Iraqi Deputy Prime Minister and Minister of Finance and Oil, Dr. Ali Allawi, spoke about the three-pronged approach to developing relations with Saudi Arabia and supporting his country’s economy.
Sputnik. Nazek Mohammed
The Iraqi Prime Minister’s envoy, Dr. Allawi, who arrived in Riyadh on Friday evening, said, “The aim of the visit to Saudi Arabia is to go through three axes to develop Iraq’s relationship with the Saudi side, the first of which is immediate cash support to the budget, while the second axis is to motivate the Saudi companies and institutions. , Especially in the fields of energy and agriculture, and urged them to enter the Iraqi markets through investments, “noting that” the third axis is the activation of the commercial side. ” According to the newspaper “Asharq Al-Awsat”.
Allawi stressed that “Iraq has a plan to go towards achieving an economic and financial balance with neighboring countries, and that the Iraqi market be open to all away from harming a certain party,” noting that “the government seeks to urge Saudi companies to contribute to the reconstruction of the country,” stressing that ” Iraq needs immediate financial support in order for the government to fulfill its pledges to employees. “
Allawi added that “there are many obstacles that prevented investments in Iraq, including the laws and regulations in force, the loss of the incubating structure for foreign investments, the lack of banks at a global level, as well as the accounting and legal system that is not encouraging, as well as the system of land acquisition that is not encouraging as well,” noting that ” All of these obstacles prevent the Saudi investor and any other investor from investing in other fields outside the oil fields, calling for “the need to have an environment conducive to investment, replacing these laws, and addressing existing problems and obstacles.”
Allawi concluded by saying that “the administrative apparatus now in Iraq is not compatible with the requirements of the foreign investor, and it also contains major violations of corruption and interference in the way of taking decisions from parties not related to the investment work, for the sake of the private and partisan benefit that is one of the main obstacles that keep the foreign investor Noting that “the investor when he watches this environment will be conservative, and no matter how large the Iraqi market is, it requires encouragement from the private sector, which also suffers from these constraints.”
Finance Minister Dr. Ali Allawi heads to the Kingdom of Saudi Arabia as an envoy from the Prime Minister @MAKadhimi To discuss bilateral relations and economic conditions in the region and encourage investment.
– Prime Minister’s Information Office 🇮🇶 (@IraqiPMO) May 21, 2020
Iraq faces in the current circumstance, an economic crisis, from low oil sale prices, and the deterioration of its federal budget, which may affect the future negatively on all sectors, and on the one hand the Corona risk, which is still recording injuries among Iraqis.