Iraq on the Verge of Great Economic Revolution
June 2,2011
Beirut, The Iraqi National Business Council Wednesday that the country on the verge of “great economic revolution” turning into a center of attraction for Arab investment and regional levels.
He declined a lot of investors are pumping money into projects within Iraq because of the violence that followed the fall of the former regime in the spring of 2003, and the political crisis that lasted for most of 2010 until a new government formed an incomplete last December.
He urged Iraq on several occasions, Arab businessmen to invest in their land, confirming the existence of facilities that will attract a lot of them into the country and check them interest.
The head of the National Business Council, Ibrahim al-Baghdadi told the Kurdish news agency (Rn) that “the future of Iraq in 2014 to produce 6 million barrels of oil per day and this means that the gross national product will rise to 250 billion dollars.”
“And this output will rise in the year 2016 and year 2017 to $350 billion.”
Iraq had signed with energy companies, global giant series of contracts after three rounds of the licenses is expected to raise the country’s output of crude oil to 12 million barrels per day over the next five years.
But experts have questioned this saying that the production of seven million barrels a day was a reasonable figure.
Baghdadi called on the Lebanese and Arab investors in general to invest in Iraq at this time and said, “These opportunities may be reduced in coming years.”
The total investment, which target the Iraqi government for this year’s $30 billion, mostly in the sectors of energy, housing and agriculture.
Iraq seeks to modernize its economy, especially after the signing of oil deals aimed at increasing oil production to four times its current size. Balbrgem that the country’s infrastructure is still crumbling after decades of war and sanctions.
Investors also complain of a large number of manpower absorbed expect when they enter into joint ventures with the government.
Al-Baghdadi was urged in the earlier Arab businessmen on the investment in his country, saying that Iraq presents a number of facilities, including exemption from taxation, which begins ten years, and up to 15 years in the case of an Iraqi partner for any investor.
The National Commission for Investment and placed in the earlier investment plan includes 750 projects worth $ 600 billion to rebuild Iraq.
The Board made a five-year plan worth $ 186 billion, including $ 86 billion comes from foreign investment and domestic private investments.
June 2,2011
Beirut, The Iraqi National Business Council Wednesday that the country on the verge of “great economic revolution” turning into a center of attraction for Arab investment and regional levels.
He declined a lot of investors are pumping money into projects within Iraq because of the violence that followed the fall of the former regime in the spring of 2003, and the political crisis that lasted for most of 2010 until a new government formed an incomplete last December.
He urged Iraq on several occasions, Arab businessmen to invest in their land, confirming the existence of facilities that will attract a lot of them into the country and check them interest.
The head of the National Business Council, Ibrahim al-Baghdadi told the Kurdish news agency (Rn) that “the future of Iraq in 2014 to produce 6 million barrels of oil per day and this means that the gross national product will rise to 250 billion dollars.”
“And this output will rise in the year 2016 and year 2017 to $350 billion.”
Iraq had signed with energy companies, global giant series of contracts after three rounds of the licenses is expected to raise the country’s output of crude oil to 12 million barrels per day over the next five years.
But experts have questioned this saying that the production of seven million barrels a day was a reasonable figure.
Baghdadi called on the Lebanese and Arab investors in general to invest in Iraq at this time and said, “These opportunities may be reduced in coming years.”
The total investment, which target the Iraqi government for this year’s $30 billion, mostly in the sectors of energy, housing and agriculture.
Iraq seeks to modernize its economy, especially after the signing of oil deals aimed at increasing oil production to four times its current size. Balbrgem that the country’s infrastructure is still crumbling after decades of war and sanctions.
Investors also complain of a large number of manpower absorbed expect when they enter into joint ventures with the government.
Al-Baghdadi was urged in the earlier Arab businessmen on the investment in his country, saying that Iraq presents a number of facilities, including exemption from taxation, which begins ten years, and up to 15 years in the case of an Iraqi partner for any investor.
The National Commission for Investment and placed in the earlier investment plan includes 750 projects worth $ 600 billion to rebuild Iraq.
The Board made a five-year plan worth $ 186 billion, including $ 86 billion comes from foreign investment and domestic private investments.