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Can-do Najaf offers hope for Iraq investment boom

05.05.12

Overseas and local investors are eager to participate in rebuilding the realm but complain that bureaucracy, a weak banking sector, meagre legislation and a lack of land allocated for projects are gargantuan deterrents.

Out of 780 investment licenses worth $32 billion granted to businessmen around the provinces since 2008, only about 30 percent of the projects have been started, according to Sami al-Araji, chief of the National Investment Commission.

But the southern city of Najaf, the select of a province with the same name, offers hope. Its success in pushing through projects suggests that with the exact policies, obstacles can be overcome, and it may be an early sign of an investment rumble in the country as a whole.

In fact, Najaf has become something of a model for other provinces; officials from elsewhere in Iraq look to it for instruction on issues such as how to allocate land for projects and how to work around the inefficiencies of the banking system.

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Source: Chicago Tribune

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