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Details of the speech of Deputy Prime Minister and Minister of Finance at the Iraqi-German Economic Forum 3/27/19 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Details of the speech of Deputy Prime Minister and Minister of Finance at the Iraqi-German Economic Forum 3/27/19

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Details of the speech of Deputy Prime Minister and Minister of Finance at the Iraqi-German Economic Forum 3/27/19 Empty Details of the speech of Deputy Prime Minister and Minister of Finance at the Iraqi-German Economic Forum 3/27/19

Post by Ssmith on Thu Mar 28, 2019 9:39 am

28-03-2019 02:25 PM

Deputy Prime Minister for Economic Affairs and Minister of Finance stressed the objective of this forum is to exchange views and information, in order to establish a clear vision and thus planning for joint action.

The exchange of views and analysis of information will be on the political, security, social situation in Iraq, and of course the economic situation will be the main focus of the discussions.

On the occasion of our presence in Berlin, I would like to take this opportunity to thank Chancellor Merkel, the German government, the German people and their representatives in the parliament for standing by the Iraqi people in their fight against terrorists from the oppressive forces of darkness. . This support, along with the support of many other countries, has had a great impact in defeating the terrorist state of Da'ash. We also extend our thanks to the Government and German organizations for their active participation in the reconstruction process in the affected areas of Iraq.

Combining the respected,

we are trying today to address the challenges facing Iraq, and Cheskhas and identify some of the problems, especially with regard to the economy, and after the piece Narj to see opportunities for investors from both home and abroad. But before addressing these points, it is useful to describe the present situation ie the reality of the pension in Iraq, politically and security.

The current government, headed by Mr. Adel Abdul Mahdi, was born about six months ago, and this government has a clear program on Iraqi reality and future strategy. The Government has provided a program or a platform for reconstruction and construction. This program is ambitious in its objectives and multifaceted. This came after Iraq had overcome all of the challenges it faced. In the middle of 2014, the so-called 'advocate' of a terrorist called for control of about a third of Iraqi territory. Today, after the disappearance of the terrorist state, and as a result of the sacrifices of the army, popular mobilization, Peshmerga forces, police and security, with broad international support, and among the supporters, this state, Germany, we succeeded in defeating the institutions of this state - the terrorist organization. But some of her fugitives remained here and there.

So Iraq and all its components won the power of terrorism. The other challenge, which existed, before it was dominated by a preacher, is bloody sectarian conflict !! We can say that this armed conflict has disappeared and the arena has become the arena of competition, political conflict and parliamentary means. The third challenge, which was facing Iraq, is the ongoing differences between the federal government and Kurdistan Regional Government !! In this area, too, the course of differences has shifted to joint action and to finding solutions to the outstanding problems. As a result of managing these crises and addressing some of them, today we see that the security situation has improved greatly, compared to previous years !!!! The reference to these matters does not mean that the overall situation in the region is stable !! There is an international and regional conflict and some aspects of this conflict may be reflected in the internal situation in Iraq.

What is important, in summary, is that the political and security process in Iraq has entered the right path, and from this standpoint we address the economic situation.

We discuss the economic confrontations that the country has faced in previous years, and can be summed up as follows:

1. Fighting the situation of the Iraqi economy and finance in the service of the battle.

2. Fierce fighting led to the militarization of the society and thus created a burden on the economy. will remain a future and influential in the financial and economic situation,

3. Low oil prices during the years of fighting, especially in 2014-2015, led to a decrease in treasury revenues,

4. fighting Daesh the general security situation, has led to a halt Outlki hundreds of investment projects, production and residential .

5. During years of frenzied fighting, left a lot of pain Foreign investors were Iraq, and there was an abandonment of domestic capital abroad.

Now we see the situation in a different and positive, and on the basis of the following points: -

1. Ending fighting, reducing the amount of military spending or combat general,

2. The rise in oil prices, especially in 2018, and the survival of these prices, and so far, in this year between 60 and 65 dollars per barrel, led to the improvement of the financial situation,

3. The existence of a clear strategy for the construction process in general, and the construction of the economy in particular, to apply,

4. work began in lagging projects and stalled,

5. focus on the provision of essential services, and setting priorities, especially in the field of electricity and water,

6. began the return of many foreign investors,

7. rebuild trust between local investors and banking institutions, Government and Financial .

