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The business climate in Baghdad is on the table of international attention
Economical 11/26/2023
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Baghdad: Hussein Thaghab
The business climate for private sector companies in Baghdad has gained the attention of international organizations that provide support in this regard, which aims to address chronic economic problems. The German Foundation for International Cooperation (GIZ) and the Federation of Iraqi Chambers of Commerce issued an index of the business climate for private sector companies in Baghdad, which included several results, the most important of which are: Business development in Baghdad requires government support, the tax system is inappropriate, and development is driven not only by investment, but also to a large extent by good governance.
Director of Entrepreneurship at the Federation of Chambers of Commerce, Falah Hassan Al-Jubouri, said: The Federation has cooperation with programs, including the project to develop the private sector and enhance employment, which represents an important axis in developing economic performance in the country, and which aims to create an ideal business climate within the Iraqi labor market.
Al-Jubouri pointed out that cooperation with the program provides real opportunities to address the challenges facing companies operating in Iraq, noting that in light of the work witnessed in the past period in this direction, we and the partner have indicated positive results achieved in detail in the business climate.
The advisor at the German Foundation for International Cooperation, Dr. Klaus Averker confirmed the horizontal expansion of this project within Iraq, and we will have results on the business climate in all regions of Iraq.
He stated that the business climate is a curriculum used all over the world, and receives international attention, especially at the level of the most important global media institutions and within the largest international economies.
He stated that business data is needed to know the current situation and formulate the economic policy that must be adopted, indicating that the goal of knowing the business climate index in cooperation with the Federation of Chambers of Commerce aims to achieve major benefits for the Iraqi economy in the present and future. Doha Ezz Al-Din Al-Obaidi from the climate index team said: This index was issued with financial support from the European Union delegation and the German Federal Ministry for Economic Cooperation and Development. The business climate index provides solid, objective and timely data, as well as quantifiable, and prepares data-based and existing policy making. Evidence-based is critical to sustainable economic reforms because it follows objective decision-making and allows for transparency and accountability by relying on solid data and evidence.
She indicated that policymakers can confront complex challenges more effectively, avoid unintended consequences, achieve better results, and ensure that resources are allocated in a cost-effective manner for the benefit of society, pointing out that it is a great benefit for Iraq to have more data available about the country’s economic situation while companies invest and grow. The sector is private.
Al-Obaidi stated that the survey aims to reveal short-term trends for all private businesses with regard to their development and the problems they may face, and the union will be able to better assess the situation in various sectors and different regions and support and support the private enterprise sector.
She confirmed that some conclusions from this indicator indicate that business development in Baghdad requires government support, and that the tax system is inappropriate. It is suggested that this should be taken into consideration by the relevant decision makers that development is not only driven by investment, but also to a large extent through good governance.
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