Millionday 1/30 2015 Part 1
Millionday: A commission of economy and investment representative, on Thursday, in its quest for new legislation to balance the country's investment supports and encourages international companies to enter the Iraqi market, as shown in detail it would hold a conference on the law early next month.
Millionday: NOTE -- THEY ARE HOLDING A CONFERENCE NEXT WEEK ON THE INVESTMENT LAWS FOR THE INTERNATIONAL INVESTORS TO COME INTO IRAQ
Millionday: The committee member said Osman Haji told / information /, "The decision, announced by Prime Minister Haider al-Abadi in Davos recently about Iraq's intention to take, is to serve the enactment of new laws and investors, particularly the private sector."
Haji said that "the economic and investment commission agreed with the need for legislation Abadi new laws favorable atmosphere for investors in order to encourage them to enter the Iraqi market."
Millionday: NOTE -- THE PIRVATE MARKET WORKING WITH AND INCLUDING INTERNATIONAL MARKETS IS A MARKET ECONOMY -- FREE TRADE WITH GLOBAL SALES AND RECOGNITION
Millionday: He explained that the "investment opportunities to be provided by law for foreign investors, is the industrial sector, and residential and commercial, and tourism, and other fields,
as well as sectors that an investor asked to work out," noting that "what concerns us is the investor, so he would not find it difficult to invest if it came to Iraq. "
Millionday: NOTE -- THE GOAL IS TO GET RID OF AS MUCH RED TAPE AS THEY CAN AND ALSO PROMOTE THE ENTRY OF AS MANY COMPANIES AS THEY CAN FOR A SUCCESSFUL DIVERSE ECONOMIC DEVELOPMENT
Millionday: Haji said that "the economic and investment commission will be held at the beginning of next month's conference to explain the work of the new law to be enacted mechanism in the presence of investors and businessmen from inside the Iraqis and Arabs as well as foreigners."
Millionday: SO THIS IS THE INVESTMENT CONFERENCE -- WHICH IS SCHEDULED FOR NEXT WEEK – SMILE
Millionday: The General Company for Iraqi shows, on Wednesday, to continue Tbagesha with a number of neighboring countries and across the commercial attaché working there the possibility of establishing an Iraqi markets at home and those countries Kuwait, Iran, Egypt and the UAE.
Millionday: NOTE -- THE IRAQI SHOWS IS TO EXPAND IRAQI BUSINESSES TO OTHER COUNTRIES -- THIS IS POSSIBLE ONLY WHEN INTERNATIONALLY RECOGNIZED
Millionday: The Director General of the department Sarmad Taha Saeed said in a statement reported for "Twilight News", said his company is now working on the development of plans and proposals and mechanisms for the promotion of cycle 42 next to the Baghdad International Fair addition to conducting interviews with curators to mount exhibitions specialist of some countries on the land of the Baghdad International Fair, or in provinces safe through coordination timings according to a timetable to set up.
Millionday: He noted that the company after its contract with the Islamic Republic of Iran will start Iranian specialist in all Iranian products in the energy and power, infrastructure and food during the second half of next February and exhibition areas over three days with the participation of more than 250 Iranian companies.
Millionday: NOTE -- THEY ARE EXPECTING TO EXAPND IN THE SECOND HALF OF FEB -- THAT IS VERY SOON – WHOOPOW
Millionday: He noted that his company is happy to and within the activity in the import and export has granted nine licenses to issue and renew total 3 identity export and ratification 4 certificates of origin in 1038 and the granting of import license and the issuance of 118 identity and renewal of import 69 import identity.
Millionday: SO WE ARE TALKING ABOUT LICENSING AND CONTRACTS -- THIS IS NOT THE MOU`S WE SAW BEFORE OR PLANS ETC -- SO OBVIOUSLY ACTION AND PROGRESS INTERNATIONALLY IS EXPECTED ---
The Shoe: And you are certain they have to have a tradeable currencey prior to that happening?
Millionday: THEY HAVE TO HAVE A TRADABLE CURRENCY BEFORE THEY EXPAND THEIR PRODUCTS TO THE GLOBE WITHOUT A DOUBT
Millionday: THE FIRST PRODUCT OF ALL COUNTRIES IS THEIR CURRENCY --IT HOLDS THE VALUE OF WHAT YOU WILL EARN`S VALUE
Millionday: WHY ISNT IT A PIECE OF PAPER ? -- BECAUSE IT IS CALULATED FAIRLY BY THE INTERNATIONAL PRICE INDEX CALCULATION THAT IS USED BY THE GLOBAL MARKET
Millionday: Gulf Arab oil states may need to rethink longstanding economic policies, including their fixed exchange rates, over the next couple of years as economic cycles in the region and the United States diverge. The deflationary trend will impact the region as hard-times emerge and the economies decline into 2020.
