Sei sulla pagina 1di 18

1

Geographic Location: --

Wasit province is located in the center of Iraq. City of Kut is its


capital, and it is 172 km away from the capital Baghdad. It has
borders with Baghdad and Diyala provinces from North, and from
the south Maysan Province 206 km and Dhi Qar, from the west
204 km to Babil province, to the south-west- of Diwaniyah
province, which lies 192 km and . it Has international border with
Iran to the East and thus the Wasit province, enjoys a strategic
geographic proximity to most of central and southern Provinces
and the capital Baghdad, where the average distance between the
county and some of these provinces (276 km) as well as the
proximity of the best exchange port (border) with Iran (70 km).

_ Area: --
The area of the Province (17153 km), equivalent to 3,9% of the
total area of Iraq and a challenge to maintain four neighboring
provinces, namely:

• Baghdad,
• Diyala,
• Maysan
• Thi Qar
• Diwanyiah
• Babil
• Iran from the east.

2
Population: --
Estimated population in the province is (1050000) Million and fifty
thousand inhabitants, %52,4 of them in urban areas and the rest
in the countryside.

Age groups: --
(15_60 years) accounted for 54% of the population of the
province, a class that depend on them for work which is good rate.

Natural Resources: --
The Tigris River that runs through the province from north to
south and its tributaries and groundwater, a major source of water
in the province as well as livestock, fishery and there are many
wells of oil and natural gas deposits and some other metals have
not invested yet. To maintain that the oil reserves as it is in Ahdab
in hand free as well as to maintain a reserve of natural gas-related
quantities of oil reserves located in the Province.

Economic indicators for Iraq: --


• Gross national product (GDP): 131 billion (2008 est.).
• Per capita GDP: U.S. $ 4360 (estimated 2008).
• Inflation rate: 6.8% (2008 est.).
• Exchange rate: 1170 Dinar = 1 U.S. dollars.
• The economically active population: 16.4 $ Million (estimate
2009).
• oil - proven reserves: 115 billion barrels (2008 est.).
• Oil - production: 2.4 $ Million barrels / day (2008 est.).
• Oil - exports: - 1.8 $ Million barrels / day (2008 est.).
• Natural gas - proven reserves: 112 trillion cubic feet (estimated
2008).

3
The banking system: --
The banking sector in Wasit consist of (14 banks) distributed
according to ownership between (8) State banks (6) Private banks
as following: --

• State-owned banks: --
1. Rafidain Bank (main).
2. Bank of Iraq (Cordoba).
3. Bank of Iraq (Al Mashroo)
4. Rasheed Bank.
5. Rasheed Bank Branch Sewerah.
6. The Agricultural Bank.
7. The real state Bank.
8. Agricultural Bank- branch of Aziziyah.

private banks: --
1. Warka Bank branch (Sada Branch).
2. Warka Bank branch of Al Mashroo.
3. Warka Bank Branch Badra.
4. Bank of Al Khaleej.
5. Bank of Baghdad.
6. Bank for Investment and the economy.

The legislative environment governing investment in Iraq:

Regulating the work of investment in Iraq, a series of laws


including:

First: the law of industrial investment for both the private


and mixed number (20) for the year (1998)

This law aims to the following:


A - To encourage industrial investment in the private and mixed
sectors and development of their activities.
B - Provide the flexibility and support in the sectors referred to in
the first clause of this article to ensure their contribution and to
accelerate the pace of industrial development and growth of
national income steadily.
C – Organizing of state supervision over industrial projects.

4
D - Specify controls for granting of financial assistance and
exemptions to ensure that industrial development coordinated and
balanced manner within the framework of the development plan.

The project that has obtained license under the provisions of this
law on the exemptions and privileges as follows:

A - exempt existing industrial projects before the effective date of


this law from taxes and all but income tax and excise duties
imposed on the production of cigarettes, beer and Alcoholics,
including the share of workers under the law of distribution of
profits in companies with No. (101) for the year (1964) for (5) five
years

• From the date of entry into force of this law, taking into account
the provisions of Section III of this article.

