Lifted sanctions of chapter seven to bring boom in Iraqi economy

06 Jul 2013


According to the prediction of Iraqi Ministry of Trade and Iraq’s Union for Chambers of Commerce, it has been revealed that the market will witness in the upcoming few months a qualitative trade movement after Chapter Seven sanctions imposed on Iraq were lifted.
It is anticipated that Iraq will regain its normal position very soon and there will be several wide-spectrum international transactions. After the Chapter VII sanctions are lifted, Iraqi business sector is anticipating more ventures from the local, as well as the foreign investors.

Khayrallah Hassan, Minister of Commerce, stated, “On the economic level and after lifting Chapter Seven sanctions, Iraq will be free to deal with all the countries in the world.”

On the other hand, Jaafar Al Hamadani, head of Chambers of Commerce Union, said “Previously, international companies feared working in Iraq and capital owners dreaded investing in Iraq. As of today, Iraq will enjoy a new phase that allows for the private sector to work on a partnership project with the Iraqi government in terms of construction and investment.”

According to the Chamber of Commerce Union, the projection of success for Iraqi economy in future days is positive, but not enough though! Hence the Union has urged the politicians to refrain themselves from any troubles that reflect negatively on the country’s economy.
Mahmoud Al Laythi, member in Iraqi Chambers of Commerce Union, remarked, “We must stand united to fight terrorism, corruption and corruptors to improve the Iraqi economy.”

“After Chapter seven sanctions were lifted, politicians must take into consideration the possibility of uniting Iraq and building a new nation”, highlighted Jaafar Al Hamadani, head of Iraq’s Chambers of Commerce Union.
In case, there are any adequate laws are issued then Iraq will be able to invest the lift of the ban, as remarked by the economic experts of the country. Strategic plans and legal framework need to be revamped as the country still have several obligations that are hampering seamless trading activities. http://www.iraqdirectory.com/en/2013...i-economy.aspx