Millionday News 8/23/13
[millionday] The insurance on investment projects implemented by foreign companies with insurance companies Iraqi urgent need to achieve the greatest benefit to the economy, because that - according to academic economist - contributes to the employment of money and the expansion of domestic investment in various sectors,
because insurance companies can benefit from the employment of their money in many ways to ensure the sustainability of its business by achieving good revenue real estate investments,
loans and contribute to private sector companies and mixed. In this context stressed academic improvement on the importance of economic advancement of the insurance because there are foreign companies want to insure inside Iraq.
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[millionday] He added Ali told the (morning) that insurance companies governmental organizations in the country is seeking to secure a number of investment projects in Iraq has because it has the ability and sobriety financial strong on payments to those projects that have been insured in the event of the necessary compensation.
There are in the country 3 state-owned companies specialized in the field of insurance is the National Insurance Company and Insurance Company of Iraq and Reinsurance Company along with 3 or 4 companies securing civil,
according to improve on the experience convenient Insurance Iraqi manages most of the insurance companies in the regional countries are different, because in Iraq was a breakthrough the first insurance companies in the Arab world.
[millionday] note -- insurance for investing companies and bonding ect
[millionday] The National Insurance Company was established under Law No. 56 of 1950, when the release of the Companies Act No. 22 of 1997 became a public company under the certificate of incorporation numbered 54 issued by the Department of Registrar of Companies in the Ministry of Commerce.
Economic and academic pointed out that the Investment Law No. 13 of 2006, as amended, to include a paragraph harm the domestic insurance sector to the omission of his role when he allowed foreign companies to provide insurance cover from inside and outside the country while he should compel them to insurance only inside Iraq. However, that it probably came as a magnet for foreign investors.
[anonymous1] That would be equivalent of our FDIC for those wondering
[millionday] He called for the need to focus on the insurance sector because it provides big money in the state treasury if it was locked all investment projects with the insurance companies, government also said it would strengthen the chances of the company's investment of these funds to establish economic projects huge as it is practiced investment of money in many ways for the purpose of sustainability their work and get revenue,
noting that it may be through the granting of loans to citizens to set up specific projects to meet annual interest, he said, adding the company can also deposit cash surplus has in banks and exploit the benefits of annual deposits rewarding.
He continued on to the state insurance company the right to invest their money in various aspects of investment Kalakara, deposits, remittances and underwriting the shares of joint stock companies in the private sector and mixed along with mortgage lending.
[millionday] very nice >>>>>>>>>>>>> the right to invest their money in various aspects of investment Kalakara, deposits, remittances and underwriting the shares of joint stock companies in the private sector and mixed along with mortgage lending. and this gets better
[millionday] He pointed out that the stability of the economic situation of Iraq restored activity again for national insurance companies as they carry out their activities in the areas of different insurance such as insurance and health engineering, agriculture, fire, accidents and car insurance and marine insurance and insurance of ships and aviation as well as reinsurance.
Ali explained that the insurance of various types is through an insurance policy offered by the company and which determines its commitment to compensation for all the damage that might be caused to the person or materials that are insurance., Indicating that the company meets the amount of insurance premiums to be agreed on the wording.
[millionday] He stressed that the absence of insurance awareness in Iraq because of the wrong policies and wars cause undo the real sector, noting that the ships that used to come to the Iraqi ports then exposed to the bombing of a locked with national insurance companies,
forcing the company to pay compensation down to the owners of marine vessels, leading thus to stop shipping insurance at the time of the big losses suffered by this area of insurance.
He hinted academic economic that the nineties of the last century represented a dark period in the insurance sector in general, because the citizen went to secure a living and cranny aside Multi insurance is difficult to get the money at the time because of the general situation that was taking place in the country because of the wrong policies and the consequences of the international sanctions suffered by Iraq.
[millionday] note -- this is fantastic for the citizens and also a huge benefit for those that invest in the country
[millionday] the fdic is for the accounts and they have discussed that as well after the convention for trade but this will allow the insurance of any loss within the country in materials -cars-- products -- ect
[millionday] The Assistant Secretary General of the Council of Ministers for the ministries and provinces Rahman Issa Hassan discussed with the Director General of the National Insurance Company Sadiq Fadhil al-Khafaji earlier in the reality of insurance in Iraq and the activity of Arab companies and the Iraqi contribution and that Iraq has a stake in to find out the reality of these companies and address constraints that hinder the work of the National Insurance Company.
It was emphasized that insurance is one of the vital things that contribute to addressing economic and social aspects must spread the culture of the citizen insurance.
[millionday] huge progress for them and a sound improvement for investors when deciding to come to iraq and do business brb with more
[millionday] After the approval of the draft law on ratification of the Convention on the promotion and protection of investment between Iraq and Japan, described the Economic Commission, investment and reconstruction parliamentary vote (the Convention) victory for the interest of the country,
as it will open horizons in the global investment for the construction of the national economy over the coming years. And praised the committee member Rep. Nahida Daini in her statement the "morning" to the Convention on the promotion and protection of investment between Iraq and Japan,
usually it of victory in Iraq, especially as the country's need for such agreements that open the doors of global investment to build the national economy of Iraq on the basis of correct and this agreement will add to the Iraqi economy status and versatile.
[millionday] She Daini that "the importance of the Convention for the Iraqi side lies in Japan from industrialized nations large and with the economy good and growing, so Iraq needs to open its doors in accordance with this Convention, noting that it (the agreement) will add to the national economy,
the diversity of goods, as well as the diversity of Iraqi economy, and the entry of international companies sober, including Japanese companies.