Millionday: NOTE -- THE WORLD BANK IS TALKING ABOUT THE MIDDLE EASTERN REGION AND THE PEGGING TO THE DOLLAR AND ALSO NOT FLOATING TO LET THE MARKET DRIVE THEIR CURRENCIES -- VERY INTERESTING TIMING
Millionday: The six nations in the Gulf Cooperation Council (GCC) have pegged their currencies to the dollar. What was once viewed as a stabilization mechanism will turn against them and import deflation as oil prices collapse.
True, in recent years the GCC economies have moved more out of sync with the United States.
However, the pegs are now pressing the GCC policymakers to mirror the U.S. central bank’s decisions even though this is contrary to domestic policy objectives.
Millionday: NOTE -- THEY ARE STATING THAT ALL ECONOMIC DECISIONS DO NOT NEED TO BE BASED ON THE VALUE OF THE DOLLAR AND THEY WOULD LIKE IT NOT TO ALL BE PEGGED TO THE US DOLLAR --- INSTEAD BE PEGGED TO THE SDR
Millionday: As long as they have currency pegs to the dollar, the Gulf States could face destabilizing capital outflows/inflows if they allow large interest rate gaps to open up with the United States.
There remains a risk that the US will be forced to raise rates to fight a rise in the stock market as capital inflows pour in from many regions. We are likely to witness extreme currency destabilization in the years ahead
Millionday: SO AS LONG AS THEY ARE PEGGED TO THE US DOLLAR THEY ARE AT THE MERCY OF WHAT THE US ECONOMY CONDITION IS --
Millionday: THE WORLD BANK IS STATING THAT THEY WANT THIS TO CHANGE AND SO SHOULD THE COUNTRIES INVOLVED ACCORDING TO WHAT THEY ARE SAYING HERE
jtank: which way is better iyo-why?
Millionday: THE AVERAGE THAT IS USED IN MULTIPLE CURRENCIES MAKE THE PEG TO THEM LESS RELIANT ON ONE COUNTRY`S ECONOMIC CONDITION -- BAD OR GOOD –
AND THE RELIANCE ON ONE COUNTRY DOES JUST THAT -- IT MINIMIZES WHAT EFFECTS THEIR RATE IN THAT COUNTRY FOR BUSINESS
Papatom: MD, do you know any country, whos currency is worth more than the dollar that is pegged to the dollar? I was un aware of the GCC countries being pegged to the dollar...am I reading that right? are they already there? or are they moving that way?
Millionday: THEY ARE REFERING TO THE MIDDLE EAST CURRENCIES BEING PEGGED TO THE US DOLLAR -- AND STATING THAT THEY WOULD LIKE THEM TO BE PEGGED TO THE SDR TO MINIMIZE FLUCTUATION AS A RESULT ON JUST THE DOLLAR FLUCTUATING
Millionday: I DONT KNOW BUT IT SEEMS THAT THE WORLD BANK WOULD PREFER ALL FLOAT IN THAT REGION SO THAT IS CERTAINLY INTERESTING TIMING FOR THIS REPORT FROM THEM
The Shoe: Why would they want that?
Millionday: BECAUSE IT CREATES AN EVEN MORE FAIR TRADING PLATFORM DURING LACK OF MARKET TIMES AND MAKES THE ACTUAL RATE CLOSER TO WHAT THEY ARE WORTH AT ALL TIMES ---
IF THEIR MARKET CRASHES SO DOES THEIR VLAUE RIGHT WITH IT SO IT IS MORE ACCURATE
The Shoe: What do you mean by all float in that region? Just trying to understand.
Millionday: I MEAN THAT THEY WOULD LIKE FOR ALL CURRENCIES TO BE PEGGED TO THE AVERAGE THAT IS SHOWN BY CALULATION OF THE CURRENCIES IN THE SDR (CURRENCY BASKET) –
WHEN PEGGED TO THAT THEY ARE NOT AFFECTED TO ONE COUNTRY AND THE LOWER VALUE THEY MIGHT ENDURE OR A HIGH VALUE AS FAR AS THAT GOES -- THIS ALLOWS A MORE LEVEL VALUE ---
THE US DOLLAR RATE FLUCTUATES AND THERE FORE AS WE HAVE WITNESSED -- SO DO THE CURRENCIES THAT ARE PAIRED WITH IT
VIP.DIGIman1: by them pegging to the SDR, would that not affect the exchange rate in itself?
Millionday: THAT WOULD AFFECT THE RATE BUT NOT THE TRUE VALUE -- THE PURCHASING POWER WITHIN THE COUNTRY WOULD BE THE SAME BUT THE PAIRING TO THE SDR WOULD THEN BE PAIRED TO THE US DOLLAR AND THE EURO ACCORDING TO THAT CALULATION AND LESS LIKELY TO FLUCTUATE ACCORDING TO ONE MARKET AS MUCH
.VIP.DIGIman1: it would still be calculated in USD then?
