Alaq: Public-private partnership aims to achieve economic growth and job creation

by **Rocky** Sun 08 Apr 2018, 9:09 am

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Alaq: Public-private partnership aims to achieve economic growth and job creation

by Rocky Sun 08 Apr 2018, 9:09 am

Alaq: Public-private partnership aims to achieve economic growth and job creation

The Secretary-General of the Council of Ministers stressed that the aim of the partnership between the public and private sectors is to accelerate economic growth, raise productivity and provide real employment opportunities. “The socialist approach adopted by us, which is responsible for all sectors of the industrial front, made us stand on the effects of the destruction of the latter, especially after the collapse of the global oil price system,” Al-Aalak said on the sidelines of a symposium held at the Baghdad International Book Fair, . He added that “high oil resources covered all the disadvantages of other sectors, where the industrial sector seems okay, which is not so,” revealing a study carried out by the advisers in the Presidency of the Council of Ministers, two years ago, revealed the shortcomings of the industrial sector. Alaq pointed out that it is difficult to rely on the option of privatization, because the reality of industrial buildings may not be allowed in the short or medium term to adopt them absolutely, and the government is still looking for alternatives. He added that the Ministry of Industry has offered 28 investment opportunities for industrial facilities in the form of privatization at the Kuwait conference for the reconstruction of Iraq. In turn, the industrial expert, Jacob Shonia, said during the meeting that “partnership between the two sectors is necessary to overcome the obstacles that affect the Iraqi economy,” noting that the most prominent obstacles are “the continuing budget deficit and the increasing number of unemployed and increasing volume of internal and external debt and the spread of financial and administrative corruption, . Since 2010 and until the end of this year we have not noticed any change, noting that the most recent buildings are the two factories of the Ministry of Industry and Minerals in 1979, ie before the Iran-Iraq war. “The need to restructure the industrial facilities in order to accelerate the cycle of industry,” Shonia stressed, stressing the need to examine and check the level of the private sector and its possibilities and how to deal with the crises that hit the country. However, the private sector has been able to achieve positive results in a short period of time, which encourages the state to introduce privatization and investment. With regard to the banking sector, the Director General of the Iraqi Bank for Trade, Faisal Al-Hims, said during the seminar that the banking sector is active in its income through financing various economic sectors in the country, whether industrial, commercial or agricultural. He added that there are specialized government banks to finance each sector, as well as existing legislation that codifies the work of banks and the private sector in terms of investment and economic activities. He pointed to the existence of government support is the ongoing initiatives of the Central Bank of Iraq, such as the initiative of financing small and medium enterprises and the industrial initiative, pointing out that foreign banks interested in entering the auction of foreign currency to get rid of banking risks, and neglect the financing of economic activities. He added that the Iraqi Bank for Trade and the participation of banks under the banner of the Association of Private Banks, headed towards financing the refinery project Karbala, but the Ministry of Oil stopped this trend to provide financial revenue in the budget, but there could be future opportunities. He explained that the Iraqi Trade Bank has entered into an agreement with the Industrial Bank concerning the industrial initiative to open the credit for the import of industrial machinery, which is required by the initiative, pointing out that next week will witness the opening of the first adoption between the Iraqi Trade Bank and the Industrial Bank, stressing that “Iraq needs to destroy bureaucracy government banks “He said. “All those concerned with economic affairs know that the government has taken important measures to stimulate the private sector, including the government program and the committees of experience and the strategy of developing the private sector for the years 2030-2014,” said Samir Nusairi, economic adviser to the Association of Iraqi Private Banks. Al-Nusairi noted that “the strategy contains excellent programs but has not been implemented because of the security and financial crises.” He called for the strategy to be reconsidered by the Committee of Counselors because it was developed in cooperation with international organizations. The review must be conducted according to the changes that have occurred Iraqi economy in 15 years

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