IBC Chairman and Members Participate in the First International Conference Held in Baghdad
Upon the invitation extended by the Mr. Jawad Al-Bolani Head of the Economy and Investment Committee in the Iraqi Parliament, IBC Chairman Dr. Majid Sadi and a number of IBC Board members; IBC Vice Chairman Mr. Turky Al-Qaissi, Mr. Mekki Al-Faiz, Mr. Usama Al-Quraishi, Mr. Fakhri Reshan, Mr. Khalil Al-Bunniya, Mr. Muhammad Jawad Al-Jubouri and IBC members; Mr. Moustafa Al-Amin and Mr. Louay Al-Shakarchi participated in the First International Conference held under the title “Staid Investment Law that Achieves Development Goals and Meets Investors’ Aspiration” which was held on 4th and 5th February 2015 at Babyl Hotel – Baghdad / Iraq.
The Conference that was organized by the Parliamentary Economy and Investment Committee, started its activities with the presence of Dr. Jawad Al-Bolani President of the Committee and the member ladies and gents under auspices of Dr. Salim Al-Jubouri Head of the Iraqi Parliament. The Conference was in contribution to the improvement of Investment environment in Iraq.
The Conference lasted for two days and recommended adoption of a number of proposals, recommendations and worksheets presented by the attendees recommending commissioning the Executive and Legislative Authorities the follow up of the proposed recommendations and proposals and formation of a Supreme Committee from the Conference comprising of representatives of the Parliamentary Committees, the National Investment Commission, Executives Authorities and the Public Sector to work as crisis centre to apply such recommendations and proposals as well as resolving all obstacles relating to the application of Investment Law and holding a semi-annual conference to follow up investment and economic conditions requirements.
A presentation prepared by the Investment Commission in the Governorates was presented during the final session concerning the investment projects executed, along with a presentation covering the major available investment opportunities.
The final session was attended by the Minister of Oil Mr. Adel Abdul Mehdi, Head of the Advisory Commission in the Prime Ministry Mr. Thamir Al-Ghadban, and a number of Officials and representatives of the Diplomatic Corps.
In his speech delivered during the Conference, the Iraqi Oil Minister Mr. Adel Abdul Mehdi stressed the importance of providing investment opportunities, development of the Iraqi Oil Sector and the necessity of legislating certain laws to facilitate the process of investment in the Refineries and Gas Sectors.
The Conference also included presentation of the worksheets by the Sub-Committees that were formed during the Conference Sessions including Legal, Privatization, Industry, Health, Agriculture, Housing and Banking Committees, in addition to presentation of a worksheet concerning the economic reforms, and presentation of another worksheet representing Government Authorities.
Furthermore, the Conference tackled a number of obstacles that hinder the investment process in Iraq such as administrative routine, issues relating to allocation of lands for investment projects, administrative and financial corruption as well as the effects of the prevailing security situation.
The opening session had also witnessed participation of the Iraqi Vice Prime Minister Mr. Rose Noori Shawees, Vice Prime Minister Mr. Bahaa Al-Aaraji, the Iraqi Trade and Planning Ministers Messrs. Malas Muhammad Abdul Karim and Salman Al-Jumaili, in addition to Arab and foreign Investors, Acting for Ministers, Heads of the National Investment Commission as well as Heads of the Investment Commission in the Governorates.
