October 7, 2010
Called to care for the Iraqi private sector
He said Iraqi economic thinker Professor Dr. Mahdi Al-Hafiz in a private meeting with economic «morning« that the Iraqi economy is going through Paschkagliat many due to poor distribution of financial resources, especially oil and this Maittalb achieve growth phase natural for a group of items most important to provide the growth rate of appropriate including the fight against unemployment and looking forward to sustainable development.
Hafiz, who heads the Institute for the progress of the development policies pointed out that there are many obstacles to investment in the forefront of the inability of the Iraqi investor to access in this area and the real investment opportunity for the advancement of the economy let alone the imbalances are still in the legislative environment.
He called on the Iraqi government to make room in the work of the private sector, especially in the banking sector which is dominated by government business by 90%.
Promise Keeper raise zeros from Iraqi dinar step that need to be a period of time, but he hinted that he can not solve the problem of attracting investment is not resolved the issue of energy and of electricity and fuel.
The grave keeper to the estimates of unemployment estimated by the World Bank has recently increased by 39% in the recent conferences held by the World Bank in Beirut and its impact to the economy needs major development plan for the advancement in the future.
On partition, the movement of the current economy and the ability of the Iraqi economy to grow natural said:
On the evaluation of the movement that the absence of vision of an integrated economic and of poor distribution of financial resources, especially oil requires the provision of the growth rate of appropriate including the fight against unemployment and looking forward to sustainable development in all its aspects, and this situation does not exist now in Iraq, so we believe that the work on the rehabilitation of the economy to the growth of real and serious is still important and need to hand a great effort.
He pointed out that there are many obstacles to foreign investment in Iraq first and foremost the lack of opportunity historically in Iraq for access in this area, and I think the best solution is to be given a great opportunity for the Iraqi investors primarily in relation to foreign investors, while the second obstacle lies in the failure of the framework the legal needs of investment and this is what we feel since the Investment is a feature of the new economic advancement.
On the question of the ability of the private sector to fulfill its role, said: – I can not say that the private sector is able to fulfill its role, which makes government intervention is important in stimulating position, I was previously and I am still a proponent of encouraging the private sector and giving priority in particular in the development sector banking and domestic investment is now I have reservations on this argument for many reasons, including that the government banking sector has reached about 90 percent of banking activities in the country and this situation is not normal.
And a proposal to raise zeros from the dinar Hafiz said that lifting the zeros from Iraqi dinar is not a problem as complicated as I see it, but requires a specific time without a doubt, this is what I expect from ads during the CBI.
Is not correct to talk about the lifting of the zeroes will contribute to attracting long-term investment is an issue subject to many elements including first and foremost, the movement of energy (oil, electricity) that have special importance in the growth of the national economy.
On the future of the Iraqi economy during the next five years.
Assure Maglth previously and still assure that the development of Iraq is in the process of transferring any it is in transition from one form to another of the old economy to new economy based on the contribution of oil revenues to development in general, then there are further important question with regard to unemployment and the size of the economy National, got me recently participated in an international conference in Beirut and discovered that the World Bank reached an estimate unemployment rate in Iraq stands at 39 percent of the workforce, this issue is not as simple as I see and need to be considered seriously.
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