B - Industrial projects exempted that get the license after entry


into force of this law and taxes all but the income tax and excise
tax imposed on the production of cigarettes, beer and spirits,
including the share of workers under the law of distribution of
profits in companies No. (101) for the year (1964) for (10) ten
years from the date were considered for license of incorporation,
taking into account the provisions of Section III of this article.

C - in addition to the items contained in I and II of this article's


enjoyment of an industrial project winning Establishment license
the following exemptions:

1 - annual profits of the enterprise shall be exempt from income


tax in accordance with the percentages set forth below in the net
profit for a period of five (5) years from the year achieved a profit
after obtaining its license of incorporation or the date of entry into
force of this Act for projects existing prior to entry into force and
half of this ratios in the five years following the first five years:

1 - ratio (10%) of ten per cent of the projects owned by

5
individuals or companies belonging to the stock company, except
in developed cities, and (20%) twenty per cent in the less
developed cities and rural areas and remote villages.

2 - percentage (15%) fifteen per cent of the projects belonging to


the joint-stock companies (except the mixed joint-stock
companies) in developed cities, and (25%) of twenty-five per cent
in less developed cities and rural areas and remote villages.

3 - (20%) twenty per cent of the mixed sector companies in


developed cities, and (30%) of thirty per cent in less developed
cities and rural areas and remote villages.

2 - exempt reserves withheld from the profits of the enterprise


specialized to develop or expand the income tax shall not exceed
(25%) of twenty-five per cent of the total annual profits before
tax, taking into account the following:

1 - If these exempt from income tax amounts do not allocated in


the development of the project or expanded during the five (5)
years from the date allocated for the purposes mentioned in
addition to profit for the year following the expiration of five years
for the purpose of calculating income tax.

2 - If the employment of these amounts in the development of the


project or expanded during the period specified in (1) of this
paragraph shall not be subject to tax and may increase the capital
of the project because of that same amount.

D: The Council of Ministers to grant the strategic industrial


projects or special nature and the existing projects and projects
built for export purposes based on local raw materials and projects
that contribute to the transfer of advanced technology to Iraq and
the removal of bottlenecks in the economy and industrial
developments license an additional exemption of incorporation,
determined for each case, in addition to the stated in item III of
this article.

6
E: The Planning Board shall determine the developed cities and
less developed and rural areas and remote villages for the
purposes of this law.

Second: - The Law of private investment in crude oil


refining No. 64 of 2007

This law aims to encourage the private sector to participate in the


process of economic development in Iraq and arrows, based in the
industrial base through the entry in the activity of the liquidation of
crude oil project that has obtained an investment license in
accordance with the provisions of this law, the benefits estimated
for projects in free zones.

III: - Companies Act No. 21 of 1997


This law aims to: --

1. Organizing the companies.

2. Protection of creditors from the need.

3. Protection of carrying stocks of a conflict of interest and


misconduct by officials of the company, the owners of a majority
of shares and control of the affairs indeed.

4. Enhance the provision of full information to the owners on


decisions affecting their investments and their companies.

As far as foreign investment it needs to be representation of


foreign companies through a branch or office in Iraq and
procedures are open branch or office to tighten the system
number (5) for the year (1989) (system of branches and business
offices and foreign economic institutions).

7
IV: _ the Companies Act No. 22 of 1997

This law aims to regulate public companies Tassea and tightly


managed and liquidation and the foundations of a unified financial
and management to achieve a level of growth in employment,
production and adoption of the principle of economic calculation
and efficiency of investment of public funds and their effectiveness
in achieving the goals of the state and raising performance levels
of the national economy.

