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An international movement to activate small and medium enterprises in Iraq
Economical 2023/05/24
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Hussein Thaghb Al-Tamimi
Participants in the workshop of the Iraqi Economic Contact Group, sponsored by the German Agency for International Cooperation, agreed on the importance of strengthening the role of the private sector and financing small and medium enterprises in reviving the national economy.
Work is being done by the group, in cooperation with Iraqi institutions, to qualify workers in these projects, and the participants unanimously agreed on the importance of establishing a specialized body for the management and development of medium and small projects.
The Iraq Economic Liaison Group (IECG) was launched in 2020 to support economic reform processes in Iraq, and it includes not only the G7 countries, but also the European Union, the World Bank and (in an advisory capacity) the International Monetary Fund.
The representative of the German Embassy, Volker Adele, said: “We are present today with the aim of building the capabilities of the private sector and standing up to the international support provided for the development of the private sector and financing small and medium projects, as the Iraqi Economic Contact Group works as an advisor to the government, with the aim of achieving economic advancement.”
He added, "We are serious about advisory support as well as supporting the administrative structure, and we are also working to activate economic growth within a specific time frame, as well as dealing with the effects of Covid-19 in the economy," pointing to "the inevitability of a positive framework for rebuilding, provided that the sector has your role
outstanding in this direction.
He pointed to "the need for small and medium enterprises to have the most prominent role in building the economy," noting that "Germany built its economy on the basis of these projects, which makes us work with Iraqi government institutions to raise awareness about the mechanism of work of small and medium enterprises and the mechanisms for applying international laws in this regard." matter.”
As for the representative of the Canadian Embassy, Colleen Lake, who read her speech on behalf, she stressed that the focus of building the economy of any country stems from small and medium enterprises that require an appropriate and supportive environment for such projects that employ
88% of workers in the private sector in some countries
major economies of the world.
She pointed out, "There are challenges facing women entrepreneurs in reaching their goals, in addition to social responsibilities and lack of time, which requires working on how to break down barriers for women to be part of entrepreneurship," stressing "the importance of restoring Iraq's economic status and building it properly."
Flexible towards the future.
In turn, the head of the reform management cell, Amer Al-Adadh, said: "The past period witnessed the provision of skill support by transferring the expertise of managing small and medium projects to the Iraqi youth, improving performance, and making them effective tools to stimulate the economy." He praised "Prime Minister Muhammad Shia'a al-Sudani's encouragement, stimulation and development of these projects to have an important financial return," pointing out that "Iraq needs to increase skills to make them at the level of regional countries."
As for the Executive Director of the International Islamic Bank, Suha Al-Kafaei, she said: “The issue of small and medium enterprises must be supported by all institutions due to its economic importance,” noting that “the International Bank has provided financing to 750 projects, as there are successful projects that have been referred to by the work team, and we can also finance More than 30,000 projects, as the bank worked to adopt electronic platforms in order to simplify procedures and address problems, and specialized international business institutions praised this mechanism, which improved the internal work environment.
Al-Kafaei indicated that she was with the Ministry of Planning to find out what is being planned for the future, as she found a great effort being made and looking into the reasons for the failure of these projects in the previous period, pointing out that the International Islamic Bank financed projects worth 55 billion dinars, including small and medium ones. And two major projects.
In his turn, Bassam Al-Attiyah, a specialist in economic affairs, talked about the difficulty of financing small and medium enterprises and their reasons, whether political, security or infrastructure. He also stopped at the regulations and policies that start from taxes, registration and competition laws. Vice-Chairman of the Business Women Council, Maha Al-Obeidi, confirmed that “small and medium enterprises can be an important axis for solving the problems of the national economy because of their role in supporting the capital cycle and making it be within a local framework, and this enhances the reality of economic development by expanding the circle of production and services provided by these projects.”
She explained that "these projects work to provide job opportunities for a wide range of unemployed youth of both sexes."
The representative of the Ministry of Commerce, Ali Adel, pointed out that “the participants in this forum unanimously agreed on the importance of establishing a specialized body for the management and development of medium and small enterprises, and setting up mechanisms that provide them with the necessary financing, financing agencies and financing paths,” noting “the importance of activating the mechanism of the small projects fund.” And medium in the Ministry of Labor and Social Affairs, and overcome all the challenges facing the lending operations to implement these projects ».
He pointed out that "the reality of the situation in Iraq requires serious thinking about creating projects that are intended to cover local demand, and to go to import within specific periods, in a way that supports the national economy."
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