17 hours ago
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Today, Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified the most prominent adoptions of the draft economic reform law, which Minister of Industry Khaled Battal announced the Cabinet’s approval of its legislation.
Saleh told the official agency, "The purpose of the draft law is to reform the industrial sector and to keep strategic industries in the hands of the state through the public sector, such as the iron and steel industries and petrochemicals, but this does not prevent partnership between the state and the private sector in other manufacturing industries."
He added, “The project embraces basic principles, especially in the field of operating, rebuilding, or rehabilitating manufacturing industries, as the state will remain the leading sector for strategic industries whose products constitute inputs into other production chains, which are intended for heavy and strategic industries.”
He added, “The law does not prevent partnership with the private sector in some less complex branches and arms of manufacturing industries according to the (win-win) rule, especially in sharing the returns of participation in a fair and legal manner, while branches of small manufacturing industries can then be assigned to the private sector.” On the condition of technological modernization and the guarantee of labor rights and others, and according to modern foundations stipulated in the constitution regarding the market economy.
He continued, “The general framework of the economic reform law is large and embraces a new three-dimensional incubator between the government and the private sector to advance the manufacturing industry forward after 20 years of experiences and confusions, as the partnership relations in the past period were marred by many contractual problems and it seems that they will undergo the reform process in response to the efforts of the president.” Ministers in advancing the Iraqi reality in various fields, according to what was stated in the government program.
He continued, “It is also noted that the draft law is consistent with the principles of the government program in operating the joints of the national economy and bringing about a quantum leap in the productive and technical activity of Iraq, especially the manufacturing industries and advancing them according to modern technical, technological and marketing bases and components that maximize added value and strengthen the value chains themselves and employ a labor force.”
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