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KARBALA - Karbala's commercial investment expo opened yesterday in the province with the participation of more than 50 foreign companies but Karbala officials believe enforcement of the investment law is still unsatisfactory.
Head of Karbala's investment committee Taef Abdul Hussein said: "The investment law is good and encouraging but law enforcement is facing some obstacles by the ministries of the Iraqi state and its departments... And despite the fact that the Investment Authority is considered a ministry in itself... it doesn't have authority over the ministries and departments that still hold land."
Karbala Governor Amal al-Dien Majid al-Herr said federal government has yet to grant any powers to the Investment Authority for granting plots of land to investors.
He also complained about low levels of investment in all areas "due to the lack of real banks and the lack of investors and suitable ground for investment... Everyone should know this truth... that's why the provinces are at a standstill with regard to the issue of getting investment opportunities."
Hussein added that the expo in Karbala, 108km southwest of Baghdad, will open up avenues of cooperation between Iraq's private sector and foreign investment companies.
"We hope that the next exhibition will be better than the current one if it's held in a suitable place since more than 70 requests by companies were submitted to us," he said.
Namsanwa Rodjelko, owner of Romanian company Automotive Trading, said: "Our company is working within a program to address the problem of ground water and desalination... [Karbala] is considered one of the provinces that attracts investors and we came here today to participate in this exhibition hoping to get an opportunity to work in this province.
"My company entered the Iraqi market [two and a half years ago]... Most of the Iraqi provinces are good in terms of their need for a lot of companies to build infrastructure and establish important factories to make the country a producer rather than consumer."
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Head of Karbala's investment committee Taef Abdul Hussein said: "The investment law is good and encouraging but law enforcement is facing some obstacles by the ministries of the Iraqi state and its departments... And despite the fact that the Investment Authority is considered a ministry in itself... it doesn't have authority over the ministries and departments that still hold land."
Karbala Governor Amal al-Dien Majid al-Herr said federal government has yet to grant any powers to the Investment Authority for granting plots of land to investors.
He also complained about low levels of investment in all areas "due to the lack of real banks and the lack of investors and suitable ground for investment... Everyone should know this truth... that's why the provinces are at a standstill with regard to the issue of getting investment opportunities."
Hussein added that the expo in Karbala, 108km southwest of Baghdad, will open up avenues of cooperation between Iraq's private sector and foreign investment companies.
"We hope that the next exhibition will be better than the current one if it's held in a suitable place since more than 70 requests by companies were submitted to us," he said.
Namsanwa Rodjelko, owner of Romanian company Automotive Trading, said: "Our company is working within a program to address the problem of ground water and desalination... [Karbala] is considered one of the provinces that attracts investors and we came here today to participate in this exhibition hoping to get an opportunity to work in this province.
"My company entered the Iraqi market [two and a half years ago]... Most of the Iraqi provinces are good in terms of their need for a lot of companies to build infrastructure and establish important factories to make the country a producer rather than consumer."
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