V: _ Insurance Regulatory Act No. 10 of 2005

Established under the law office of insurance under the provisions


of The Item (6) of the Act regulating the insurance supervision to
ensure the development and ensure the market open, transparent
and financially secure and strengthen the role of the insurance
industry to ensure that persons and property against risks to
protect the national economy and to collect national savings and
investment and development to support economic development
and for doing so the following tasks:

A- protection of the rights of the insured and the beneficiaries of


the insurance and monitoring the solvency of the insurers to
provide insurance cover sufficient to protect these rights.
B - Raising the performance and competence of insured, and
compel them the rules of practice and manners to increase their
ability to provide better services to the beneficiaries of insurance.
C - Providing qualified manpower to transact insurance business
including to the establishment of the Institute for this purpose.

D - Development of public awareness and preparation of studies


and research related to insurance business and its dissemination.
E - Strengthen the ties of cooperation and integration with
regulators on the insurance sector at the Arab and Internationally.
J - Any other functions relating to the insurance sector has
proposed by the President and approved by the Minister of Finance
to regulate the insurance market.

8
VI: - Banks Regulatory Act No. 64 of 2004

This law aims to: --


1. Maintaining confidence in the banking system and and other
regulations purposes and promoting public understanding of the
banking system to provide appropriate information and
maintaining an appropriate degree of protection for depositors and
helping to reduce financial crimes including fraud, money
laundering and terrorist financing.
2. Lead the Central Bank of Iraq and its functions in a manner
consistent with organizational objectives and the Iraqi Central
Bank considers the best for the purposes of achieving those goals
and do not enjoy the action taken by any government institution
other than the Iraqi Central Bank that affect the issues that fall
within its jurisdiction.
And no doubt, the development of banks and raise the level of
performance and raise the quality of services provided by banks
has a positive impact on investment.

VII: - Rent Lands Act agrarian reform to agricultural


companies and individuals, No. 35 of 1983

It is stated in the reasons for enactment of this Act, since there


were many farm lands untapped and increase the need for farmers
and farm left leads to a significant loss of national wealth,
especially land that has been withdrawn target disbursement of
large sums in order to be reclaimed.
In line with the requirements of the scientific and economic
investment the best, and in order to give space to companies or
individuals who are able to exploit agricultural land to increase
production and thereby increase national income.
Accordingly, this law is keen to encourage investment in the
agricultural sector and then interact positively with the investment
law in force on it must be removing the conflict between these
laws and in particular with regard to the ceiling of the space
invested.

9
VIII: - Law of the General Authority for Free Zones No. 3
in 1998
Reasons stated in the enactment of this Act is the desire to raise
the wheel of economic and social development forward by
attracting capital to national and Arab and foreign industrial
investment from the advanced functions and introduction of
advanced technology, create new jobs, increased exports and
foreign exchange resources, administration and investment free
zones serves as an investment Iraqis purposes of national, Arab
and international, powered by Iraqi foundations.
This gave the law Article (4 \ 9) of the board of directors of the
General Authority for Free Zones and the power to propose laws
and regulations relating to exemptions.

IX: - Provisional Law for the stock market No. 74 in 2004


The reason for enactment of this Act is to make significant change
in the Iraqi economy through the amendment and cancellation of
certain laws of the particular financial relationship that was
previously and create texts of more effective and compatible with
the new realities of the securities markets of the current Iraqi
efficient, transparent and enable foreign investment. Note that this
law did not specify granted to the brokers who deal and speculate
in this market and market law, pending the issuance of the Iraq
Stock Exchange which is now going through the necessary
procedures to be enacted.

Login to Wasit and the establishment of projects: --

The Investment Authority in Wasit facilitate all procedures for


investors in the mechanism for obtaining a visa to Wasit province,
and the establishment of projects and a clear mechanism of action
and in coordination with the relevant authorities, through the
mechanism of action described below: --

• application will be submitted to the information department in a


One Stop Shop and the Department of Investor Services as
explained below

10
• The conversion of the application from the Department of the
One Stop Shop to the President of the Commission for
transmission to the Audit Division in the legal department to audit
the applicant and to the Division of Planning and Studies Section
of the Economic and technical feasibility study or the department
of the One Stop Shop by referring to the people above and then
presented to the President of the Commission.

• The application COMPLETED conditions by the President of the


Board of Directors for consideration and opinion, and to give
preliminary approval.

