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Muhammad Al-Najjar: The Digital Transformation Fund attracts the cash pile
Economical 11/13/2023
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Baghdad: Hussein Thaghb Al-Tamimi,
Executive Director of the Iraq Fund for Development, Muhammad Al-Najjar, said that the most important goals of the Digital Transformation Fund are focused on improving the reality of performance, and for Iraq to transform into a better stage and for us to be a country that improves its presence within the global neighbourhood, as we are lagging behind on the list of countries in the world at this time.
He said: In an interview with “Al-Sabah”: The Digital Transformation Fund is one of 6 funds that make up the Iraq Fund for Development. This fund was formed with the aim of creating a platform for real cooperation between the government and the local and global private sector to enter into strategic projects that help Iraq diversify sources of financial income.
Al-Najjar pointed out that the Digital Transformation Fund has several tasks that have a positive impact on the national economy, the most important of which is developing Iraqi human capital, as Iraq has become an importer of expertise after it was a source of it, and the country now lacks a lot of expertise due to immigration and previous policies that were adopted for decades and caused a loss. A lot of experience, pointing out that the Fund is working to return Iraqi immigrant experiences and employ them in a way that benefits Iraq.
Al-Najjar pointed out that the Digital Transformation Fund is diligently seeking to attract the cash mass hoarded in the private sector and provide paths for it to enter into large projects inside Iraq, and this is very important because there are large amounts of hoarded money that do not provide any service to the national economy, at a time when we find that their entry into the labor market will change... From the reality of the market, it creates a movement that benefits the national economy and brings great benefit to capital owners through the capital cycle that will take place within a local framework that enhances its value within the country.
He stated that the other goal of the Digital Transformation Fund is to create an ideal and promising business environment that attracts important investments to the country, especially since the Iraqi market is large and possesses the elements of success that are almost unique to countries in the world.
In turn, economic expert Zuhair Sabri Boutros stressed that the availability of the will to create national expertise in various specializations represents the most important pillar in achieving the goals for this topic, which is considered the most important in the process of sustainable economic development, which requires human resources with high expertise capable of mastering advanced technology.
Boutros pointed out that qualified national expertise is the basis for development, reconstruction, and mastery of global developments, and this matter requires a serious approach to training, qualification, and communication with advanced centers around the world with the aim of creating national expertise in various specializations.
He stressed that creating local national expertise provides major financial revenues allocated to foreign expertise that the country uses to complete business in more than one economic sector within the country, noting that Iraq has smart human resources, and this facilitates the task of creating national expertise with global efficiency.
He pointed out the possibility of benefiting from Iraqi expertise that has accumulated experience, especially from those who worked in field sites, especially in the building and construction sector, where there is a need for a large volume of work in all sectors without exception.
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