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A new law to reform the Iraqi economy..Does it achieve aspirations?
October 17, 2024
Baghdad/Iraq Observer
The economic system in Iraq is facing increasing challenges that require firm legislative measures to reform the current situation and achieve a qualitative shift in the national economy.
In this context, a new law is being prepared within the House of Representatives, which is expected to be voted on during the next short period.
The law, which was referred to the Parliamentary Economics Committee months ago, includes all economic aspects in the country, and many workshops have been organized in cooperation with businessmen, industrial experts, and economists to ensure a comprehensive discussion of its provisions and to determine the points that should be focused on in the final amendment to the law.
Deputy Chairman of the Committee, Yasser Al-Husseini, said:
“The law arrived months ago to the House of Representatives in general and to the Economics Committee in particular, and it includes all laws that include the economic aspect.” He added,
“The committee held many workshops at all levels, whether from businessmen or industrial experts and economists,” stressing that
“the committee is continuing to read this law and work to vote on it during the next stage in cooperation with other relevant committees.”
The numbers indicate that the economic sector in Iraq suffers from many challenges, most notably
technological obsolescence and
dilapidated infrastructure,
which makes there an urgent need for legislation that encourages various investments and clearly defines the partnership between the public and private sectors. In turn, economic affairs expert Abdul Salam Hassan said,
Important step
“This law is an important step on the path to economic reform, but
it will not achieve the desired results without including specific provisions that focus on
developing the productive sectors, especially the industrial and agricultural sectors, and
reducing dependence on oil revenues as a source.” "Main for national income."
Hassan added in a statement to “Iraq Observer” that
“it is also necessary for the law to contain procedures that ensure stability in the market and facilitate the investment environment by simplifying the legal and bureaucratic procedures facing investors, in addition to providing real guarantees to protect the rights of investors, whether local or foreign.”“
Experts also stress the need for new laws to take into account the establishment of strict oversight mechanisms to combat financial and administrative corruption, and to ensure a fair distribution of resources between various Iraqi sectors and regions.
These laws must also include stimulating the private sector to be a strong partner in the development process, by providing tax facilities and granting soft investments, in order to create an encouraging economic environment.
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October 17, 2024
Baghdad/Iraq Observer
The economic system in Iraq is facing increasing challenges that require firm legislative measures to reform the current situation and achieve a qualitative shift in the national economy.
In this context, a new law is being prepared within the House of Representatives, which is expected to be voted on during the next short period.
The law, which was referred to the Parliamentary Economics Committee months ago, includes all economic aspects in the country, and many workshops have been organized in cooperation with businessmen, industrial experts, and economists to ensure a comprehensive discussion of its provisions and to determine the points that should be focused on in the final amendment to the law.
Deputy Chairman of the Committee, Yasser Al-Husseini, said:
“The law arrived months ago to the House of Representatives in general and to the Economics Committee in particular, and it includes all laws that include the economic aspect.” He added,
“The committee held many workshops at all levels, whether from businessmen or industrial experts and economists,” stressing that
“the committee is continuing to read this law and work to vote on it during the next stage in cooperation with other relevant committees.”
The numbers indicate that the economic sector in Iraq suffers from many challenges, most notably
technological obsolescence and
dilapidated infrastructure,
which makes there an urgent need for legislation that encourages various investments and clearly defines the partnership between the public and private sectors. In turn, economic affairs expert Abdul Salam Hassan said,
Important step
“This law is an important step on the path to economic reform, but
it will not achieve the desired results without including specific provisions that focus on
developing the productive sectors, especially the industrial and agricultural sectors, and
reducing dependence on oil revenues as a source.” "Main for national income."
Hassan added in a statement to “Iraq Observer” that
“it is also necessary for the law to contain procedures that ensure stability in the market and facilitate the investment environment by simplifying the legal and bureaucratic procedures facing investors, in addition to providing real guarantees to protect the rights of investors, whether local or foreign.”“
Experts also stress the need for new laws to take into account the establishment of strict oversight mechanisms to combat financial and administrative corruption, and to ensure a fair distribution of resources between various Iraqi sectors and regions.
These laws must also include stimulating the private sector to be a strong partner in the development process, by providing tax facilities and granting soft investments, in order to create an encouraging economic environment.
[You must be registered and logged in to see this link.]
