“Iraq and Vietnam News” Posted by KTFA Members 10-9-2024
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Clare: Association of Banks: More than 600 government institutions adopt electronic payment
10/8/2024 Baghdad
The Association of Private Banks confirmed, on Tuesday, that the number of government institutions relying on electronic payment has increased to 600.
The Executive Director of the Private Banks Association, Ali Tariq, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the government decisions obligating government institutions and many private institutions to provide an electronic payment window - which began to be implemented in March 2023 - have brought about a tangible change in the use of this system in Iraq."
He added, "The infrastructure was ready with the support of the Central Bank of Iraq, with prior instructions and great cooperation between banks and electronic payment companies."
He pointed out that "government support has contributed to accelerating the spread of electronic payment, as we have witnessed during the past year and a half a significant increase in the number of cards issued, reaching 20 million cards, including 2 million cards issued during the last year. The number of electronic payment devices has also increased to more than 30 thousand devices, and it is expected that this number will double by the beginning of next year."
Tarek explained that “the number of government institutions that have adopted the electronic payment system has exceeded 600 institutions, after it was only about 50 institutions, which led to a significant increase in the volume of trading,” noting that “this system has many benefits for citizens, projects and the government, as it provides security, speed and low costs compared to transferring money and its exposure to damage, theft or counterfeiting.”
He stressed that "the next phase will witness a greater expansion in the use of electronic cards and an increase in electronic payment operations, with the primary goal of providing an easy and inexpensive service to the Iraqi citizen, whether in government or private institutions." LINK
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Clare: The government completes the file to join the "WTO"
10/9/2024 Baghdad: Rula Watheq
After the important steps and achievements made by the government in more than one file and sector, it was the turn to address the world and confirm that Iraq has become an economic power that should not be underestimated, and has all the qualifications and capabilities to join the World Trade Organization (WTO) after completing all preparations for that.
The government headed by Prime Minister Mohammed Shia Al-Sudani has set, within its government program, a clear vision for the economic future in Iraq, which included setting timetables for achieving the liberalization process and focusing on sectors with high potential such as agriculture, industry and services, which contributes to accelerating accession to the organization.
According to the spokesman for the Ministry of Commerce, Mohammed Hanoun, to Al-Sabah, "All preparations were completed by the government team representing all ministries, which held an important meeting in Abu Dhabi headed by Minister of Commerce Athir Dawood Al-Ghariri."
He explained that "Iraq has fulfilled all the requirements for joining the organization, through a package of legislation and laws currently being discussed to reform the current legal system to be in line with the requirements and controls of the international organization, such as coordinated trade policies throughout the country, including tariff rates and customs procedures."
Experts believe that joining the organization will be a "major achievement" for the government, especially since it has great benefits, including increasing Iraqi exports and contributing to stimulating economic growth.
Hanoun praised "the efforts of the Kingdom of Saudi Arabia through its team in the organization, through coordination with it, as it is the main partner in Iraq's accession to this international organization."
He stressed that "all ministries are working to ensure that the team has the information that helps it join the organization, especially since joining the World Trade Organization benefits Iraq in expanding free trade." LINK
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Clare: Iraq plans to build 52 advanced residential cities
10/9/2024 Baghdad: Hussein Thaghab
The “Real Estate Investment in Digital Transformation” Forum focused on the inevitability of adopting technology in the real estate sector and the benefits it brings to the country, at a time when nearly 200,000 housing units are being built and 52 residential cities are being planned.
The Prime Minister’s speech was read on behalf of the Digital Transformation Advisor, Dr. Hassan Al-Khatib, who said: “This forum enhances the reality of investment in Iraq and keeps pace with the development in digital transformation, which the government attaches special importance to due to its role in achieving sustainable economic development.”
He added that “the development of digital technologies will contain challenges and that cooperation with the private sector achieves the goals that the government aspires to, which will push the digital transformation process forward and enhance safe work paths in all sectors.”
He continued that “digital transformation has significant positive effects on the national economy, and Iraq is witnessing the construction of more than 200,000 housing units, which requires the introduction of advanced technology.”
He pointed out that "the country needs to introduce an infrastructure that accelerates the provision of services," noting that "the expansion in construction and the need for communications accelerates the achievement of digital transformation," warning of "the need for an infrastructure that is several times what is available, represented by the Internet, in a way that develops the Iraqi economy to large levels and helps in enhancing production and expanding services and contributes to doubling the annual gross domestic product periodically."
He stated that "the government has a plan to establish a digital academy to train thousands, even millions, of human resources to enable them to use and benefit from new technologies."
Chairman of the Baghdad Investment Commission Ali Al-Attar said: "Many housing projects have begun by introducing digital data, and this plan requires developing the
digital system."
