Maliki vows to reform the Iraqi economy

Posted by on Oct 26, 2013 | Leave a Comment

MONDAY, JUNE 24, 2013 14:15

Prime Minister Nuri al-Maliki, on Monday, a comprehensive reform of the economy, increased oil and gas production in the country.

Maliki said in a statement issued by his office obtained “Twilight News” a copy of it during his meeting with the President of the company (City Bank) Dance Avelanery, who announced the opening of an (Citigroup) office in Baghdad that “Iraq plans to double its production of oil, gas and do a comprehensive reform of the economy so as to enhance its resources and makes them more diverse. “

He pointed out that “the increase in resources will be reflected on other segments of the economy in agriculture, industry, tourism, and other services.”

The Prime Minister called for a “more active participation and effectiveness of the Bank (City Bank) in the Iraqi market.”

For his part, the President of company Dance Avelanery “We are determined to to be partners in the development of Iraq and سنساعده in the advancement of its economy,” noting that “there are many international companies willing to invest in Iraq, and we will be supportive of her”

And drew Dance Avelanery to “The opening of the company’s branch in Baghdad would be a prelude to open a branch shall be managed by the banking activities in Iraq.”

It is said that in Iraq banks government two main Rafidain and Rasheed, dominate the banking sector, while not led the emergence of new banks in the wake of change of the former regime and opening the doors to the private sector, to any shift concrete in the Iraqi economy, or with respect to transactions with customers and citizens, and attributes specialists to the absence of any effective reform policy in the field of banking.

The Iraqi government has announced in the middle of the last month of May for approval to the draft exemption Iraqi and foreign companies implementing investment projects from taxes and fees to encourage the movement of investment in the country.

The Iraqi environment is attractive to investors and capital owners wary of entering the market, despite the availability of opportunities Iraqi result of tensions security and poor services as well as the bureaucracy.

Iraq has dilapidated infrastructure in most sectors as a result of running the country several wars over the past three decades, as well as the imposition of the economic blockade for more than 10 years.

Iraq desperately needs to contribute to investment projects with the government’s efforts in providing basic services to citizens and which are still scarce, despite the huge financial budgets and derived from the sale of crude oil imports.

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