Business competition in Iraq

After languishing in a state-run command economy for more than 40 years, Iraqi business people are now worried about their future.

Their anxiety stems from an October law that turned the country's socialist system into the most open economy in the Arab world, permitting 100% foreign ownership of Iraqi businesses.

...The October law, signed by the Iraqi Governing Council and US administrator Paul Bremer, banishes most restrictions on trade, capital flows and foreign investment.

Even al-Titenchi, from the pro-American chamber of commerce, complained that the law was drawn up without the help of the Iraqi business community it regulates.

"It was an order from Mr Bremer. They didn't consult anyone about it," al-Titenchi said in an interview at a conference the chamber called to explain the new law to Iraqis.

Al-Titenchi said the chamber had been flooded with questions and complaints about the law.  article

Aw, quitcher bellyachin'. Yer free, aintcha?

The law of the market was harsh but it honed a company's skills enough to compete globally, [Michael Fleisher the Coalition Provisional Authority's head of private sector development] added.

"Protected businesses never, never become competitive," Fleisher told the 100 or so attendees. He predicted the new law would lead to an "economic wonder on the Tigris and the Euphrates."

"Will you be overwhelmed by foreign businesses? The answer depends on you," Fleisher told the audience. "Only the best of you will survive."

Fleisher urged the business leaders to press their advantages before foreigners start arriving. Use your head start, your knowledge of the local market and your commitment to stay in Iraq, he said.

Fleisher praised another component of the law, which sets the top personal income and corporate tax rates at 15%.

"The entire Republican party in the United States would like to have the new Iraqi tax law," he said.

No comment to that asshat. You call that one.

...but hey, do what you want....you will anyway.