Thread: Iraq/Dinar News. 09/05 to 01/14/07

Hi guys,

Here's what we need before a r/v.....


Minister of Trade: New Investment Law Imminent

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14 June 2006 (Baghdad: Al Sabah newspaper)

Dr. Abdul Falah AL Sodani, the Minister of Trade, has confirmed that the government is close to introducing new investment laws which will allow foreign investors to receive the same treatment as Iraqi investors, allowing them to transfer 100% of profits, investments and company ownerships.

Following his return from Turkey where he was participating in the Arab-Turkish Economic Forum and opening the Iraqi Trade Fair in the Turkish cities of Istanbul and Ghazientap, AL Sodani told AL Sabah that Iraq is to expand its trade relations with neighboring countries that had expressed a strong desire to cooperate with Iraq in all fields.

He added that trade exchanges with Turkey has considerably increased, and that the value of Turkish exports to Iraq during 2006 will reach 4.4 billion dollars, up from the 900 million dollars of 2003, and that this increase is an indication of how trade relations with Turkey have improved. This development will increase as a result of Iraqi openness, economic reforms and the expected new investment and trade relations laws.

The Minister confirmed that the Ministries of Trade and Planning have issued urgent instructions to facilitate and activate investments until the implementation of the new investment laws. All ministries and government organizations have been issued guidelines regarding investment opportunities, which will be considered over a 60-day period, after which time requests from foreign investors will be either approved or rejected within two weeks. A protocol is in place, whereby investors who have had applications rejected can apply to the Council of Ministers.

He added that the government program would concentrate on reforming the Iraqi economy by securing full investment in natural resources and by encouraging the private sector to assume responsibilities by implementing new strategies that are compatible with international standards and practices.

(Asharq Al-Awsat) What about the issue of investment in Kurdistan?

(Barzani) There is no doubt that we encourage Arab and foreign investment. We will soon have an investment law. We are waiting for the Kurdistan Parliament to endorse it. It will facilitate foreign investment in Kurdistan. The general situation in Iraq reduced the chances of investment because some do not differentiate between the internal situation in Iraq and the stable situation in Kurdistan. Our message here is that we call on the Arabs and westerners to come to Kurdistan because it is the first gate of Iraq.

(Asharq Al-Awsat) What encourages the Arab or western investor to invest in Kurdistan?

(Barzani) We believe that having an investment law characterized by transparency and security will be important to encourage any investor to come to Kurdistan. The anticipated law guarantees the rights of the investor and protects his funds. A stable security situation makes the investor feel secure about himself and his money.

(Asharq Al-Awsat) Do the Arabian Gulf investors have more incentives for being closer to Iraqi Kurdistan?

(Barzani) When we talk about the chances of investment in Kurdistan, we prefer to see our neighbors invest their money here. These are headed by investors from the Gulf region. They have the economic capabilities and they know our culture. We share the same habits and traditions with them. We also have a joint heritage of good relations with them. The investment law, which will be issued soon, allows the investor to completely own property in Kurdistan. It also provides many facilities which encourage investment in Kurdistan and other regions of Iraq.

We're so close I can smell retirement.....

On the "other" forum that discussesIraq, someone today had posted an article that just came out, in which it is said that Iraq will join the WTO in five years.

I've searched all over that forum trying to find that again, and of course, now I can't find it.

However, the person posting the information was wondering
if Iraq has to be in the WTO before a r/v.

Does anyone here know the answer to that question?

Caroline

O.K. Adster...so in english...that means that the investment laws that you were speaking of are very close to being passed...which means the Iraqi dinar will be globally tradable in the rather 'immediate' future?

Sorry, but sometimes when I read those articles it just doesn't 'compute' if you know what I mean!

By 'smelling retirement' do you mean like a soft fragrant ocean breeze...or getting nailed in the face by a skunk?...Just trying to get a feel of how strong/close this odor is that you are speaking of!

Tiff
**Did I mention that I got another 1/4mil this morning...

AND your sig is gone...hmmmmm

Originally Posted by Caroline

On the "other" forum that discussesIraq, someone today had posted an article that just came out, in which it is said that Iraq will join the WTO in five years.

I've searched all over that forum trying to find that again, and of course, now I can't find it.

However, the person posting the information was wondering
if Iraq has to be in the WTO before a r/v.

Does anyone here know the answer to that question?

Caroline

Caroline, that is to become a full member. Iraq can r/v anytime once the investment law is passed. Don't worry, please.

Okay, Adster, I'll take your word for it.

But I had picked up from previous discussions "over there" that membership in the WTO was necessary, that's why
people were/are excited about the upcoming meeting involving the WTO next week...or is it later this week.

Right now, as you imply, Iraq has "supervisory" membership...I think that's what it's called.

I want a r/v as much as the next person.....but I also want to be realistic.


Caroline

Hi,

Sorry to be a pain Adster but do you have any idea how long these papers re investment laws will take to sign, do you think it will be days, weeks, months???.

Originally Posted by tiffany

O.K. Adster...so in english...that means that the investment laws that you were speaking of are very close to being passed...which means the Iraqi dinar will be globally tradable in the rather 'immediate' future?

Sorry, but sometimes when I read those articles it just doesn't 'compute' if you know what I mean!

By 'smelling retirement' do you mean like a soft fragrant ocean breeze...or getting nailed in the face by a skunk?...Just trying to get a feel of how strong/close this odor is that you are speaking of!

Tiff
**Did I mention that I got another 1/4mil this morning...

AND your sig is gone...hmmmmm

Pretty funny Tiff..We should have a new folder entitled, "What Retirement Smells Like" We'd probably get some very random descriptions. But hey, what happened to Adster's sig? I have a hard time deciphering what all the news means too, and as much as I am hoping for a peg as much as anyone, I just want to be realistic too. Seems when it comes to investments, I'm always waiting!! Oh well

Abbey,

I still feel a r/v by the end of this month. I believe the investment laws will be signed before that. Just my thoughts.

We have to remember this thing will hit soon, for sure, it has too! Here's a bit of Bush's speech from yesterday....

I like how over the past 3 days, he keeps constantly refering to "oil fund" and "oil royalty fund",
and "oil benefits to Iraqi people", and other such phrases
that strongly hint, at least to me, that some kind of monetization and/or
colateralization of oil assets is being very strongly recommended,..
to 1) generate immediately pool of income, and 2) to provide the means
to raise the exchange rate, which will hugely benefit their country...



http://www.whitehouse.gov/news/rele...6/20060614.html

"The Prime Minister briefed us on immediate steps he's taken in three key areas: to improve security, to build up the Iraqi economy so they can see -- the Iraqi people can see real progress, real economic progress -- and he's reaching out to the international community to help secure support for this new government."

"Secondly, the Prime Minister has a plan to revitalize the Iraqi economy. He understands that the people have got to feel benefits from the new government. I mean, it's a simple concept, but it's a profound one."

"Plus, he's working to develop what he's calling an international compact. Under this compact, Iraq will take a series of steps in the political, economic and security areas. And then the international community will provide more robust political and economic support."

"I told the Prime Minister I'll designate Deputy Treasury Secretary Bob Kimmitt to lead our efforts on behalf of our country and the people of this country. He'll be supported by State Department Counselor Phil Zelikow and other senior officials, and they will soon travel to the United Nations and then to Baghdad for consultations. And then they're going to travel across Europe and Asia and the Middle East to discuss the compact, and secure support from governments for this new government."

"You can measure progress in terms of oil sold on the market on behalf of the Iraqi people. There's ways to determine whether or not this government's plans are succeeding."