Economists call for the activation of the investment law for the development of the work of stock market
11/03/2014 (0:01 pm)
BAGHDAD / Ibrahim Ibrahim
Economists stressed that the Iraq Stock Exchange is successful, compared with neighboring countries, pointing to the lack influenced by the confused situation experienced by the country, calling at the same time the Iraqi government to activate the investment and granting local and foreign companies an opportunity to engage in financial transactions in Iraq Act.
The economist said contrary goldsmith in an interview for the "long", that "the development witnessed by the Iraq Stock Exchange asa result of the ongoing cash movement is considered good when compared to the period of its establishment, which does not exceed ten years."
He added that "the law of the market does not specify the number of companies participating in the market, but the general situation of the country has identified these companies, which is reflected in the slow evolution despite the presence of financial liquidity sufficient for the Iraqi economy. "
explained jeweler that "the security and economic crisis experienced by the country's limited economic activity in general and trading securities market, in particular, despite the availability of the right foundations to make the Iraqi market comparable to the global markets in different currencies and securities trading operations. " He said the "lack of activation of the investment law and adherence to previous laws which emphasizes the central thrust in the management of the local economy prevented a lot of investors and owners of domestic and foreign companies to participate true in the stock market."
He stressed that "the trend towards economic openness and to give confidence to foreign investors would develop reciprocal movement of the market and give confidence to the citizen to engage and contribute to the stock market activities. "
He stressed the Lebanese Business Council, earlier, that the Iraq Stock Exchange, has a "special appeal" to investors, and is a "model" for the markets that are trying to "progress quickly," Indicating that the conference which will be held in Dubai currently aims to encourage businessmen to participate in the investment in this market.
The head of the Lebanese Business Council, Raouf Abu Zaki, in an interview to the "long-Presse", "The Iraq Stock Exchange has become enjoy a private investment attractiveness" He pointed out that "the Council systems by more than two weeks, a conference of Iraqi and Lebanese banks in Beirut, and here it is today involved in regulating other financial conference in Dubai in the United Arab Emirates."
added Abu Zaki, "The conference aims to follow the conditions of the capital markets in the region in general, "returned to" Iraq Stock Exchange is a model for those markets that are trying to progress quickly. "He explained the President of the Lebanese Business Council, that" the conference will give an idea of the money market in Iraq and dealings and how to promote it with the help of partners, "noting that" the conference includes a set Research to develop the Iraq Stock Exchange and inviting interested and businessmen to participate in the investment in it, as well as discuss the reality of investment opportunities by contributing listed on his list companies. "
It is noteworthy that the President of the Iraq Securities Commission, Abdul Razzaq al-Saadi, opened "Investing in Iraq Market Conference Securities ", which will be held in the Ritz Carlton Dubai International Financial Centre in Dubai, over two days (two 14 and May 15, 2014), with the participation of high-level Iraqi delegation, including the Minister of Construction and Housing and the Iraqi head of the advisers in the Prime Minister's Office, as well as for more than 200 investor and businessman.
The economist said Mohammed Abdul-Latif al-Ani, "long", that "the Iraqi market for securities has evolved over the past years but slowly is not equivalent to the Gulf markets, which have large capital and operated companies, numbering into the hundreds."
He added that "the repeated crises and the deterioration of the security situation over the past ten years to pay the investment companies to refrain from entering into the Iraqi market, in addition to the lack of Iraqi citizens to a culture of trading securities and financial assets." He explained that "economic activity generally laggard in Iraq and suffers from ill managed funds In addition to the obvious financial extravagance of liquidity which is reflected in the various sectors, including the stock market. " In less than ten years period increased trading brand equity ratio in the Iraqi Stock Exchange at a rate ten times the expectations of the shares of sales of more than $ 1.2 billion during the year 2013 while the market capitalization has increased seven-fold during the same period to reach more than 12.170 billion dollars in the first six months in 2013 only
and with Iraq Stock Exchange three branches in Baghdad and Erbil, Najaf and the latter opened in the seventh month of January 2013.
noteworthy that the Iraq Stock Exchange, which was established in June 2004, and was trading manual tracking before that depend trading partially-mail In April 19, 2009, and then fully in the year 2010, and traded in the market dozens of specialized companies in sectors including banking, industry, hotels, tourism, agriculture, and the number of market sessions in the year 2010.236 session, during which more than 256 billion shares worth more than 339 million dollars through the implementation of 71 thousand a decade, and in 2009 the number of market sessions totaled 152 session, about 211 billion shares worth $ 307 million was made through the implementation of 49 thousand contract.
The NASDAQ Global Foundation for Exchange, signed earlier, an agreement with Iraqi market for securities to develop its system in business dealings, the institution showed that the agreement includes the replacement of the Iraqi stock market present its system somehow make them stand fast and sophisticated commercial transactions on a global level, with local officials stressed that the partnership with Nasdaq will make Iraq a financial hub for all regional business activities and global.
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