Home
Researchers stress the urgent need to Basra, a securities market
On: Saturday 03/17/2012 8:26
Basra / follow-up range
called researchers, economists during a scientific symposium on the experience of the Iraqi market for securities held by, a recent University of Basra to the establishment of a securities market in the province in order to strengthen its economic, as announced by the Economic Development Committee in the provincial council from near the opening of market of this kind.
The Dean of the Faculty of Management and Economics at the University of Basra, Dr. Yusuf Ali Asadi "Alsumaria News": The College held a scientific symposium on the Iraqi market for securities in the Center for the Study Persian Gulf of the University in order to assess this experience and use it to create a market similar in Basra.
He added: The preservation need to have a market of its own securities to enhance its economic and activating the movement of investment, "he said.
He Asadi to that of the ingredients to attract foreign investment and the existence of a market for securities, in addition to developing the banking sector.
For his part, Executive Director of the Iraqi market for securities financial Taha Ahmed Abdul Salam "Alsumaria News": The management of the market is ready to support any project to establish a securities market in Basra, or at least the establishment of companies to mediate linked to market of Iraq in Baghdad.
He added that the market management can contribute to a project of this type by providing expertise and training and to facilitate the procedures without any conditions. "
For his part, Professor of Economics at the University of Basra, Dr. Nabil Jaffar "Alsumaria News": The Iraqi market for securities is a small market and a weak measure of financial markets in neighboring countries because of lack of development Iraqi private sector, indicating that the culture of the shareholding companies that rely on capital markets are not widespread in the country, but we have no family firms with titles containing the words so and his brothers or his children.
emphasized Jaafar that "financial markets holds the shares of industrial companies, service, agricultural, while the these sectors in Iraq suffer from the recession, "adding that" activate the market requires the advancement of the Iraqi economy overall because the presence of financial markets as a result rather than a cause of the evolution of the economy. "
, said Chairman of the Economic Development Committee in the province of Basra, Mahmoud Taan Almksusi "Alsumaria News", "Preservation of the next year on the opening market of Basra Securities," explaining that "the project is coming to completion after the completion of regulatory approvals and legal procedures relating to the establishment of the market."
The Almksusi that many foreign companies that visited the province in the past two years in search of investment opportunities which inquired about the possibility of establishing a securities market, "adding that" the opening of the market soon, it is hoped to contribute to improving the investment environment in the province. "It was supposed to open market Basra Stock Exchange before the middle of last year but that the Commission establish a market attributed the delay to the legal impediments and legislative faced, and confirmed that the market will be linked after opening market the Iraq Stock Exchange in Baghdad, which was founded in June of 2004, and was following a manual trading prior to the adoption of electronic trading in part on April 19, 2009, then fully in the year 2010, and traded on Market dozens of companies specialized in sectors including banking, industry, hotels, tourism and agriculture. The number of meetings of the market in 2010.236 session, during which traded more than 256 billion shares worth more than $ 339 million through the implementation of 71 thousand a decade, and in 2009 the number of meetings of the Market 152 session, was the circulation of about 211 billion shares worth $ 307 million through the implementation of 49 thousand a decade, while the number of sessions and total trading volume of stocks dramatically in the last year 2011. In the opinion of specialists and economists that the draft establishing a market for Basra Securities will collide with the problem of large The low number of companies from both the mixed and private sectors, and assert that the solution to the problem requires making governmental decisions required to place some public sector companies for privatization and flotation of trading.
The province of Basra, gaining great economic importance, and aspiring local government for years to make it the capital of economic of Iraq as of five of the largest seven oil fields in the country, as there are four commercial ports is of Umm Qasr and Khor al-Zubair and Abu Flus and stronghold, in addition to a number of large industrial plants such as iron and steel plants, petrochemical, chemical fertilizers, and to maintain Mnfman Brian militants are Shalamjah with Iran and Safwan with Kuwait and Saudi Arabia is bordered by land from the northwest.
[You must be registered and logged in to see this link.]
