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Economists: State-oriented investment and not rely only on oil
15/01/2013 12:00 am
Hilla - plumber
warned economists and academics of the consequences of relying mainly on the country's oil exports, calling at the same time the need to care and encourage investment to be economically tributary supportive in light of the lack of resources accruing to the state. The Minister of Planning and Development Cooperation former Dr. Mehdi al-Hafez and former central bank governor, Dr Ahmed Berhe in Mhadhartehma during a symposium organized by the Faculty of Administration and Economics at the University of Babylon yesterday, "the need to investment plays an important role in the process of economic and human development in Iraq, because it is a tributary best to help oil sector in supplying the state budget resources. "and indicated the recommendations that came out of the participants at the seminar that" oil is a supporter real for all development processes in Iraq, since it depends general budget by 94 percent, also represents the main source of which depend upon all economic sectors other in the funding process. " And alerted recommendations that "the oil sector is still behind when compared to other oil, production is local does not exceed two million and a half million barrels a day, despite the fact that Iraq is second after Saudi Arabia among the world's reserves in oil, while production exceeds Saudi 9 million barrels per day, what I mean to continue relying on oil to supplement the general budget money is not good, so it is imperative interest in investing to provide other resources for the country. " She stressed the recommendations on "the necessity to hold the federal government significant changes to the investment law to attract foreign investors, and thus promote economic reality, as alerted to the need to focus on other sectors such as industry and agriculture, in order to remove Iraq from the reality of unilateral funding that supports them are currently on the oil sector."
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