Iraq drops foreign ownership plans

minibush1

Member
Sep 14, 2003
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Iraq drops foreign ownership plans
September 25, 2003

Iraq's Governing Council has backed off from a pledge by its finance minister to allow 100 per cent foreign ownership in most economic sectors here, saying his comments were not "official."

A statement issued by the US-installed council distanced it from a key part of a sweeping economic package presented by interim Finance Minister Kamel al-Kilani at the International Monetary Fund meeting in Dubai on Sunday.

The text said only the council president could announce policy, "and the statements attributed to the (finance) minister about the law of investment cannot be considered official."

The minister's announcement that Iraq would be open to 100-per cent foreign ownership in all sectors except oil had sparked criticism in Iraqi business circles.

The council statement said that "after studying the statements attributed to the finance minister and the reaction," the body would empanel a committee of experts to study the investment question and its impact.

It promised to come up with a "precise, scientific version that will guarantee the rights of the Iraqi people and will serve the high interests of the country."

©2003 AAP

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CADsortaGUY

Lifer
Oct 19, 2001
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www.ShawCAD.com
That is great:)
I was kind of curious how Iraqis were going to react to that policy. IMO - they(the appointed) should install a temporary plan - one that is extremely Iraqi freindly - then let Elected Iraqi officials change it if they feel it is neccessary. Better to be too carefull at the begining since it'd be tought to regain ownership once it is lost.

CkG
 

CADsortaGUY

Lifer
Oct 19, 2001
25,162
1
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www.ShawCAD.com
Originally posted by: BaliBabyDoc
Here's my quota for the year . . . I agree 110% with what he said ^
OK, now that I have you on my side....Buahahaha:evil:

Anyway - there is a balance that needs to be struck between retaining structural ownership of the Iraqi markets and the outside investment needed to build the economy into something besides OIL. Some outside ownership is necessary but like I said, i'd rather see them be too cautious. The only problem is that there is very little capital in Iraq for the people to build their own markets with. A very delicate balance act indeed.

CkG

 

Hayabusa Rider

Admin Emeritus & Elite Member
Jan 26, 2000
50,872
4,216
126
Whoa! Consensus.

IMO Iraq needs investment, not outright ownership. Eventually, Iraqis would become discontent with that situation, and nationalism of industry could happen. Been done before, and that would not be to the benefit of any of the involved parties.
 

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: CADkindaGUY
Originally posted by: BaliBabyDoc
Here's my quota for the year . . . I agree 110% with what he said ^
OK, now that I have you on my side....Buahahaha:evil:

Anyway - there is a balance that needs to be struck between retaining structural ownership of the Iraqi markets and the outside investment needed to build the economy into something besides OIL. Some outside ownership is necessary but like I said, i'd rather see them be too cautious. The only problem is that there is very little capital in Iraq for the people to build their own markets with. A very delicate balance act indeed.

CkG
That is something the middle eash is really lacking. When that dries up, the middle east is toast.
 

Dari

Lifer
Oct 25, 2002
17,134
38
91
Originally posted by: CADkindaGUY
That is great:)
I was kind of curious how Iraqis were going to react to that policy. IMO - they(the appointed) should install a temporary plan - one that is extremely Iraqi freindly - then let Elected Iraqi officials change it if they feel it is neccessary. Better to be too carefull at the begining since it'd be tought to regain ownership once it is lost.

CkG
I disagree. Let whoever can afford and manage any concern buy it. It's happening all over the globe, why should iraqis be any different? Globalization has given the opportunity for anyone anywhere to purchase an entire entity or stock in a company anywhere on earth. Just because they are taking baby steps into democracy and have recently re-entered the family of nations, and just because they are "sensitive" to other cultures, doesn't mean that iraqis should be crippled by corrupt and inept management or ownership of their firms. With security exceptions, the 100% rule should be official.

EDIT: Rules that limit foreign ownership are those that lead to protectionism and inept domestic monopolies. Once protectionism seeps in, it's hard to weed out without a tough fight. Kill the protectionists before they have a chance to grow.