He pointed out "the importance of developing digital performance, and we must work to prepare specialized human resources in this plan that aims to adopt technologies that are the most modern
in the world."
Representative of the Ministry of Construction and Housing, Hamid Abdul Hamad, stated that “residential cities are among the most important aspects of the government program,” noting that “the study of establishing 52 residential cities is ongoing, 5 of which have been put forward, and the cities’ specifications include that they be smart.”
He pointed out that “the city designs were not approved unless they included advanced technology and the adoption of advanced global companies in the field of
digitization.”
Executive Director of the Iraqi Private Banks Association, Ali Tariq, said that “digital transformation represents the most important direction for developing the economic reality in the country, as it rises to advanced and secure levels for money paths in Iraq.”
He pointed out that “rising to global performance requires advanced digital transactions, and here we must start from where the world ended and keep pace with the developments witnessed by the international work arena.”
He pointed out that “the balance of development during the coming period must be the most efficient, and this must be coupled with real work that comes with advanced technology and the necessary human resources.”
Financial expert Dr. Abdul Hafeez Abdul Latif described the government’s insistence on digital transformation as “the first step towards achieving sustainable economic development,” and explained that “the government’s approach represents an important step in the right direction that serves the country and reflects a bright image to
the world.”
He pointed out that "correcting paths and creating an ideal environment lies in the extent of adopting digital transformation within Iraq, and the banking system has become a supporter of developing the reality of performance in Iraq through the digital transformation sought by
the government." LINK
Henig: Trump Organization to develop $1.5 billion golf course and hotel project in Vietnam
By Reuters
October 8, 2024 HANOI, Oct 8 (Reuters) - Vietnam's real estate developer Kinhbac City (KBC.HM), opens new tab (KBC) said on Tuesday that its subsidiary has partnered with The Trump Organization to develop a $1.5 billion golf course and hotel project in Vietnam's Hung Yen province.
A memorandum of understanding between the two companies was signed in late September during the visit of Vietnamese President To Lam to the United States, KBC said in a statement. The project consists two 54-hole golf course systems, together with a network of hotels and resorts and a modern residential complex, the statement added.
A Reuters analysis in August found the golf course and resort business was the biggest driver of cash flow for the Trump Organization, the family business of U.S. Republican presidential candidate Donald Trump, which houses the hundreds of companies he ultimately owns.
In mid-September, representatives from the Trump Organization visited the province and met Hung Yen authorities to discuss investment opportunities, according to the provincial administration.
"We are excited to enter this dynamic market. Vietnam has potential in the luxury hotel and entertainment industry," Eric Trump, Executive Vice President of The Trump Organization, also the second son of former President Donald Trump, said in the statement.
It did not provide a timeframe for construction of the project.
Vietnam, with a population of 100 million, currently has about 70 golf courses and 100,000 local golfers, according to the Vietnam Golf Association.
The U.S.-based Trump Organization did not immediately respond to an emailed request from Reuters for comment. LINK
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Clare: Officially.. Signing the contract to implement the Gulf electricity interconnection with Iraq
10/9/2024
The Gulf Cooperation Council countries signed, on Wednesday, a contract to implement the Gulf electricity market linkage project with Iraq, which will enhance energy security and allow the GCC countries to supply Iraq with about 3.94 terawatt-hours annually at competitive prices less than the cost of local production, leading to a reduction in public expenditures .
The signing took place at the headquarters of the Gulf Interconnection Authority in Dammam, eastern Saudi Arabia, under the patronage of Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province, who launched the update of the control center systems for the electrical interconnection network, which aims to improve the efficiency and flexibility of electricity systems in the face of current and future challenges.
Bin Badr Al-Aziz stated that implementing the project to link the Gulf electricity market with Iraq will contribute to the sustainability of energy supply and the establishment of local projects, and enhance the stability of the electricity grid in Iraq, which reduces dependence on expensive traditional energy sources and increases the effectiveness of using available resources .
He stressed that the Gulf electricity interconnection project is one of the strategic projects that strengthens the bonds of cooperation in the economic and social fields between the GCC countries and neighboring countries, and enjoys the support of the leaders of the GCC countries in order to achieve security and stability of the energy system in the region .
Bin Abdulaziz stressed the need for expansion and that the role should not be limited to ensuring the flow of energy only; as the actual steps have begun through signing memoranda of understanding to study the possibility of electrical interconnection with Iraq, Jordan and Egypt, and at the beginning of next year, the actual operation of the interconnection with Iraq will begin.
He explained that signing the contract to implement the Gulf electricity market linkage project with Iraq will contribute to enhancing energy security and enable the GCC countries to supply Iraq with about 3.94 terawatt-hours annually, according to the targets set for 2025, and at competitive prices less than the cost of local production, which will lead to reducing public expenditures. LINK