Al-Saadi: privatization of companies turning losing into winning

Al-Saadi: privatization of companies turning losing into winning



02/10/2014 7: 55

Received the decision of the Council of Ministers to form committees to study the mechanisms of conversion of public companies to the private sector to accept those interested in Economic Affairs, stressing the need to mesh this with Joomla calendar procedures for the private sector.

The Council decided at its 4th meeting on Tuesday to form a Committee of advisers to United Nations organizations to prepare a comprehensive study on the success of the process of transforming State-owned enterprises to the private sector provided that workers ' rights and improve their living standards by raising the efficiency of these firms or adapt them in line with this objective.

Productive sectors

President of JSC Dr. Abdul-Razzaq Al-Saadi, said in an interview for "morning" that this trend is part of the economic reform program endorsed by the Government in its programme of work, which included reducing the State's role in the productive sectors to coincide with the development of the domestic private sector which has the task of managing the local economy in the future, as established by the Constitution.

Companies winner

It was important to give the Ministry of industry and minerals companies in dealing, for the many constraints limit their transformation from losing to winning companies, pointing out it's burdened with large numbers of staff who do not have adequate skills in competence and widespread underemployment, as well as outdated production lines, which went out of service.

Activation of the production

He highlighted the importance of hierarchy in dealing with these companies through privatization and allowing the private sector as a partner to boost production, and then converted to contribution and to invest in Iraq stock exchange market in line with the country's economic transformation towards an open-market economy.

Turnover

Saadi considered the importance of selling shares in State companies in the mixed sector to private sector development in all its facets and raise his record of decisions, bureaucratic and proposes the formation of a sovereign fund from the capital leads the task of providing support to companies for rehabilitating its lines and supplying advanced technology to raise the productive capacity and thus creating a capital between the company and the Fund will recover the money made from the profits of the company, noting that after the company calendar and turn it into a winner to support another company According to the same curriculum to all public companies.

Future strategy

He was Industry Minister Naseer Al-isawi said in a press statement the need to plan future strategy aimed at upgrading the country's industry and diagnosis of the constraints facing firms for the purpose of finding appropriate solutions and staffing concern operating in the Ministry and its affiliated companies as a central pillar of the work of the Ministry in the next phase.

Important steps

The head of the Iraqi Federation of industries Ali sabieh has pointed out the importance of this trend and cycle in the construction industry and the return to life and production again, pointing out that this step must precede important first steps to activate industrial initiative to raise private sector performance is relative.

Productive integration

He highlighted the importance of promotion of the private sector which has long neglected and much of what the world has witnessed developments in all industrial areas, indicating that the conversion of public companies to the private sector was positive but needs integration with all the joints of the local industry, so can not achieve success without supplementary industries part of private industry that needs legislative and financial support organizes and helps rotate the wheel production.

Consumer culture

Sobeih said that this resolution aims to boost local industrial production in many aspects, stating that this requires work to create new consumption culture among citizens and Government authorities to move towards local quality products, as well as the need to provide protection for local products to compete with imported products and establish a local product.

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