Iraq and the United Arab Emirates negotiate ways of economic cooperation

Minister of Industry and Minerals Engineer Mohamed Xiaa Sudanese urged to increase banking cooperation between Iraq and the UAE to take advantage of the large banking expertise.

Areas of cooperation in the banking field between the two countries and the problems related to this field for Iraqi businessmen and other matters and related topics, pointing out that the notes installed a set in the light of the discussions that took place and included in the minutes for the purpose of official correspondence and requirements in order to prepare maturation, indicating that this trend needs many requirements and decisions and business facilities and Monetary policy, which is an important part of this trend, calling on the UAE side to provide facilities and support to push the trend and enter into economic partnership contribute to the development of relations.

For his part the Governor of the UAE Central Bank is ready to provide all means of support and assistance, noting the importance of identifying the existing problems to develop a plan and mechanisms to resolve them, stressing that the door is open for cooperation and consolidation of relations between the two brotherly countries.

Emphasis was placed on the transfer of the UAE successful experience and benefit from the good experiences for the purpose of establishing industrial cities in Iraq, similar to the industrial cities in the UAE and facilitate the export of goods, Iraqi exports of raw materials and semi – finished and find markets.

President of the Iraqi Economic Council Ibrahim al- Baghdadi al – Masoudi said that the UAE has become the most important financial center in the region after the merger of banks in recent years and most recently was the merger between the two giants Abu Dhabi National and First Gulf banks.

We nevertheless did not see any weight for banks UAE in Iraq, we hope to see broad participation of banks and take advantage of the promising investment opportunities in Iraq, we hope to increase cooperation between the government and private banks in the opening credits, indicating that there is difficulty in opening accounts.



Arab and foreign countries refuse to hand over Iraq funds of the former regime!

Parliament’s Integrity Committee revealed on Saturday the refusal of some Arab and foreign countries to hand over to the Iraqi government the smuggled and frozen funds belonging to the former regime.

The Committee member Jumah Diwan said in a press statement that “the committee discussed the issue of the recovery of money smuggled and frozen existing in some Arab and foreign countries in more than one meeting, hosted a number of officials in the Central Bank and its banks and a number of officials in the Ministries of Foreign Affairs and Interior.”

He added that “the government was able in the past period to recover a few million dollars from the number of foreign countries,” adding that “some Arab and foreign countries refused to deal with the Iraqi government and handed over funds smuggled and frozen by the government of the former regime.”

“The Iraqi government and diplomacy must act to bring legal proceedings before the international courts to force these countries to hand over stolen and frozen funds,” Diwan said.



Iraq gets the best award for Smart Initiative

(Qi Card) company got through its participation in the Twenty-Third Congress of the Government of smart cities held in Dubai, the best smart initiative award.

According to a source familiar with the company’s “economy News” that the Qi card company got the best smart initiative award in exceptional circumstances on the initiative presented through its participation in the smart initiative in Dubai.

This award is a positive payment of what it carries a symbolic factor, which is honoring an Iraqi company hold such an international forum shared by international companies representing all countries of the world.


Economy News Agency

Issuing the legal guide for investment in Iraq

The legal adviser in the US Department of Commerce, Mr. Abbas Abbasi, announced the issuance of a legal guide for investment in Iraq .

Aboussi said during a press conference held at the headquarters of the US Consulate in Basra that this guide would help the investor to identify the investment opportunities available in Iraq .

The issuance of this guide took three years of joint work between the Iraqi government and the US government in coordination with the National Investment Commission and the Trade Law Development Program (CLPD) of the US Department of Commerce, as well as other partners from their counterparts in the European side as well as international and local experts and experts in the field Commercial and legal and investment, and was written in Arabic and English, and became available on the site of the National Investment Authority and its branches in the provinces and the location of the US Department of Commerce .

She added that the objective of issuing this guide to define the investor type of procedures in terms of the search for investment opportunities and licenses investment contracts and to see the Investment Authority’s law and its amendments, and the basic conditions without the need to hold workshops while not denying the difficulties and procedures faced by the investor while investing in Iraq .