So these are some positive points and frames with the beginning of the new path. It is necessary to present to this combination the outlines of the future strategy that we adopt. These guidelines are summarized as follows:

1. Diversifying sources of income, by bypassing the oil economy to the diversification economy, by rebuilding the agricultural sector, and by formulating tourism policy. Tourism and its various aspects will be an important source of revenues.

2. Expanding and maximizing state revenues through re-organization of customs and government policies. the organization of the tax system, fight corruption,

3. establishing and building systems work in the departments and ministries on the basis Alootemth, and the transition from government paper system to an electronic system,

4. reorganization of banks, encouraging government banks, to enter into partnership with commercial banks, especially foreign ones,

5 Directing banks For commercial, in order to play a greater role in investment and business activities,

6. Support and continue to build the private sector and to move towards a market economy,

7. Continuing to implement the decentralized system of administration, building local and provincial economies, and granting wide powers to local governments in various fields.

8. Working with the parliament to change some laws, as well as some instructions that stand in the way of investment, especially in front of the foreign investor

. Work for the production and manufacture of gas, as well as petrochemical industries,

10. Work to build the economy of services, so will focus in the coming years on the institutions of education and health,The above and other points will be part of the strategic action. For this year, Ladies and Gentlemen, the Budget Law was passed at the beginning of the year, and this recognition is registered as the fastest since the regime changed, to the Budget Law. The budget was adopted (56) dollars per barrel, and the export of (3.88) million barrels of oil per day. If we compare this year's budget with previous years, we note that it is larger than its predecessor! Where the budget for the year 2017, slightly more than (100) trillion dinars and in 2018, was slightly more than (104), while this year amounted to more than (133) trillion Iraqi dinars. Oil revenues, as usual, dominate the bulk of the budget share !!

The Iraqi society, as a result of the mass destruction and successive wars such as the Iran-Iraq war in 1980-1988, the Gulf War (1991), subsequent economic sanctions, war (2003), internal fighting and various stages, Has led to the destruction of infrastructure in many aspects and even the value and cultural aspects and the transformation of Iraqi society into a consumer society and a large and frightening. Hence, we see that the need is great and very wide, and the expectations and roof high !! While, at present, the financial means, and in front of this destruction and the ceiling of high expectations, we say that these means are modest and limited !!!

Finally, and not least, we say that we are confident that Iraq, taking into consideration the international and regional challenges that may affect the internal situation in Iraq, we say except this hypothesis, Iraq is taking small but steady steps towards economic well-being. In this way, we need economic interaction with the outside world, especially with countries that have developed and advanced economies !!

The future of the Iraqi economy will expand in the future, because this country is rich in water, nature and natural wealth. It can be a tourist country, its history and its heritage helps to build heritage tourism, and the presence of many religious shrines located in different cities is a good base for the development of religious tourism !! Where there are millions of Muslims and from around the globe visit these holy shrines !! The nature and climate of Iraqi Kurdistan, picturesque, suitable for the manufacture and construction of tourism, especially for tourists and families from the Gulf States.

In conclusion, the following question can be asked:

Why do we invite you and your colleagues to start or return to invest in Iraq?

A large part of the answer or the answers to this question has been mentioned above and in many points, but if we summarize it, we determine the following:

2. The majority of the infrastructure is destroyed, so there is a need to rebuild it, and there is also a need to lay the groundwork for new buildings,

2. The security situation is improving, there are no threats to foreign companies and investors,

3. Iraq, and in the final outcome a rich country, so the chances of profit and benefit The

role of the private sector will be central in the future, so there will be opportunities to choose the local partner in the investment process.

5. The tax system is in the case of reformulation, and there is more clarity about the taxes that

6. Concerning the removal of legal obstacles Non-governmental and administrative to the process of investment and investors,

7. The process of automation of the government began, and this positively affect the speed of work and reduce the bureaucracy of the underdeveloped and family to work,

8. The current government is determined to fight corruption,

These and other points are among the motives that invite investors and companies to come to Iraq and participate in building the Iraqi economy.


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