EDIT 2: Speaking of Middle East opportunities, one of my cousins will be heading to the Mid East within the next month or so. He'll be going to Israel, then to Ramallah, as a peace activist. He wants to get into the ramallah compound where arafat is being holed up. His plan is to present himself as an admirer of Arafat and all he has done for the Palestinian people. Then he will ask for Arafat's signature, preferably in English (which is rare). Once Arafat is exiled or killed/liquidated by Israel, he plans to Ebay the signature. I've asked for multiple signatures.
 

Moonbeam

Elite Member
Nov 24, 1999
69,618
5,126
126
Dari is right. The world should be sold to the highest bidder. Life is meaningless and you only go around once. Grab all you can while you're hear. Life is totally without meaning and I have no kids anyway. Who gives a sh!t. It the Iraqis wanted to manage their own affairs they should have killed Saddam themselves. Screw um. Money is everything.
 

LunarRay

Diamond Member
Mar 2, 2003
9,993
1
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Originally posted by: Moonbeam
Dari is right. The world should be sold to the highest bidder. Life is meaningless and you only go around once. Grab all you can while you're hear. Life is totally without meaning and I have no kids anyway. Who gives a sh!t. It the Iraqis wanted to manage their own affairs they should have killed Saddam themselves. Screw um. Money is everything.

Oh... way cool... monopoly the real 'bored' game.. When you're out of things to do you play the game, only question I have is; if you get an entire country and are done exploiting the resources can you just sell it back to the bank?
 

Moonbeam

Elite Member
Nov 24, 1999
69,618
5,126
126
Originally posted by: LunarRay
Originally posted by: Moonbeam
Dari is right. The world should be sold to the highest bidder. Life is meaningless and you only go around once. Grab all you can while you're hear. Life is totally without meaning and I have no kids anyway. Who gives a sh!t. It the Iraqis wanted to manage their own affairs they should have killed Saddam themselves. Screw um. Money is everything.

Oh... way cool... monopoly the real 'bored' game.. When you're out of things to do you play the game, only question I have is; if you get an entire country and are done exploiting the resources can you just sell it back to the bank?
Why, when starvation sets in there's good money to be had milking the emergency foreign aid.

 

LunarRay

Diamond Member
Mar 2, 2003
9,993
1
76
Originally posted by: Moonbeam
Originally posted by: LunarRay
Originally posted by: Moonbeam
Dari is right. The world should be sold to the highest bidder. Life is meaningless and you only go around once. Grab all you can while you're hear. Life is totally without meaning and I have no kids anyway. Who gives a sh!t. It the Iraqis wanted to manage their own affairs they should have killed Saddam themselves. Screw um. Money is everything.

Oh... way cool... monopoly the real 'bored' game.. When you're out of things to do you play the game, only question I have is; if you get an entire country and are done exploiting the resources can you just sell it back to the bank?
Why, when starvation sets in there's good money to be had milking the emergency foreign aid.
What sucker country owner is gonna pay foreign aid for my hungry peasants.. ? Besides who cares..?

 

DealMonkey

Lifer
Nov 25, 2001
13,136
1
0
I agree with the decision. I think we need to take into consideration that Iraq and the rest of the Middle East needs to see the U.S. leaving Iraqi business in Iraqi hands. To start selling off interests or giving away valuable business sectors to foreign ownership will only fuel more resentment.
 

DealMonkey

Lifer
Nov 25, 2001
13,136
1
0
Yeah, wow Dari. Profiting from the killing of people. No wonder you're always beating the war drums the loudest around here. Or perhaps it's something else that you're beating....? I think it's high-time to put away the war porn my friend. :)
 

zephyrprime

Diamond Member
Feb 18, 2001
7,510
2
81
It seems to me like this issue isn't so significant in actuality because who would want to buy any businesses in Iraq? Buying a business there is like buying a Athlon with a chipped core. The only thing worth buying there is stuff that is oil related and the original provisions banned this. This move is just PR.
 

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