The legal adviser at the US Department of Commerce said that investment in Iraq requires compliance with awareness in the development of law and international conventions. It also requires awareness of the investment law and the amendments made to it in terms of its acceptance with the foreign investor and comparison with all new laws .

The press conference was preceded by a workshop held at the US consulate, which included representatives of the National Investment Authority, investment bodies in southern Iraq and representatives of a number of ministries, the fifth of its kind to promote investment and its law and attract the investor .

The guide includes the legal framework of the investor, taking into consideration his point of view and his desire to invest in the country. He also helps legal staff working in the investment bodies to formulate model contracts, regardless of the nature of the investment contract sector .

For his part, the Chairman of the Investment Commission of the province of Dhi Qar Luay Khair Allah that the issuance of this guide would encourage investors and attract them through the access to investment opportunities and the law of the Commission and sends a message reassuring them through the laws that support them with opportunities available .

While Haidar Hamad Mustafa, representative of the Ministry of Industry and Minerals that the removal of obstacles to the investor of the most important conditions must be available to develop the investment sector in the country, the government’s cooperation with the investor.


The obelisk

Will Iraq succeed in persuading Kuwait to write off compensation for investment?

The federal government in Baghdad is trying to reach understandings with the State of Kuwait to end the file of compensation imposed on Iraq since the second Gulf War after the invasion of the former regime in 1990.

Iraq put on Kuwait to end the amount of remaining compensation in its capacity after the suspension of payment with the consent of the two countries for more than two years the impact of falling oil prices to less than 40 dollars, which depends on the federal government in Baghdad fully.

Kuwait’s Acting Minister of Finance, Abdul Razzaq Al-Issa, during his meeting with the Deputy US Ambassador to Iraq and the accompanying delegation, which is looking into the mechanisms of completing Iraq’s credit program with the IMF.

According to a statement by the Iraqi Finance Ministry, “Finance Minister Abdul Razzaq al-Issa discussed with the US delegation the file of compensation with the State of Kuwait and ways to settle through the window of investment inside Iraq.”

Many Kuwaiti companies have significant investment opportunities in the cities of central and southern Iraq, including the establishment of Diwaniya International Commercial Airport, which was signed with the Kuwaiti company (Nasiriyah) on January 21, 2015.

In the latest statistics of the amounts Iraq paid to Kuwait, the United Nations Special Commission on War Compensation resulting from the occupation of Kuwait in 1990 in Kuwait, it handed over one billion and 700 thousand dollars to Kuwait.

This compensation relates to the damage caused by the Iraqi invasion of Kuwait during the era of former Iraqi President Saddam Hussein and occupation of oil installations, the resulting financial losses, bringing the total of what the ICRC has so far delivered 42 billion and 300 million dollars.

The UN Security Council has forced Iraq to pay 5 percent of its oil revenues to a UN fund.

There are about $10 billion and 1 million given to the Commission, but not yet delivered to a number of claimants.

The ICRC has allocated compensation in addition to Kuwait to more than 100 governments and international organizations, the number of those will be distributed to them compensation 1.5 million.

The UN Security Council was formed in 1991, the same year that US-led coalition forces drove Iraqi forces out of Kuwait.

The commission receives compensation money from a five percent tax on Iraqi oil exports recommended by the United Nations.

The continuation of the tax rebate has been highly criticized, especially after the ouster of Saddam Hussein in 2003 following the US occupation of Iraq.


Wan News

Minister of Finance discusses with the US Embassy the credit readiness and investing Kuwait’s compensation

Minister of Finance Abdul Razzaq Al-Issa and a delegation from the US Embassy discussed the completion of the program of credit readiness with the International Monetary Fund.

“The readiness of the Ministry of Finance to complete the second review meetings of the credit program with the International Monetary Fund (IMF),” Al-Issa said when receiving US Deputy Ambassador Stephanie Williams and the accompanying delegation, according to a ministry statement.

