Long-Presse / Baghdad
Predicted Iraq Securities Commission, on Friday, the company directly “market Arbil Securities” working end of the current year 2014, attributed the delay to the lack of contribution in the Kurdistan region companies, while confirming its quest to open a stock exchange in the province of Basra.
The head of the body, Abdul Razzaq al-Saadi, said in an interview to the (long-Presse), “The Securities Commission and the Iraqi market for securities, support the establishment of Erbil Stock Exchange to enhance the investment service of the national economy,” noting that “the market Arbil Securities is preparing to start trading After modifying the Iraq Stock Exchange system, electronic trading of Horizon to the X-stream, which is the most advanced in the world system, as well as enjoy its high flexibility to meet the growing needs of the market. ”
He Saadi, expressed the hope that “the complexity of one direct one or more of the markets session, during the next few days, the real beginning of the work of the North Gate to invest in Iraq,” noting that “the Commission aims to establish another stock market in Basra, the southern gate of the investment.”
The President of the Iraq Securities Commission, that “the launch of Erbil Stock Exchange should have started work since last August, but was delayed due to lack of companies accept the insertion where, because the majority of family law does not allow it,” pointing out that “the Securities and Market Authority Iraq Stock Exchange, seeking to convert a number of family companies in the Kurdistan region to facilitate the contribution to be included in the market, as well as a number of banks operating in the region. ”
He said al-Saadi, that “the Commission has organized several seminars and conferences in the Kurdistan region to put forward the idea of work and ways of Erbil market success,” expected to “Erbil Stock Exchange held the first trading sessions before the end of the current year 2014”.
It is noteworthy that the Kurdistan Regional Government, pledged in 2008 to be the “stock market,” the upcoming independent of those in the capital, Baghdad, taking care to find “understanding and consensus” in the work between the two exchanges.
And became head of the Kurdistan attract capital and investors in the Middle East Center, where accept the business opportunities available in various sectors to take advantage of the privileges granted by the Government of the Territory under the law, which prepared for it.
It is noteworthy that the investment in the Kurdistan region, confirmed in (23 September 2014), the 716 local or Arab company or a foreign invested in the region nearly $ 41 billion currently, indicating that the delay in adoption of the state budget, security and political developments have affected the implementation of projects of these companies because of the departure of a significant proportion of foreign workers that depend on them, while the view of the investor, the investment law in the territory in which the situation in 2006 need to be developed, and revealed Financial and Economic Committee in Kurdistan Parliament, for its proposal amending the law about achieving a balance between the investor and the citizen.