Ministry of Finance: Conditions for free zone experiment, an invitation sent to Parliament

Local

11-06-2022, 19:30

INA - BAGHDAD

Ministry of Finance identified on Saturday, two conditions for the success of the experiment of the free zones, encouraging international companies to invest in it and strengthening the state's economy with new resources, while an invitation was sent to Parliament in this regard.

"The view of the Ministry of Finance emphasizes the necessity of providing alternative resources for oil in Iraq, whether at the present or in the future," said the financial advisor to the Ministry of Finance, Abdul Hassan Jamal in a statement to the Iraqi News Agency - INA.

He noted that "among this, is the establishment of economic and free zones, whether commercial or industrial, and there are also free tourist zones in all countries of the world.”

"The white paper document for economic reform presented by the government referred to this issue, the ministry's plan and the draft law submitted by the Free Zones Authority referred to the issue of free zones," he explained, suggesting that "First, there should be a role for the government and parliament by enacting a law that defines public policies by the federal government as it authorizes the governorates to establish regulations for each free zone within the governorate similar to its geographical area and the resources it owns if it is close to a sea, a water source, or a neighboring country."

He added that the second proposal or condition is that the governorates of those regions should be given the authority to administer themselves, with the exception of all laws and responsibilities entrusted to other ministries, meaning that those regions are given the powers of the ministries concerned with their work so that there are free zones that attract all international and local companies and provide a good opportunity to employ manpower and gain experience.