"Investment in Iraq is weakened due to delays in issuing investment licences for projects, and due to the bureaucracy that is involved; the Iraqi economy needs to change from a centralized economy to a free one", said Kamel al-Zaidi, a member of the Investment committee, on Tuesday.
The process is too cumbersome and is not suited to large projects. The investment committee hasn't achieved its goals, and in three years only three licences were issued -- they are for: "al-Rashid camp", "future project", and "Ten in Ten project", al-Zaidi added.
"Iraq needs to change the centralized economy to a free one, that is, there must be freedom in the selection of projects and capital in the investing companies".
Iraq is seeking to attract investments into the country to contribute to its reconstruction after having suffered from neglect and damage throughout the long years of siege and war.
These efforts are also hampered by the precarious security situation, which raises the fears of investment companies to enter the Iraqi market.
The National Investment Commission was formed in 2007 and is responsible for all federal investment projects, while the regional and provincial committees are responsible for investment planning and granting investment licenses in their areas.
(Source: AK News)