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Business sessions held at
Kurdistan conference (DBX)
Activities of
Kurdistan Trade Show and Conference for rebuilding Iraq
continued at Erbil through a number of sessions and
workshops that were held to discuss means of raising Iraq's
economic position, attracting investments and legislating
laws to protect investor's rights.
Participants
in these sessions presented their companies projects in
different work fields.
Trade
and investment session
In this
session, participant discussed means of raising Iraq's
economic state, attracting local investments, legislating
laws to protect investor's rights, the role of public owned
projects in promoting local and foreign investments and the
role of private sector in economic growth.
Mr. Saeed
Abdul Al-Ghaneey, a lecturer in Baghdad University stated
that public owned projects represent non-central public
organizations that produce goods or offer services to
society under the government's name. They differ from the
work of the central based ministries. Being transparent,
they could attain a high degree of performance and
efficiency.
Mr. Saeed
added that doing feasibility studies for general projects
and its effect on the national economy is necessary before
starting these projects. Such projects usually take the form
of institutes, offices or companies and are either totally
owned by the state or mixed where the state owns 51% and the
rest is owned by private sector.
The goal
behind mixing general projects is to activate and promote
the growth of national reserve capital, make use of modern
technology and recent methods in business management.
Later on, he
indicated that the state has an important role in
establishing basis of development and progress through
spending on research and developing programs, good education
system, avoiding social consumption tendency and increasing
national reserve capital.
International
companies tend to operate in the countries rich in raw
materials, inexpensive and skillful man force. Therefore
foreign investment concentrates on projects of primary
materials sectors such as oil industry, medicine and medical
equipments.
Dr. Amer al-azawy
talked about the effects of economic, social, political and
cultural development on Iraqi society and the importance of
choosing the right mechanisms to achieve such development
and that requires the existence of a political system that
admits religious and cultural diversity and the freedom of
thought and opinion which are expressed through civil
society organizations such as parties, civil clubs and
institutions.
Director of
planning in Ministry of Planning Mr. Gassan Al-Abttan
stressed the role of private sector and foreign investments
in economic development indicating that Iraq needs to
achieve an economic growth rate of 12% to eliminate
unemployment which exceeded 30%.
Mr. Gassan
went on explaining that investment projects in Iraq will
involve 32 million $ during the period 2005-2007. Moreover,
he stated that lack of trust between private and public
sectors in the previous era led private sector to
concentrate on minor agricultural projects only. He
confirmed that the government is doing great efforts to
achieve economic progress and development. The immigration
of private companies outside Iraq results presently from the
lack of security and damaged infrastructure which is very
necessary to carry out investment projects such as
electricity, communication and banking services.
"It is so
important to take the necessary steps to establish private
investment institutions which will undertake the
responsibilities of promotions and attracting foreign
investments" he additionally stated.
Iraq is rich
in its natural and human resources which attracts investors.
"It is important to coordinate work and action between
ministries and have a strategy of this coordination" he
finalized his speech.
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