quantum leap in the path of development.

seal his saying: that impede the effectiveness of the capital market Iraqi lead to the threat of Iraq’s money and property so that it is out of Chapter VII of the Charter of the United Nations and a disaster for Iraq, and become his problem booking the historic Iraqi Airways problem insignificant compared to bookings that may get Iraqi funds at home and abroad.

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