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Bottlenecks of private sector Solved by returning of capital expatriate

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Bottlenecks of private sector Solved by returning of capital expatriate
Translated by IRAQdirectory.com - [1/10/2010]


Tawfiq Al Mana, an economist said : that the reality of the Iraqi economy ,reached a unilateral acute risk economy by relying entirely on oil exports and arrived dependence on the oil sector in generating income to 94% in 2007 and 2008 and may have increased the ratio this year and this means that the productivity of all other sectors industrial, commercial, agricultural and even the oil industry such as refineries and petrochemical plants and chemical industries dependent, paralyzed and inflation increased steadily due to the adoption of import in the same way that adopted for the purchase of the memorandum of understanding and non-adoption of commercial contracts, international( Al anco Turmz) in the contract and transfer funds to the points of processed or exported to Iraq.


He stressed that the absence of the national carrier of sea and land led to the adoption agencies to import contract with exporters and the foreign carrier on the basis of the originally discharge ports or to the final destination of the site for any importer or warehouses and adopt some of the actors to be contracted out to the land and any store everything paid to the source even wages of unloading, storage, and repacked goods inside the store and this style was adopted by companies of the Ministry of Oil.


Oil exports and sales depend on the basis of FOB stores before the oil tanker in foreign ports of loading in Basrah and Ceyhan.


This fact is detrimental to the Iraqi economy, in addition to the continuation of insurance and protection, the owners of clubs and charterers of vessels which call at ports of Iraq, the imposition of fees and taxes on goods which are transported to ports such as securing Iraq's war-risk factor and charges of currency fluctuations (HUH?? they are stuck at 1170) and exchange fees alteration up these fees and taxes between 35% to 40% increase for freight, which paid the import and all possible to be reduced and the negotiation of canceled, if there is an interested sector in the Iraqi economy right because all that is added is paid by the citizens because they increase the wages of transfer of materials that refer to a companion report, which contains a full description of the Iraqi economy .


And the challenges faced by the Iraqi private sector, Al Mana said , that the Iraqi private sector suffers several bottlenecks, including the absence of legal protection of economic activity exercised by the private sector. He said that Iraq is an open country and uncontrolled results, that hurt mixed industrial firms and private citizens as a producer and consumer, I found unequal competition prices of imported goods from different origins, most of sorts and some of its expired and finished with falling prices, lack of support from state of material and moral support to the private sector and non - provision of raw materials and delivery at affordable prices, whether local or imported led to the inability of plants to compete with the imported goods is the fact that the production of good quality and conforming to the specifications.


Laboratories designed to be high compared to the cost of the product imported and the reluctance of state to help the plants on the grounds that the State doesn't contribute, only in projects of major strategic decision that has led to disruption of the construction of new projects and the reluctance of most investors wishing to invest in Iraq, especially the state's involvement with a rate in the investment process because it is this involvement will secure , protect and encourage banks and funding agencies to provide loans and help ensure the marketing of the product and maintain its quality and all these things help to attract investors and encourage him, and vice versa led to the reluctance of many investors, when they attend to Iraq their destination only inspection and exploration, which made investment projects postponed.


And mechanisms interaction of government with the Iraqi private sector Al Mana said, that if the State , auspices of the private economic sector according to the information that we have, the sector can meet less compared to 45% of the needs of economic life in Iraq and to dignify the State and the national economy and improve the situation pension of the citizen which is almost to be almost non-existent, the government needs to call the public sector practitioners and industrial projects and study what they are exposed to suffering and work to develop appropriate solutions to help them to overcome the economic downturn.


In the regard to the response of companies to work with Iraqi private sector in reconstruction projects, he suggested that there is reluctance by the international companies and investors - regrettably - to come to Iraq and if it is provided ,they don't generate a real intention of the investment, but only attend to the poll, because - regrettably - the investment contracts which is signed by a certain minister, the follow who is responsible, will avoid the contract and banned under the pretexts of this illegal act is one of the doors of administrative corruption requires state intervention, with its weight and strength to prevent such irresponsible acts, which it represents negative repercussions on investment operations in Iraq, which requires Legal protection for companies working in Iraq.


He stressed that there are wishes of the private sector expatriates to return to work again in Iraq, and any expatriates investor specialized in economic sphere ,he has a firm desire to invest in Iraq as long as the environment safe and clean and the existence of necessary requirements for investment that provides a lucrative profit for re-invested capital. According to the information available to us through our relationship with citizens, the private sector and investors from Iraqi expatriates have serious and strong desire to restore the practice of economic activity in the State to take their role to provide the real background conditions that would provide them with opportunities available and the factors and requirements upon their return to the exercise of economic activity and that such action absorb numbers of unemployment is rampant in Iraq, and certainly, if successful, it will be an important reason for re-emigrants with the competence and expertise will benefit the Iraqi economy of their experience not to mention the back part of treasured and money to Iraq.

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