Economist: money market hampered the Iraqi threat to the country’s economic development path

Posted by on Oct 28, 2013 | Leave a Comment

08-10-2013 11:34 AM
Baghdad (newsletter). The Economist called cute Abdul Salem Al-uqaili, the need to promote investment and transfer of Government convertible to contribution to the support and development of Iraq market for securities.

He said Al-uqaili in analytical study (News Agency): that Iraq is on a mission to provide most of the daily needs of goods and commodities markets around the world, the import process is a constant drain on the financial resources and foreign exchange reserves, has led to the marginalization of national production space, and increased unemployment.

He continued: there is no doubt the seriousness of this situation on the overall economic activity, which imposes on the State the drain natural resources to cover the amounts of imports, together with a formal employment in the governmental apparatus to absorb unemployment, without any added value, and is the leading threat to the task of the State in economic, political and social construction.

He added that the Iraqi Constitution select the General directions of the State in the face of economic problem by relying on the support of the private sector and development, as well as investment promotion, but the outcome of the final application on Earth had not been successful, due to the adoption of a leadership style is hard, forgotten more ways and easiest.

Al-uqaili said: the application of the Constitution in this context requires investment which can be done scientifically according to two methods, the first method of indirect opportunities to domestic and foreign investors to exploit them directly, not limited to being display opportunities hotels, industrial factories, farms, residential complexes and other activities on investors wishing to exploit.

And increased in the study: it is obvious that the Commission and its branches in the governorates that work which is an important objective for the national investment Commission attention they deserve despite the difficulties and complexities of requirements that are not currently available in Iraq as correct.

Said: it is particularly smooth, electronic transaction system and integrated legislation, in addition to the need for more realistic solutions to the problem of land and overlap between ministries and between the provinces and the methods of financing and other needs.

He noted: the second method is a method of indirect investment, which depends on establishing stock companies and go to the investors who subscribe to them, and the election of the Board of Directors is able to implement its goals, an easy method and guarantee of achieving flexibility like many foreign investors, adding to his collection of savings, small, medium and large in the Crucible one represent the company.

Between Al-uqaili in his study: I cannot say that the Iraqi Government has hundreds of companies and institutions, convertible into stock companies, besides owning Iraq many convertible investment opportunities, as well as the possibility of concluding a contract of hundreds of huge transformation into joint stock companies, moreover, have Iraq money market is old and, subject to the contribution of American and international organizations on the issue of development and support and the necessary funds to carry out its work according to the latest global systems.

He continued: it was passed its law in 2004 as the New York Stock Exchange Act, according to specialists, this market could attract more than $ 100 billion in new investments over the short period of not more than two years, along with his ability to assist in the establishment of dozens of companies that provide hundreds of thousands of jobs, while half the needs of Iraq, as well as providing hard currency.

Explained: in other words, this market could achieve much of the social and economic security of the country in a very short period and without State financial burden but that the State would receive huge revenues from these companies, and an illustration of the above point to the wide interest shown by the Parliamentary Committee on the economy and investment in the Iraqi Council of representatives on the money market, where the Commission is represented by several members visited the headquarters of the Iraq market for securities with the participation of the Finance Committee, met with investors and representatives of companies and responsible management The market, listened to many opinions and proposals, as well as international experience in this regard and hiring experts to assist in developing a realistic plan of action for the development of capital market and used in the process of economic development.

He continued moreover media quoted from speeches made by a number of members of the House of representatives, that the legislative and executive branches together and strongly supported the Iraq market for securities, and are working to develop this market in earnest, true, adding that the planned development will be put into practice very soon.

He pointed out: the failure of the departments to achieve economic renaissance under possession of Iraq means and instruments to achieve them quickly, in addition to legislative and executive institutions in support of this vision makes the reader confused, and at the same time, the Government search constraints to the orientations that can make a qualitative leap in the development process.

He studied the obstruction of effective Iraqi capital market lead to the threat of Iraq’s funds and property so out of Chapter VII of the Charter of the United Nations and to Iraq, that the problem of booking the historic Iraqi Airways problem trivial compared with bookings that may get Iraqi funds at home and abroad

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