October 18, 2009
Financial Stresses the Importance of Reviewing Legislation on Free Zones
Minutes were signed for the establishment of a joint project between Iraq and Syria
BAGHDAD - Wafa Amer
The Ministry of Finance of reconsidering the legislation governing the operation of free zones in the country, and revealed measures to attract investors and capital to set up such projects in Basra, Qaim and other border areas.
The director of the General Authority for Free Zones under the Ministry of Finance Dr. Sabah Salih Mahdi Qaisi in a special gathering for the "morning" to free zones in the country has a special law governing the work of Revolutionary Command Council dissolved No. 3 of 1998, noting that the authority and in accordance with the developments and economic conditions the current process of revising the legislation and instructions as will be done through studies carried out by specialists with experience and scientific process through the formation of committees and special seminars to come up with this consistent with the current economic conditions of the legislation and laws in order to activate the work of the Commission in these areas and consequently to attract capital money local, Arab and foreign investments, increase exports and foreign exchange resources, as well as encourage the return of migratory capital and the introduction of advanced technology in addition to the absorption of unemployment and an increase in the Fund and the country's imports at a time when it needs the diversity of the non-oil sources of income, which also includes the development of ports, airports and increase the size of revenues and thus enhance the role of the private sector.
Qaisi explained that the Board has three branches covering the free zone in Khor Al-Zubair Free Zone in Nineveh, in addition to the existing, revealing its efforts to open the other free zones in the border provinces in addition to the free zone near the airport in Najaf. and that this projects are now under study and require official approval, noting that there were requests for investment to set up free zones near the Baghdad International Airport, in addition to the Safwan area in Basra province, indicating that this is one of the activities in the area attract investors on the many requests received by the Authority for the purpose of investment in regions belonging to the Authority in those areas. The Commission seeks to encourage investors to work on reducing administrative procedures and streamlined to the maximum extent possible and the elimination of all forms of red tape as a repellent for investment (to say) To promote the transactions of the investors in record time.
He also noted that he is now developing plans for the future promotion of those areas through the use of promoters dependent on the expertise of overseas skilled and experienced art promotion, and the provision of a free banking system serves the investors of various nationalities in the free zones in pursuit of a large financial market for the exchange of securities and participating in international exhibitions outside the country to promote on the activity of the free zones, revealing its efforts to expand the size of the area allocated for the free zone in the existing meet the requirements of the continuing increase in investment demand.
Turning the Director-General in his speech to the intensive meetings held with the Syrian side during the delegation's visit to Damascus, the ministry recently, explaining that meetings resulted in the signing of the joint record on free zones between the Commission and their Syrian counterpart, noting that the record included the study of the establishment of a joint free zone between the two countries through joint technical committees between the two sides as well as the exchange of legislation, facilities and privileges granted to investors in the free zones, in addition to the exchange of experiences on how to linking the free zones in both countries in addition to exchanging information and visits for the activities and events set up in free zones.
He stressed the need for coordination Qaisi common in the Arab, regional and international cooperation in this area, stressing that he was agreed to invite representatives of the Syrian and Iraqi customs to attend the joint technical committee meeting to be held during the month to discuss the overlap in the free zones with customs administrations.
He said he discussed with the use of port-Bu Kamal - based border of goods from Syria to the Iraqi region free in existing during the meetings of the General Customs managers of both countries.
In the same context confirmed that the Authority is now activating the free zones with Jordan and Iran, through the formation of a joint technical committees between the Commission and its counterparts in these countries to develop studies and plans to do so.