The two sides also discussed “the file of compensation with the State of Kuwait and ways to resolve through the window of investment inside Iraq.”



Baghdad pledged great facilities to Kuwaiti investors

Kuwait’s ambassador to Iraq Salim Ghasab al-Zamanan said Tuesday that the local government of Baghdad province has pledged to provide all the facilities required for Kuwaiti companies wishing to work and invest.

This came during the meeting of the ambassador with the governor of Baghdad, Atwan al-Atwani in the office of the latter yesterday evening in the presence of a number of members of the Capital Council.

“The governor has expressed his keenness to increase the volume of economic and investment cooperation between the two countries and to overcome the obstacles that prevent the entry of Kuwaiti investments to Baghdad,” Ambassador Zamanan said in a press statement.

The Kuwaiti ambassador pointed out that the offers and ideas presented by the governor should be transferred to the State of Kuwait for consideration, noting that they also discussed ways to develop and strengthen bilateral relations between the two countries.

In turn, Governor Atwan said that his country is on the stage of work and reconstruction and investment after the victory on the so-called daash and is in dire need of the contribution of Kuwaiti companies in the campaign of reconstruction expected.


Iraq and Iran sign memorandum of banking cooperation

The Iraqi and Tehran governments have signed a memorandum of cooperation in the context of the financial intermediation relations between the Central Bank of Iraq and its Iranian counterpart.

In a statement, the central bank said in a statement that in order to expand the scope of cooperation and implementation of the cooperation agreement between the governor of the Central Bank of Iraq and his Iranian counterpart last year, the meeting of the Governor of the Central Bank of Iraq and Faisal Wissam Executive Director of the Commercial Bank of Iraq (TBI) with Hussein Yacoubi director of international affairs at Iran’s central bank in Tehran.

At the meeting, it was decided to hold the necessary arrangements for holding the joint banking committee, which includes government and private banks of the two countries, a meeting in Tehran within the next two weeks.

The Iranian central bank said that the two-day negotiations between the Iranian and Iraqi sides ended after signing a memorandum of bank cooperation and studying the minutes of the technical talks.

The bank confirmed that after the study of the organized minutes, the signing of the relevant agreements in the framework of the joint committee meeting to be held in Tehran.

The exchange of accounts in the currency of the euro, the establishment of mechanisms for the use of local currencies in the settlement of commercial payments and linking the system of automatic payment between the two sides as well as support and facilitate the opening of branches commercial banks in Iran and Iraq and facilitate the process of payment and transfer of the amounts for travelers and visitors between the two countries and finally Conducting training courses for staff of the two central banks.



Iraq and Kuwait discuss the file of compensation and discuss investment cooperation

The Minister of Finance Abdul Razzaq Al-Issa with the Kuwaiti ambassador in Baghdad Salim Ghasab al-Zamanan developing bilateral cooperation between the two countries and the file of Iraqi compensation to Kuwait.

Al-Issa said during a meeting in a statement to the ministry received by the agency All Iraq [where] a copy of it, “the Iraqi-Kuwaiti relations will be a striking example in the field of investment and expressed optimism about the area of ​​understanding and rapprochement between the two brotherly countries.”

For his part, the Kuwaiti ambassador expressed the desire of the State of Kuwait and its companies to invest in development projects that serve Iraq, especially in the fields of energy, industry and other vital sectors, stressing the direction of the two countries to overcome the file of compensation according to mechanisms that do not harm the interests of both sides.

The Kuwaiti Foreign Ministry confirmed on April 25 that its country is ready to study future options aimed at ensuring that the Iraqi party will continue to pay 4.6 billion US dollars in compensation for the losses of the invasion of the former regime in 1990.



International Monetary Fund requires regular strengthening and collection of taxes

A financial source for “Journal News”, share that representatives of the International Monetary Fund, told Iraqi officials at the second review of the standby credit agreement is complete and the consequent new launch boost the amount of $840 million, represents a new installment of the loan, it depends on the strengthening of regular taxes and collection in the country, and to make sure serious …

Journal News