It is said that the House of Representatives had voted on the draft law on ratification of the Convention on the promotion and protection of investment between the Government of the Republic of Iraq and the Government of Japan, according to the provisions of subsection (i) of Article (61) and item (iii) of Article (73) of the Constitution.
[millionday] note -- we agree completely
[millionday] For his part, expressed committee member Abdul Salam al-Maliki expressed optimism the House of Representatives vote on the draft law on ratification of the Convention on the promotion and protection of investment between Japan and Iraq.
The MP said Maliki in a press statement: "The signing of Iraq to this agreement with the state of the size of Japan will on both sides Bmrdodat large positive, especially that Iraq has a lot of resources and needs a lot of reconstruction and Japanese companies are good companies that can be relied upon in such areas,"
[millionday] He said a member of the committee that "the desire of large countries in the contract so agreements with Iraq, indicating the status of Iraq's outstanding which made him the focus countries, especially with the availability of financial resources and needs of the service and reconstruction,
noting that Iraq would emerge from Chapter VII has the effect of in encouraging major countries to come to Iraq.
The aim of the agreement between the two countries to promote economic cooperation and encouragement and protection of investments and create favorable conditions for investment between the Government of the Republic of Iraq and the Government of Japan.
[millionday] now of course we have some more on the meetings from india as well brb with more
[millionday] as we can see they are talking about the present and the move to investment in the country now
[millionday] India and Iraq will look at the possibility of trading in their local currencies, Commerce & Industry Minister Anand Sharma has said. This would insulate India’s oil imports from Iraq from the volatile movement of the Indian rupee against the US dollar.
“We are exploring the possibility of trading in local currencies, the dinar and rupee. Our officials will discuss this,” Sharma said on Friday, addressing a session organised by Indian business chambers with Iraqi Prime Minister Nouri Kamil Al-Maliki.
The Iraqi PM, too, assured industry that his Government was aware of exchange-related problems. “We are working to resolve the problem,” Al-Maliki said answering an industry representative who raised concerns about exchange rate losses
[wmawhite] millionday .......how can Iraq trade with India using today's IQD? Hmmmm ?
[millionday] maliki stated at multiple press statements there that iraq is working on changing the problem smile
[millionday] The meet was organised by industry chambers CII, FICCI and Assocham. Sharma also stressed on Iraq’s growing importance in meeting India’s energy needs “Iraq has emerged as the second largest exporter of oil to India.
In the coming months, no doubt it will compete for the top spot,” the Minister said. India imported 24 million tonnes of crude from Iraq in 2012-13, which was second only to Saudi Arabia. Iraq toppled Iran as the second largest supplier of oil to Iran more than a year back, following US and EU sanctions on the country.
Pharmaceuticals, health services, IT and auto components are the other areas where Iraq holds huge opportunities for Indian business, the Minister said.
[millionday] Al-Maliki said Iraq had missed out on a number of opportunities during the years of dictatorship and wanted to learn from India’s experience and expertise.
Apart from trading in oil, Iraq and India could form partnerships for exploration of oil and building of oil refineries. Agriculture, health and education, too, held a lot of prospects.
The two countries are looking at finalising a number of MoUs in areas such as the energy sector, fertiliser, agriculture, trade, healthcare, legal assistance and science and technology. Many of these MoUs are expected to be signed during the Iraqi PM’s on-going visit.
[millionday] so they are expecting the top spot in coming months so they need to get to work in my opinion
[ROBINREDHED] mine too
[millionday] i have something on the benefit the national oil company will have in that step
[millionday] robinredhed smile
[myblifeguard] Mine ²
[millionday] this is a couple days old but it explains the need and what will happen in a great way
[millionday] Collect a number of MPs on the need to approve the law establishing the national oil company, because of its great importance in the support and development of the oil sector in the country, revealing their talk (of the Agency news) for the presence of many obstacles hindering the adoption of this important law, including failure to approve oil and gas law and political disagreements about the law.
The Energy Committee discussed the possibility of parliamentary enactment of the project to establish a national oil company be responsible for all refineries in Iraq, and even the Kurdistan region to Mafany great benefit back positively to the Iraqi economy.
A member of the Oil and Energy Committee Attorney Khalil Zidane, confirmed: that the law of the national oil company closely associated with oil and gas law, both regulates the oil wealth and dispose of them.
[millionday] He added Zidane (of the Agency news): that any country exporter and oil producer must possess privacy, through a bill oil company and a national of its own, despite the presence of foreign companies in order to bring balance production for this sector.
He pointed out: that the national oil company that corrects the movement of production to climb up and down because he is considered balance of national oil sector, noting that the legal national company, oil and gas are complete and ready in all its details and there was no problem in the philosophy of law, but there is a problem prospects list for this law between the political blocs.
And: There will refer to the non-application of such laws and not subject to a specific discipline not to established policies because the chaotic atmosphere is the real center that grow these mentalities.
[millionday] note -- as we know they are working on this now
[millionday] As a member of the Energy Committee MP / National Alliance / Furat al-Shara, said: The project to establish the national oil company has seen a lot of stops and differences Maady to the crash, despite what the law of this great benefit to the Iraqi economy and the development of the oil wealth.
Shara said (of the Agency news): that there is of the opinion that he must approve oil and gas law before the approval and from there finds does crosses in the adoption of any one of them Valeghanonin Mtnasagan, indicating that the absence of contraindications and challenges for the ratification of the national oil company at the moment
[millionday] note -- so this is explaining in great detail the importance of them pushing this through -- especially with the visits we see from maliki to trade countries of importance in both the feild of oil and also to invest in the country -- scratch of
the back times two
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