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As a result of unsparingly and fruitful exerted efforts by the Iraqi American Chamber of Commerce and Industry (I-ACCI) and in coordination with the Iraqi & Baghdad Chambers of Commerce …… an extensive symposium was organized at the Conferences Hall on Tuesday 2/12/2003, to discuss the different aspects and features of the new law for foreign investment in Iraq…. The conference was attended by a big number of government officials, specialists, Iraqi business and tradesmen besides the mass media people.
Conference Proceedings
The conference started its sessions at 10:30 A.M on Tuesday 2/12/2003 and ended at 2:30 P.M as follows:
Lecturers: at the beginning a number of government officials and specialists addressed the audience in articles relevant to conference main topics, to recite:
1- Inauguration speech: Mr. Eric, manager of Human Resources in I-ACCI.
2- Dr. Kamel Mubder Al- Gaylani, Finance Minister.
3- Dr. Fa’eq Abdul Rassoul, Senior consultant in Ministry of Planning.
4- Dr. Eric Fleitcher, Private sector Development office/ CPA.
5- Prof. Yaqoub Shoni, Senior Consultant in Ministry of Industry.
6- Prof. Mahmoud Alwash, Baghdad Chamber of Commerce Vice -Chairman.
7- Dr. Farouq Al-Nasser, Head of Iraq Branch – (S.A.I.C) Co. for information technology.
8- Mr. Ra’ad Ommar, IACCI Executive.
9- Mr. Murtada Kamal, Head of Iraq Dept/ IACCI.
Lecturers :
After senior officials and specialists addressed the audience, a wide debate took place between the attendants, as a number of issues and queries were tackled regarding the new law for foreign investment in Iraq, as they were answered by the lecturers.
Main lecturers :
1- Dr. Adnan Al-Baya’a , Iraqi economist& industrialist.
2- Dr. Sa’d Al-Suhail , Iraqi economist& industrialist.
3- Dr. Jalal Iskander, Iraqi economist& industrialist.
4- Mr. Abdul- Hafedh Addul- Sattar Qader , Iraqi Chambers of Commerce General Secretary.
5- Eng. Ali Hmoud Al- Khafaji, Al- Rafidain Co. for computers& Telecommunications.
6- Mr. Sabah Al- Mousawi, Iraqi Tradesman& Industrialist.
Attendants:
A- In Addition to aforesaid lecturers, the sessions were attended by a number of prominent figures and specialists in current Iraqi economy, to mention:
1- Mr. Ryad Al- Any, Head of international relations Dept / Ministry of Oil.
2- Mr. Noori Mohssen Al- Halfi , Head of legal affairs Dept/ Ministry of Finance.
3- Mr. Mosa’ab Al- Khateeb, consultant/ Ministry of Trade.
4- Mr. Abdul- Hadi Al- hummery,Private sector promotion Dept chief / Ministry of Trade.
5- Mr. Ahmed Al- Mukhtar, Planning& follow-up Dept Chief / Ministry of Planning.
6- Mr. Qais Al- Qaseer, International economic relations Dept Chief/ Ministry of Planning.
7- Mr. Mohammed Abdul Saheb, Representative of ministry of Human Rights.
8- Mr. Mumtaz Redha Ayoub, Genaral Manager/ Ministry of Electricity.
9- Mrs. Khansa’a Eskander ,Chief of companies registration office/ Ministry of Electricity.
10- Mr. Qais Al- Khafaji, Chairman of Iraqi Industries Association.
11- Mr. Hashem Thanoun Al- Atraqchi, Vice Chairman of Iraqi Industries Association.
B- News Agencies, Press and space channels correspondents, and as follows:
1- Al- Jazeera S.C / Hassan Waleed
2- Al-Iraqya S.C/ Ali Al- Ughaily, Susan Sami
3- L.B.C S.C/ Qais Al- Mullah
4- Free Iraq Broadcast / Ali Alias.
5- FM broadcast/ Suha Kena’an.
6- New Iraq broadcast of Kurdistan/ Salama Hassan.
7- Reuters News Agency/ Khalid Awaes.
8- American Army Documentation Office in Iraq/ Ahner
9- Middle East & Suuth Africa Consultancy Office/ Glan Karny.
10- Dow Jones News Agency/ Hassan Hafedh.
11- Associated Press News Agency/ Gim Grain.
12- Al- Hayat London – based newspaper/ Sattar Al- Hussainy.
13- Al-Sabah newspaper/ Shatha Mohammed, Shala’a Thabet.
14- Al- Bayan newspaper/ Haleema Al- Sae’edy.
15- Al-Tadhammun Al- Iktissadi newspaper/ Faheem Dakheel.
16- Al- Zamman newspaper/ Sadeq Raheem.
17- Baghdad newspaper/ Fadhel Al- Rubayee.
18- Iraq Today newspaper/ Sarmad Al-Saffi.
19- Al-Manar newspaper/ Abbas Al-Saffi.
Summary
The conference succeeded in shedding light on the advantages and main aspects of the new Iraqi law for foreign investment in Iraq for the Iraqi economy in general through trying to attract foreign capitals into iraq and its long-range effects on the development of Iraqi industrial and trade private sector equally, we enlist there below the main points aroused during the symposium and highlighting the debates and hints by the audience, their reply by their excellencies the finance minister, representative of ministry of industry and that of Head of IACCI, Mr. Ra’ad Ommar :
1. A special committee shall be formed including representatives of ministries of Finance, Planning, and Trade to formulate details and minutes of the law in its final state at the end of current year.
2. As a consequence of peoples economic situation improvement , security situation will also improve, arising from creation of more job opportunities to the unemployed resulting from foreign capitals flow into Iraq and economic movement revival.
3. Its necessary to discriminate between the new investment law and privatization policy and illustrating the ambiguity within this respect.
4. the necessity to encourage investment in the oil sector so as its revenues may help in covering the dire needs of Iraqi economy and remedy Iraq’s big problem of indebtedness.
5. the importance of communicate between Iraqi businessmen and foreign investors so as to create new job opportunities and broad prospects of cooperation in order to activate private industrial sector and narrowing the technological and scientific gap between Iraqi economy and that of the developed world.
6. the importance to convert Iraqi economy from a pure centralized economy controlled by the state in all its features to the market economy distinguished by transparency and dynamics , and to eliminate restrictions and routines which may confine its speeding up towards horizons of development and prosperity.
7. it is necessary that ordinary citizens’ and general interest be taken into consideration in the forthcoming stage of economy and its consequences thereafter.
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