A call to establish higher national council for economy

Negative phenomena have emerged during the past period Montasser Al-Amara, Chairman of the Iraqi parliamentarians Federation and member of the Economic Committee in the former National Assembly, called the government to: "establish a high national council of Iraqi economy", saying that: "the Council must have the highest decision in the Iraqi economic aspect, and must include specialized Iraqi experiences and competencies from all blocs, political movements and independents".

He added: "This project must be started as soon as possible, and must be accompanied with a center for strategic studies formed of specialists, technocrats, university professors and economic experts, whatever their views are, for the purpose of planning and counseling".

Al-Amara explained: "The deterioration of the Iraqi economy and the negative phenomena that have occurred in it is due to the lack of centralized economic decision and that Iraq lacks the healthy economic climate".

He pointed out: "that the Iraqi economy is dependent almost entirely on oil. This means that the economy has no clear methodology, but more than that, it depends on a chaotic one. It is not a free economy, not an oriented one or any other kind of economy which is the main reason for the economic problems, as well as being the reason why foreign investors did not enter Iraq and not the security status as claimed by the some, since many Iraqi regions are totally safe, but was not entered by foreign investors".

Al-Amara called: "that the council must include experts from the ministries concerned with this subject: Oil, Electricity, Industry and others, in order to be able to draw ambitious and strategic plans for developing the vital joints of life". He said: "The Iraqi economy has the expertise and competencies that qualifies it for the advancement, but what is lacking in this area is good governance and bold decisions".

He explained: "that those two points fall within the jurisdiction of the Supreme National Council of Iraqi Economy, which has a realistic and clear approach to run the economic resources, as well as being an important and active administrative center in making the economic decision".

Al-Amara stressed that: "the ideal policy to attract foreign capital to Iraq is to create motivations higher than the attractions found in other countries. The most important of these motivations is a stable economic policy, because foreign investors will not risk investing in Iraq if there is no stability in the Iraqi economy".