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Muhammad Al-Najjar: Iraq welcomes international partnerships that advance the economy
Economical 12/14/2023
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Baghdad: Hussein Thaghab
Developing the business climate in Iraq represents the most important goals of the Iraq Fund for Development, as it works to provide attractive climates for international investments to Iraq, which represents an important destination for specialized global efforts.
The Fund’s Executive Director, Muhammad al-Najjar, said: “The Fund is working to support the Iraqi market with effective and real investments to be addressed by the local and international private sector, especially since the Fund sponsors important participation between Iraq and the Kingdom of Saudi Arabia, and we look forward to expanding the circle of cooperation.”
He expressed his happiness with the first achievement achieved by the Fund, which was represented by the company’s agreement with Saudi Arabia in the industrial sectors of interest to the private sector, as there is a serious effort to enhance real cooperation and create partnerships that bring great benefit to the country, pointing to support for digital transformation efforts in a way that is commensurate with the global developments that we must keep pace with.
The Ambassador of the Republic of Iraq to the Kingdom of Saudi Arabia, Safia Al-Suhail, confirmed to Al-Sabah that there is a great desire on the part of the Saudi side to enhance economic cooperation with Iraq, pointing out that consultations are continuing between the two countries with the aim of enhancing economic activities.
She indicated that the Saudi private sector is working to strengthen its presence within the Iraqi labor market due to its importance and the abundance of job opportunities and other elements of success.
The Saudi Minister of Commerce and Chairman of the Saudi-Iraqi Coordination Council, Majid Al-Qasabi, affirmed the Kingdom’s keenness to maintain and develop relations between the two countries, and to expand the horizons of cooperation to serve common interests, pointing to the social and historical ties that bind the Iraqi and Saudi peoples.
He added that businessmen in Saudi Arabia, through the Saudi-Iraqi Coordination Council, are making unremitting efforts to overcome some of the procedures, and there is communication and meetings held between Iraqi and Saudi businessmen in order to enhance cooperation between the two sides.
The authorized director of the Iraqi Diar Company, Salman Daoud Salman, said: “Under the sponsorship of the Iraq Fund for Development, the Iraqi and Saudi sides participated in the private sector for the first time.”
He explained that “Al-Diyar Company acquired 49 percent of the investments of the Saudi Northern Factory in Iraq,” noting that “the company is considered one of the important companies in the industrial field.”
In turn, the CEO of On Time International Group, Walid bin Abdul Karim, stated that the tremendous technological development that we are witnessing today, and the increasing trend towards digital transformation, has created many appropriate solutions to deal with the challenges associated with government bureaucracy, through developing digital services, diversifying service delivery channels, and using artificial intelligence to improve them. .
He stressed that involving the private sector in this transformation, through developing business models, amounts to re-engineering government procedures and presenting them with the concept of the private sector.
He stated that by following the reports of international organizations, the Iraqi economy recorded significant growth rates in 2022 amounting to more than 7% according to the World Bank report, and this percentage may be driven by the record oil boom, but it gives a positive indicator and an incentive to continue working on the reforms and development initiatives that it announced. The Iraqi government and strengthening efforts to diversify economic activity and develop non-oil sectors.
He pointed out that there is a great opportunity to develop the business environment in Iraq, as we diagnose the challenges facing the investment climate and business environment in the Iraqi markets, which have promising economic and developmental components, and have the ability to launch a new phase of growth that meets the aspirations of its people and regains its position on the map of the global economy, and we are optimistic about the development efforts. The current focus on infrastructure development may represent one of the main drivers for encouraging investment attraction and diversification of the economic base, as well as working to develop the legislative environment regulating economic work represents a major focus for creating new opportunities for investment and trade in the long term.
Abdul Karim said: Iraq today is going through a phase of transformation towards more diverse and advanced development horizons, which creates great opportunities. Therefore, we understand the extent of the work at hand, and we are happy to be part of this growth and contribute to developing appropriate solutions that support the facilitation of government procedures and create new opportunities for work and investment. And trade in Iraqi markets.
He pointed out that the development of human resources represents the basis of business success, and it is one of the axes that we give priority to in our work, because we rely on developing and building specialized skills in employing technology to facilitate and develop government services, and reduce completion times through flexible working hours, which enhances confidence between both sides of the sector. Governmental, private, and between service providers and the receiving public.
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