Shafaq News/ The member of the Committee of Economy and Investment Abdul Hussein Abtan said  in an interview with "Shafaq  News" "There is a range of problems that hinder the work of the investment sector among of which are the bureaucracy that is still

rampant in government departments and institutions, and the state of the intersection ongoing between the federal government and the provinces over who has the right of the granting of land and project approval , and the lack of insurance companies in Iraq, and the reluctance of the work in banks. "he said .

"The investment sector need to form a integrated system of work for its administration that should include the federal government, local governments and the investment banks and insurance companies to provide support and facilitate the work of investors and the system can hold the name of  the Supreme Council for Investment or any another name." He said .

He noted that there are parties that trade with land pieces to exhaust  the investors money , as well as the existence of bureaucracy and rampant corruption in state institutions and departments that  impede the progress of the work of investment. " He added.

Some businessmen and investors complain from the many obstacles facing them, notably, lack of commitment of the ministries to the text of the Investment Law and its order issued by the Cabinet, obstructing governmental departments in the province for the implementation of investment projects as a result of its failure to allocate its dependent territories, the conflict between the new bodies and ministries because of laws and paragraphs, the obvious constitutional weakness of the culture of investment among the citizens and the lack of cooperation with relevant bodies or with investors, the lack of cooperation by government agencies to support the banking sector, investment, investors, financial and administrative corruption, the dominance of the state sector and the marginalization of the role of the private sector.

 

 

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