There are no precise statistics about the volume of Iraqi capital which has been transferred outside Iraq by businessmen and by migrating Iraqi citizens.
Emad Kadhim who works as a textile salesman talked about the problem saying this phenomenon started with the beginning of Iraqi-Iranian war and its aftermath. He added that it increased after the invasion of Kuwait in 1990 and continued after the fall of the former regime.
While Abdulsahib Essa who works as wholesale tradesman said many of his colleagues have left to neighboring countries and one of them took tens of millions of dollars with him.
Abdullah Salman a car tradesman says ‘I transferred most of my money to a neighboring Arab country but I fell victim to racketeering tradesmen’ saying ‘they forbade me from entering the country at the beginning then I became wanted by the authorities for no reason and now they want to take the money which I transferred. I asked the Iraqi government to help me get my money back and I am following up on the Iraqi government measures to return my money which exceeds 30 million US dollars.
Iraqi government officials offer incentives to foreign investors while trying to find a way to return Iraqi capital which migrated from Iraq.
Ali Nouri works as tradesman in Shorja gives his suggestion about how to attract both national and international investment. And he suggest the following.
1-Work on reducing the risk to investors .
2-Provide financial and economic incentives.
3-Avoid the policy of creating competition between national and foreign investments especially in the private sector. Support given to investors should create an environment of integration between national and foreign investments so that they compliment each other.
4- Find a method of integrating foreign investment companies and local producers.
5- Facilitate the money transfer mechanism from outside Iraq .
The Iraqi population and governmental agencies should talk about and discuss investment and its future and how to bring investments into Iraq where there are currently about 65 state industrial companies that are unproductive yet the Iraqi state pays around 26 billion Iraqi dinars monthly as salaries to these companies’ workers.
Current controversial Iraqi foreign investment law which, if supported by instructions and regulations that fit the requirements to change to a market economy, will rehabilitate the industrial sector in Iraq. It would also remove the problems created by more than 4 decades when workers were ordered to leave factories and fight wars in the 1980s and 90s, the impact of which are still felt today.
( Iraq Directory )