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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Parliament marks “intentional destruction” of the Iraqi industry.. Low contribution to local product

    Rocky
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    Parliament marks “intentional destruction” of the Iraqi industry.. Low contribution to local product Empty Parliament marks “intentional destruction” of the Iraqi industry.. Low contribution to local product

    Post by Rocky Thu 03 Mar 2022, 6:00 am


    [size=30]Parliament marks “intentional destruction” of the Iraqi industry.. Low contribution to local production sums up the failure story

    2022-03-03
    [/size]
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    Yes Iraq: Baghdad

    Hakim al-Zamili, the first deputy speaker of the House of Representatives, said on Thursday that the country's industry had been destroyed "totally, intentionally and systematically".
    This came during his meeting today with representatives of the Federation of Industries and a number of Iraqi industrialists, to discuss the problems that the Iraqi industry suffers from and ways to overcome them, in the presence of a number of deputies and advisors.
    Al-Zamili said during the meeting that "the Iraqi industry was completely, intentionally and systematically destroyed, after it was subjected to a series of catastrophes and neglect, the continuity of the policy of opening doors for import, the lack of quality control and the failure to activate product and consumer protection laws."
    He called the First Deputy Speaker of the House of Representatives to expedite the activation of the Social Security Law by raising awareness of its importance as the real guarantee for the worker, instructing the formation of a working group from the House of Representatives to coordinate with the Council of Ministers, relevant authorities and specialized industrialists to solve problems and develop solutions for the development of the industrial sector.
    Al-Zamili also indicated that the two most important tributaries of the country are: industry and agriculture, not oil, which suffers from daily fluctuations and cannot be relied upon, noting that all the country needs are well-studied plans that are implemented in a scientific manner.
    The member of the Presidency listened to the problems that the private industrial sector suffers from, represented by energy, fuel quotas, and the re-support of this sector. About the media office of Zamili.
     
    The contribution of industry to the local production.. A brief testimony to the failure of the industrial sector
    The contribution rates of the different sectors to the country’s GDP are one of the most prominent testimonies to the extent of the success and failure of these sectors. The failure of the industrial sector in Iraq is clearly visible after its stability under 3%, according to figures that can be described as “optimistic” by the Ministry of Planning.
    The contribution of the industrial sector to the GDP in 2019 amounted to nearly $3 billion out of a total GDP of $222 billion, which makes the industry’s contribution to the GDP less than 1.5 percent.
    With the exception of the year 2020, which is a year outside the possibility of comparison due to the closure of Corona, the industry’s contribution to the GDP appears to be 2.8 billion dollars, despite the increase in the price of the dollar and the devaluation of the Iraqi dinar, which the Ministry of Finance justified at the time as a step that will revitalize the local industry and make it more competitive compared to commodities. Imported, but the contribution of the industry has decreased 10%.
     
    The devaluation of the dinar did not save the industry!
    Economic researcher Manar al-Obaidi says in a clarification received by “Yes Iraq”, that “although one of the objectives mentioned in changing the exchange rate is to increase the contribution of the industrial sector to the domestic product, comparing the figures achieved in 2021 with previous years, we find that there is no real increase In GDP, we notice a decline in the value of the industrial sector’s contribution to GDP from 2.95 trillion dinars in 2019 at current prices, compared to 2.8 trillion dinars in 2021.”
    He added, "This means that no growth has been achieved in this sector despite the change in the exchange rate," noting that "a change in the exchange rate alone cannot increase the contribution of the industrial sector to the domestic product. Rather, it should have been accompanied by a set of reforms, including providing fuel to factories. Facilitating the procedures for registering factories and industrial projects and setting a strategic plan for distributing the geographical area of ​​factories across Iraq.
    He explained that "the Ministry of Finance failed in this goal, which it considered one of the most important goals in supporting the industrial sector and the domestic product."
     
    The industry’s contribution to the GDP has fallen 75% since the blockade..and it hasn’t risen yet
    In the latest census of the Iraqi Ministry of Planning, it revealed that the contribution of the industrial sector to the country’s gross domestic product amounted to 3% during the year 2020, which is a low level compared to its contribution before the siege, which amounted to 12%, which means that the contribution of the industrial sector in Iraq has declined 75% since the siege .
    And the Central Bureau of Statistics of the Ministry said in a report that “the industry in Iraq has witnessed fluctuation and instability since the beginning of its development in the seventies, between rise and decline to witness progress in the period between 1989 and 1990 to reach 12%.”
    He added that "the industry witnessed a significant decline during the years of the economic embargo imposed on Iraq in August 1990 until 2003, as the industry's contribution to local production amounted to less than 2% in 1997."
     
    He pointed out that "the industrial sector has not witnessed a significant development in its contribution to the gross domestic product within the activity of manufacturing industries, since that date due to the almost total dependence on oil production."
    As for the period of the Corona pandemic, the report stated, “The percentage of GDP increased by 1% in light of the drop in global oil prices, to reach 3% in 2020.”
    While the industry’s contribution to the GDP in 2003 reached 2%, it has been at this level for 18 years and has never progressed.
    The number of factories affiliated with public sector companies in Iraq is about 227, of which only 140 are operating, according to data from the Ministry of Industry and Minerals, and 87 others are suspended.
    As for the number of fully established industrial projects, it amounts to 20,415 projects, of which only 2,248 projects are operating, which means that 90% of industrial projects are suspended.
    The low contribution of the industry to the GDP explains the reason why oil is the dominant one in the GDP, as it reached during 2020 57 percent, while the activity of wholesale and retail trade and hotels came second in terms of contributing to the GDP by 8.05 percent.
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