Millionday: IT WOULD BE AS ANY OTHER CURRENCY THAT IS PEGGED TO THE SDR
Millionday: YES IT WOULD HAVE A RATE BUT BE LESS LIKELY TO CHANGE SO MUCH FOR THE US DOLLAR FLUCTATIONS AND ONLY FLUCTUATE ACCORDING TO THE CALULATION AND THEIR MARKET GAIN IF IT FLOATS -- FIXED IT WOULD JUST AFFECT THE ORIGINAL RATE MOSTLY
Millionday: SDR IS AN AVERAGE OF CURRENCIES
Loopback: Is the Yen and Pound still part of the SDR? Or is it just Euro and USD?
_firefly_: The currency value of the SDR is determined by summing the values in U.S. dollars, based on market exchange rates, of a basket of major currencies (the U.S. dollar, Euro, Japanese yen, and pound sterling).
Millionday: The President of the Investment Commission of Baghdad, Shaker Zamili, that the draft Basmajh the biggest of its kind in the history of the state, and added: "We are awaiting the receipt of a payment for $ 350 million to complete the delivery of 10 000 housing units."
He Zamili told the "here Baghdad", under "special meeting" program: "We have orientations establishing industrial cities outside the cities along the lines of the industrial city in Alnehraon, has Asthsalna approvals Baghdad Secretariat for the transfer of the industrial cities outside the cities,"
pointing out that we are working on Coordination with the local administration to Baghdad to establish industrial cities in Latifiyah, Taji and Abu Ghraib.
Millionday: NOTE -- THE INVESTMENT LAW IS CALLED "HERE BAGHDAD " WHEN TRANSLATED
Millionday: NOTE -- PARLIAMENT AND COMMITTEES WORKING ON INVESTMENT ARE MEETING FOR DEVELOPMENT AS PROMISED -- PLEASE REMEMBER THAT ABADI HAS CALLED FOR ALL REFORMS AND GOV PROGRAM TO BE ACTIVATED ALONG WITH ALL CONTRACTS ETC
Millionday: He pointed out that Baghdad Investment Authority is working to build bridges of cooperation between the Baghdad Provincial Secretariat of the conduct of its work, pointing out that the investment actually began in 2010.
He explained that some of the electrical circuits and the like trying to extort businesses by providing the necessary services for its projects, saying that the non-application of the law leads to disregard a number of state institutions and blackmail investors.
Millionday: NOTE -- TRYING TO GO AROUND THE RULES SET BY THE SANCTIONS AND THE RULES THERE-OF --- THEY HAVE HAD SOME WORK DONE UNDER A NEED FOR SURVIVAL
Millionday: He explained that the powers of the Investment Commission of Baghdad prevents attracting major companies, noting that the investment law in Iraq has provided investors with a broad powers of the most important laws in the world.
Zamili stressed that the security situation does not constitute an obstacle to investors, but the reason for the reluctance of investment is the bureaucracy and red tape, saying that it can not be the investor that runs contrary to the rules and conditions as the sole loser of the investment process, unlike Contracting.
Millionday: NOTE -- THEY ARE SAYING THAT CONTRACTING IS A GIVEN AND HAS BEEN DONE BUT THE PRIVATE SECTOR HAS ROUD BLOCKS IN EXPANDING TO HAVE MERGERS AND INVESTORS AT THIS POINT DUE TO RED TAPE -- OR OTHER THINGS DEPENDING ON WHO YOU ASK
Millionday: THE GOAL OF THIS MEETING IS TO REMOVE ANY OBSTACLES DUE TO THE GOAL OF COURSE TO ENTER THE MARKET --PROMOTE IRAQ -- AND GROW AS A COUNTRY BY INVESTMENTS
Millionday: SMILE >>>>Zamili and hope that the government will continue Bdawatha to support the private sector, as well as the industrial sector, government support to be able to compete with the foreign product, along with the imposition of taxes on foreign goods, since the imposition of taxes on foreign goods is a support for local products.
Tsrihlt felt that some of the negative political impact on attracting major investment companies, and added: "we see a real will to support the national economy from the government and to provide an appropriate atmosphere to revive this economy."
Millionday: SO OBVIOUSLY THE REVIVING OF THIS ECONOMY IS THE GOAL OF ALL AND ONE OF THOSE STEPS IS TO IMPROVE THE PURCHASING POWER
AND ALSO SET THE REALITY RATE FOR THE DINAR ON THE MARKET AND ALSO MOVE THE ISX TO GLOBAL INVESTORS
The Shoe: Would that 350,000,000.00 come from the budget or somewhere else?
Millionday: ALL AMOUNTS THAT ARE DISTRIBUTED WILL COME FROM THE FUNDING OF CBI FOR THE BUDGET -- SO THEY WILL FUND THE DEVELOPMENT BANKS
AND ANY BANKS FOR PROVINCES ETC AND THEN AMOUNTS WILL COME FROM THAT -- UNLESS IT IS PRIVATE
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