• Application is referred to the One Stop Shop to complete all


procedures for granting license.

• Application is referred to the Board for the purpose of submission


to the Board of Directors for the decision to grant the investment
license.

• the decision on the license to the legal section to regulate the


contract and make sure that the conditions for granting license, as
well as to our One Stop Shop
• the investor will be notified by a One Stop Shop to come to sign
the contract with the Chairman of the Board and the receipt of
investment license and the contract for them.
• Other sections will be notified to take its' own procedures.

11
Investment opportunities and sectors: --

1. Industry.
2. The agriculture sector.
3. The housing sector.
4. Shopping malls.
5. The tourism sector.
6. The health sector.
7. The transport sector.

1 - The industrial Sector:

Given the availability of all the basic requirements for the


establishment of any investment project in the industrial field in
the province, we believe that investment in the industry to
maintain and economically feasible in the following economic
opportunities available in the Wasit province:

1. Modern Factory for the production of bricks

District Land or Land Estimated The


or Sub- territory Area Cost responsible
District No. ($
Millions)
Badra 38 1000 20 $ Wassit
Shewacha Acres Million Investment
Commission
Azizyiah 34 m 2 AL 2 Acres 20 Wassit
Jazeera Investment
Commission

12
2. Modern Factory for the production of cement

District or Land or Land Estimated Cost The


Sub- territory Area ($ Millions) responsible
District No.
3 Territory 19 30 Acres
Badra Al Auyoon 1/1
55 Wassit
and 800
Territory 16 Investment
As-Sajla and
m2
Commission
Al Sabkha

2 - the agricultural sector: --

Wasit province is the key provinces of excellence in agricultural


production of their specificity in terms of geographical location
in the sedimentary plain and the passage of the Tigris River
within the territory from north to south and the presence of
large areas of reclaimed land and arable land and the presence
of irrigation systems are eligible to acquire the basic agricultural
production systems. While the strategic crops planted area does
not exceed a few thousands of Acres throughout the province
But Now hundreds of thousands of agricultural crops are grown
throughout the year with a total arable land under cultivation
(2662526) Acres, or (42.7%) and reclaimed (481487) Acres,
and semi-reclaimed (151550 ) and non-reclaimed Acres
(2029489) Acres, while total non-planted areas (not suitable for
agriculture at the moment) is (3939084) Acres, or (63.3%) also
has large areas planted with palm and fruit trees as well as the
cultivation of large areas of other winter crops and summer and
feed mixtures that contribute to agricultural production in the
composition of our province is also characterized by large
numbers of livestock and major projects for the cattle-breeding,
poultry and fish can also say that most of the production
available in the province such as land and irrigation water and
its various methods and a favorable climate, workforce, and to
all the above, the agricultural sector a large sector in the
province and is a vital component in the economy of the
province.

13
Agricultural investment opportunities: --

• plants for the production of milk and milk products:


• plants for the production of vegetable oils: --

District or Land or Land Estimated Cost The


Sub- territory Area ($ Millions) responsible
District No.
3 1/1739 and 2310 m
Al Hay Territory
15-20 Wassit
1/708 and 1 Investment
Ash-Sheeb Commission

• Industrial and agricultural Projects.


District or Land or Land Estimated Cost The
Sub- territory Area ($ Millions) responsible
District No.
Dijila 5 and 15 Al 4725
Kharab
- Wassit
Marshes Investment
Commission
Al Aziziah 1 Territory 34 20000
Aj-Jazeera
- Wassit
Investment
Commission
Ad-Diboni 1 Territory 34 30000
Aj-Jazeera
- Wassit
Investment
Commission

3 - The Housing Sector: --

Wasit province is the ancient provinces that have very large


historical depth extends to the thousands of years, but despite
that it contains very deteriorated residential neighborhoods where
there are entire neighborhoods under threat ... to the present
exists in our province is very old residential houses with an

14
estimated percentage of homes more than (40) years was
estimated at 15% and, of course, this proportion can not be
underestimated and we are living in the twenty-first century in a
country has a lot of experiences and diverse so we need a
comprehensive change in the laws of reconstruction as the need to
maintain, as well as vertical horizontal buildings with good
specifications can live a dignified by as there are some families had
built houses are cheap and very simple because of its poor
economic situation with rising prices of construction materials and
labor costs and this coerces many families live in houses for rent
to live more than one family in one house In addition to this, the
country needs to establish parks and recreational areas and green
space to give a beautiful picture and decent maintenance.

