Minggu, Maret 25, 2007

An Iraqi-American "partnership" to move the Iraqi economy

Jabr Summarized the details of the agreement which was signed between the Iraqi Ministries of Industry and Finance and the American side, saying that the Ministry of Finance will provide initial facilitated loans, through government banks, that reach a total value of six million dollars to help ten plants belonging to the Ministry of Industry for the rehabilitation of their production lines to expand the productive capacity of these plants.

Jabr said that the American role in this process would be "attracting investors who showed their willingness to buy the produced goods at good prices and profitable manner; this has encouraged Iraqi government banks to provide loans to these plants".

He added: "the problem that was facing the process of expanding the production capacity of these plants was finding markets for their products".

Jabr said that the loans provided by the banks will be "facilitated interest rate debt service to no more than four 14 %".

Iraqi Minister of Industry, Fawzi Hariri, said that the agreement would cover "factories and companies which are mostly working at the present time but their production capacity range between 15 to 25%; our ambition is to upgrade their capacities to 80 % of the production and more, and develop them in a modern way suiting the twenty-first century and the sophisticated technology".

He said that such a step "in spite of being modest, it is considered a first step and a successful beginning of an integrated project that will take a year".

Brinkli said that the agreement seeks to "provide ways for cooperation between the industrial sectors in Iraq and the international community, and finding ways of cooperation between Iraqi businessmen and their counterparts in the international community and the United States". (Source)AlSabah

Turkish companies are invited to invest in Iraq

Assudani confirmed that Turkey has all the ingredients of commercial development and Turkish goods are well-trusted, and this calls for discussing all the details of the trade process between officials from the two countries.

He added that opening more than one border gate will increase the trade exchange between the two countries, instead of relying on one border crossing which will create problems in the pace of trade exchange and will not provide a suitable opportunity for the exchange of experiences and information.

He confirmed the importance of encouraging Turkish companies to invest in investment projects in the safe areas of the country.

He noted that the second exhibition of “A Gate to Iraq” in the Turkish city of Ghazi Antab is a great opportunity for businessmen and companies to exchange experience and information, as well as planning to establish huge bilateral projects supporting the economic exchange between the two countries.(Source)AlSabah

Discussing investment and reconstruction projects in Iraq

An Iraqi delegation representing the city council of Karbala and the Iraqi businessmen federation in the city, comprising Dr. Hameed Al-Farag, Dr. Haidar Al-Muaathin, Haji Mohammad Mudhaffar Mohammad Hassan Abdul Razak of the city council and Chief of the Federation of Businessmen, Haitham Mohammed Salih al-Hir, met with Deputy Director-General of the Kuwaiti Trade and Industry Chamber, Rabah Abdul Rahman Al-Rawah, and has discussed the reconstruction and investment opportunities in the province and the possibility of the contribution of the Kuwaiti side.(Source)AlSabah

Kamis, Maret 15, 2007

Central Bank opens daily auction of treasury transfers

The source pointed out that the selling price landed with "1279" iraqi dinar to the dollar while the purchase price in cash was, "1277"; he stressed that quantity sold by the Bank amounted to 35 million and "555" thousand dollars, while the quantity purchased by the Bank was $ 4 million.

He added that the quantity sold in cash to banks and their customers amounted to 11 million and "040" thousand dollars while the quantity for making remittances outside Iraq hit 24 million and "515" thousand dollars; he ponted out that the sale price of remittances amounted to "1278" dinar while the cash sale price hit "12900".

It is noteworthy that the daily auction opened by the Central Bank is part of its policy which it followed three years ago to maintain stability of the Iraqi dinar exchange rate and to prevent its uneven prices compared to other currencies, as well as reducing the phenomenon of inflation.(Source)AlSabah

The application of new Iraq Investment Law

A high-ranking source in the Iraqi Ministry of Finance said that the purpose of the Institution is to be responsible for all investment projects of federal nature exclusively, as there will be regional and provincial bodies, which will also be responsible for investment planning and the granting of invest licenses in their regions. The National Institution is run by a council consists of nine members with expertise and competence, and the chairman of the council is nominated by the Cabinet for a period of five years; The Parliament has the right to depose the chairman and his deputy directly at the request of the Prime Minister.

The source said that the law aims to achieve a number of objectives; the most important of which are: encourage investment and transfer modern technologies to contribute in developing the Iraqi economy, also encourage the Iraqi and foreign private sector to investment in Iraq through securing the necessary facilities for the establishment of enterprises and enhance competitiveness, as well as develop the human resources according to the market requirements and provide job opportunities for the unemployed. In addition to this, the law contained some articles concerning the protection of the rights and properties of investors and the expansion of exports, balance of payments and Iraqi trade balance.

As for what facilities Iraq will grant to foreign and Arab investors, he emphasized that the law grants all the projects presented by Arabs and foreigners concessions and guarantees that ensure their continuation and development, as well as exempting them from taxes and duties, while the Institution will be responsible for identifying the most important sectors and preparing a map for projects in the light of the information provided by the provincial and regional bodies, then organizing them in lists which the investor can obtain.

As for the possibility of the regions projects contradicting the laws of the federal Institution, he emphasized that the law dealt with this matter; regional bodies have rights, including the right to form departments within their districts and they should coordinate with the Federal Center regarding the investment plans and facilities, on condition that regional investment instructions, plans and policies do not contradict with the policies of the Center.

The law also tackled the limits of these projects’ capitals, and the Institution has been given the power to accept applications of licenses to projects with a capital not less than the minimum one determined by the Cabinet or the regional Council of Ministers. Also the approval of these bodies should be obtained when starting a project with a capital of more than $ 250 million and the project exempted from taxes and duties for a period of ten years from the date of starting the commercial operation.

The Cabinet has the right to propose bills to extend or grant exemptions in addition to the exemptions listed and also provide incentives and guarantees or other concessions to any project, sector or region and in accordance with the nature of the activity, its geographical location and the extent of its contribution to the operation of manpower requirements and considerations of national interest; the law also permitted increasing the years of exemption from taxes and duties of up to fifteen years.

As for the machinery and equipment imported for the investment project, the source explained that those equipments are exempted from taxes and duties on condition they are admitted within three years of granting the license; those same articles are exempted in case of expansion or increasing the designing power. The imported spare parts are also exempted from taxes on condition they do not exceed 20% of the purchase value of those equipments. (Source)AlSabah

MULAI HARI JUM'AT TANGGAL 14 NOV 2008, KAMI MEMBUKA LAYANAN PEMBELIAN DINAR IRAQ

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