DELTA: Demands to create an economy based on international foundations
The Economist, Ghadeer al-Attar, called on Tuesday to restructure the economy in accordance with the global context, reform the business environment of the procedures and laws, and make it a convenient and attractive environment for private sector activity.
"It is necessary to reform the Iraqi economy on the basis of a transition from a centralized to a free market economy, as well as to encourage and develop the private sector and to ensure that its resources are fully invested and its sources diversified," al-Attar told the Mawazine News.
"The private sector has a key role to play in all major international economies, being one of the cornerstones of the economy," he said, noting that "private sector projects can eliminate unemployment as it will occupy as many working hands as possible and contribute to the resolution of many other files." End
Don961: The Iraqi Stock Exchange uses internationally approved systems
Tuesday 09 April 2019
Baghdad / Al-Sabah
The Iraqi Stock Exchange on 19 April 2019 celebrates the tenth anniversary of the launch and use of electronic trading systems and central deposit in the Iraqi market for securities for the first time in the history of the financial market in Iraq.
On the occasion, Taha Ahmed Abdul Salam, Chief Executive Officer of the market, reviewed the market's achievements over the past ten years by saying: "The Iraqi Stock Exchange contracted the purchase and use of the electronic trading and central depository systems of NASDAQ OMX in 2007."
"During the record period, 12 key points were achieved: the study of the DS design of the two systems according to the prevailing Iraqi laws, the selection of customizations, the training of engineers and technicians on the systems functions, as well as the authorized training of each brokerage company by experts from the Abu Dhabi and Dubai Stock Exchange
The construction of trading stations, installation and testing of systems and tests in the experimental and real environment, as well as measuring the capacity of the systems in cooperation with external experts, and building internal networks in the market and external trading of electronic stations and electronic trading sites and official Including the Securities Commission. "
"The issuance of instructions and rules of electronic trading in cooperation between the Board of Governors of the Iraqi market for securities and the Board of Commissioners Securities Commission after discussions for more than 5 months," pointing to cooperation with joint stock companies to prepare and audit the record of shareholders and transfer its registration to the Depository Center.
He pointed out the establishment of workshops on the mechanisms of the Depository Center for the purpose of depositing certificates of paper shares and converting them to digital balances on the system Dematerialization, as well as the activity and efforts of the local media to spread the culture of investment development.
He said: "Five companies were selected to launch trading on their shares according to electronic trading mechanisms and Central Depository in the first electronic trading session on April 19, 2009, which are the Bank of Ashur, Al-Mansour Bank, Commercial Bank, Ishtar Hotels and Al-Mansour Hotel."
"The share price index has been launched according to the company's capital weights and stock price," Abdul Salam said.
"Ten years after the launch of electronic trading and central deposit, the Iraqi Stock Exchange uses the latest electronic systems in accordance with the development mechanisms adopted in the Arab and international financial markets, through the organization of five trading sessions a week from 9:30 am to 12 noon, And the adoption of disclosure as a means of attracting investment and build investor confidence.
He disclosed that "the Iraqi market plans for securities extends to achieve the principles of emerging financial markets according to the indicators of trading achieved and develop the prevailing rules and regulations attractive to investment and achieve fair and transparent handling of securities and diversification of financial instruments in the Iraqi economy."
He pointed out that «in order to develop the capital market in Iraq, the next plans must take into account the development of market regulations and rules and the introduction of instructions to attract investment And firstly, the need to diversify financial instruments in the economy and the financial market and open the prospects for investment savings, Representing the segments of the Iraqi economy, and interest in the culture of investment securities and follow up the affairs of shareholders through the websites of data and information in the flags of listed companies. link
Don961: Our economy and global attention
Tuesday 09 April 2019
Haidar Kazem al-Baghdadi
Iraq has become a kiss for delegations of countries regionally and globally, after everyone realized the importance of Iraq on the world economy and its future role in the international economy, as it represents a land of origin for work and a renewed opportunity for most economic activities.
The reality of the situation requires that this international trend be invested in an optimal manner, in order to meet the urgent need of the country services and reconstruction of liberated areas and the opening of new commercial horizons, which creates the spirit of international competition in Iraq and focus on the reconstruction of suspended factories through the twinning of these factories with their counterparts in neighboring countries for the purpose of To the national product, because of the financial return and the operation of labor on a large scale, especially as the country needs at this stage to develop human and industrial resources because it is a construction phase and not only the stage of import and trade.
It is important to work on the development of laws and regulations that guarantee this stage in all its aspects to ensure the growth of the Iraqi product in cooperation with neighboring countries to establish production plants and develop factories operating in Iraq, provided that imports are limited to raw materials only, because we have over the past 15 years we have become a consumer country only.
The other side is the development of the tourism and travel sector because Iraq has religious tourism resources for different sects, religions and tourism areas from the north to the south because the tourist factor is an important factor in attracting hard currency and promotes the Iraqi product.
Thus, we have gained product marketing and operation of tourist services and facilities and attracting hard currency To the country, and this needs instructions to maintain this sector, and can not stand at the detailed religious tourism exclusively, but that Iraq is unique to other countries of the world to possess all kinds of tourism, recreational, archaeological and medical, and this Over can make the tourism sector actually oil for the country and for the global companies that can enter into agreements with Iraq, because the sights of Iraq's interest to most of the world's population.
As a result, the presence of high-level delegations in Iraq, continuously and ruthlessly, strengthens the country's direction towards the sustainable development desired by the country, which can be achieved in the presence of the elements of achieving a comprehensive economic recovery in all areas. link
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