Assumed average household size for the year 2012 is 6 people.


Number of housing units in the province of Wassit: 129,185 units
P (2012) = P (2006) (1 + R) ⁿ
Population P =
Annual growth rate of R =
N = number of years
Extinction ratio of housing units (different): 0.02
129185 * 0.02 * 6 = 15502 number of housing units endangered
from 2006 to 2012

Housing Investment opportunities:

- Vertical Housing Units.


- Horizontal Housing Units.

District or Land or Land Estimated Cost The


Sub- territory Area ($ Millions) responsible
District No.
Kut 1/7421 96 Acres Wassit
Territory 45
-175-250
Investment
Om Hilana Commission
Sewerah - 200 Wassit
-150-250 Investment
Acres
Commission
Kut 1/2057 and 4000 Wassit
1/14 and 1/2 Acres Investment
territory 46 Commission

15
Nisf Ad-Dijela
and 4/6
Territory 47
Nisf Ad-Dijela
Kut Om 2/52 Territory 896 Wassit
Hulail 37 Om Hulail Acres Investment
Commission
Kut Om 1/123 719 Wassit
Hulail
-
territory 37 Acres Investment
Om Hulail Commission

4- Malls

District or Land or Land Estimated Cost The


Sub- territory Area ($ Millions) responsible
District No.
Kut 2/11079 11 Acres Wassit
territory 29
50
Investment
Damook Commission
Kut 16/1068 AL 1350 M2 Wassit
Hawi
50 Investment
Commission
Numania 6/8048 2198 M2 Wassit
territory Al
- Investment
Beghaila Commission
Numania 6/8565 1898 M2 Wassit
territory 18 Al Investment
Beghaila Commission
Aziziah 23 Acres Wassit
-
Investment
Commission

5- Toursim

• Amusing Park
• Touristic City
• Touristic Hotel

District or Land or Land Estimated Cost The


Sub- territory Area ($ Millions) responsible

16
District No.
Sheik Part of land 120 1 Billion Wassit
1/2025 Acres Investment
Sa’ad territory 41 Commission
An-Nimsiah
Kut - 10 Acres Wassit
70-50 Investment
Commission
Kut 2/10411 30 acres Wassit
territory 29
5-7 Investment
Damook Commission
Sewerah 458 25 acres Wassit
Husainyiah
5-7 Investment
Commission
Kut/ Om 1/128 29 acres Wassit
Hulail Territory 37
5-7 Investment
Om Hulail Commission
Kut 1/6 territory 15 acres - Wassit
38 Khachiah Investment
Commission

6-Health Sector
— Specialized hospital for gynecology and
obstetrics and pediatrics.
— Specialized hospital for blood diseases

District or Land or Land Estimated Cost The


Sub- territory Area ($ Millions) responsible
District No.
Kut 3/719 2 Acres 40 Wassit
Territory 38 Investment
Al Khachiah Commission

17
7- Transport:
The transport sector is the mainstay of the economic
development process as an important factor linking the
various elements of production as it is responsible for
providing the needs of the areas of goods and products from
production areas to consumption areas abundant away.

Investment opportunity in Transportation


• Construction of Kut Civil Aviation Airport

District or Land or Land Estimated Cost The


Sub- territory Area ( $ Millions) responsible
District No.
Kut 1/3,1/4 , 1/7 , 4000 Wassit
1/10 , 1/16,
-
Acres Investment
territory 21 Al Commission
Yousifiah

18

Potrebbero piacerti anche