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Advisor to the Prime Minister: We are working to change economic performance
Iraq 2023/04/13
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Hussein Thaghb Al-Tamimi
Advisor to the Prime Minister for Investment Affairs, Muhammad Al-Najjar, explained that the government is working to change the economic performance in a way that achieves an integrated economy and real sustainable development, while stressing that the development fund targets 4 important joints.
Al-Najjar told Al-Sabah, on the sidelines of an economic symposium organized by the United Advocates Company: “The past period witnessed a study of the reality of ten countries, five of which are oil and five non-oil, and we stopped at success stories that were focused on, and how we invest and benefit from them locally, in The existence of local expertise capable of changing economic performance to a better reality through the private sector.
He added, “The Development Fund for Iraq aims to change the thinking of management in the country, and invests in 4 important joints, the first of which is the development of human capital, which works towards creating expertise with global efficiency, and this is one of the most important axes for raising economic performance in Iraq, and the second is returning the role of small and medium companies to Existence for its active role in activating the economy and global examples are many, and the third joint is the launch of pivotal projects to be implemented by the private sector, and the last joint is the purchase of services from investors, and investment in the investment environment for the success of the private sector ».
He pointed out that there is an international interest in the fund, participation in it and its support, pointing out that “clarification of the mechanism of action is, for example, Iraq’s need for 8 thousand schools, and this number cannot be implemented now. It is prepared by solid parties, after which it is rented for a period of 10-15 years.
Al-Najjar pointed out that "this project is offered through 4 local and international consultants, thus employing more than 250 thousand Iraqi expertise in this field and entering capitals estimated at 4-5 billion dollars into the national labor market."
Representative Atwan Al-Atwani indicated that “legislation should be encouraging to attract the private sector,” pointing to “the existence of important draft laws that are being studied, the most important of which is the partnership law between the public and private sectors, and the draft social security law that will reduce the burden on the public sector, as it provides guarantees for workers in the private sector and make their rights equal to those working in the public sector.
He pointed out that "the reality of the situation requires thinking to achieve sustainable development through multiple financial revenues, benefiting from crude oil revenues to revive other sectors."
Economic affairs specialist Adham Al-Fakhar spoke about the impact of legislation on the private sector, which has an active role in managing the national economy, being a partner to the government in economic construction.
He said, "Efforts are focused on building an effective economy in a phased manner and in the form of serial links that advance the productive and service sector in proportion to the size of the country," noting that "the private sector can handle many of the responsibilities entrusted to it."
In his role specialized in economic affairs, Manar Al-Obeidi, he talked about the importance of the budget, as it is the engine of the Iraqi economy, while you find the opposite in the countries of the world whose economy does not depend on budgets, but rather on the volume of investments entering their labor market, at a time when we find Iraqi capital going out to the markets others during the past periods.
Al-Obaidi touched on the reality of operational and investment spending, as there is a big difference between the two, and there is a decline in investment expenditures, which requires developing the business environment to encourage investments in all governorates.
As for the director of the organizing company, Miqdad al-Jubouri, he said: “The role of the law in supporting the work of institutions has evolved around the world, and we must benefit from these developments and keep pace with them,” pointing out that “laws are an effective means to improve and develop performance, and not a set of restrictions and obstacles against work.”
He explained that "the world is heading towards the east and a new type of economic relations is emerging, and here we must benefit from global changes and keep pace with them to serve the national economy." Chairman of the Iraqi-Jordanian Business Council d. Majed Al-Saadi said: “The foreign investor and the expatriate are looking for a safe environment from two main perspectives of the same importance, which are personal security and financial security.” He explained, "With regard to financial security, it means the availability of a sober banking sector that provides a high flow of investors' money flows to help them accomplish the task easily and with high success."
Al-Saadi believes that the Iraqi banking sector in its current situation does not represent the aspirations of investors, and he did not exclude the government banking sector from objective criticism in this direction, and this impression of our banking sector prevails today among the construction community and major investors around the world.
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