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[size=36]Al-Sudani: We cannot continue to watch Iraq remain a consumer market[/size]
Political | 10:15 - 02/12/2023
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Mawazine News - Baghdad
Prime Minister Muhammad Shiaa Al-Sudani sponsored the Industrial Partnerships Forum, which began on Saturday morning in Basra Governorate and will last for two days.
Al-Sudani’s office stated in a statement, “The forum, which was organized by the Ministry of Industry and Minerals with the participation of the private sector, witnessed a review of the success stories of a number of industrial projects that were implemented in partnership with the private sector, in the field of mineral investment, fertilizers, agricultural sprays, iron and steel, and the chlorine factory, in addition to presenting opportunities.” A partnership with the private sector, amounting to 90 investment opportunities in various industrial sectors throughout Iraq.
In a speech he delivered during the forum, Al-Sudani praised “the efforts of the Ministry of Industry in preparing to hold this forum, which comes after the petrochemical and mining industries conference, which resulted in the completion of investment opportunities in contracts exceeding 9 billion dollars.”
He also praised the broad participation of the private sector, stressing that “the forum is a platform for meeting investors who are serious about investing in existing opportunities, whether in partnership with the government sector or through investment opportunities, in accordance with the investment law.”
He pointed out, "It is not possible to employ all the huge numbers of graduates, and we cannot continue to watch Iraq remain a consumer market."
He added: "We seek to achieve an industry that exports its products outside Iraq," stressing "the government's work methodology in establishing economic partnerships and industrial cities with neighboring countries."
While he pointed out, “Iraq has the natural resources to establish a sustainable and advanced industry,” he stressed, “The government seeks to achieve an industry that exports its products outside Iraq.” He announced during the
forum that he chairs the “Private Sector Development Council in its permanent capacity, which emerged from the National Strategy for Private Sector Development 2014.” 2030, which was approved this year, as a clear message to support and develop the private sector.
The following are the highlights of what the Prime Minister spoke in the dialogue session during the forum:
Changing the state’s unilateral economic philosophy is achieved by supporting the agricultural, industrial, commercial and tourism sectors.
We have resources . It is natural to establish a sustainable, advanced industry that meets the needs of the local market and can export its products abroad.
Iraq cannot remain a consumer market for imported materials and goods.
One direct job opportunity in the industrial sector generates 4-6 indirect job opportunities in other sectors.
Investing in human capital and providing it with skills, training and capabilities is one of the most important goals of the government.
It is time for our economy to be linked to the global economic cycle and establish a strong industrial base that supports stability.
Industrial entrepreneurship must be supported to meet local needs and integrate with regional and international industries.
According to 2020 estimates, the private sector accounts for 81% of the total number of existing industrial units, compared to 11% for government companies, and 1% for mixed companies.
The percentage of contribution to total industrial production is still led by government-owned public industrial companies.
We need the private sector to contribute to industrial production for the food, pharmaceutical, construction and mining industries.
We suffered greatly from commercial partnerships that harmed government companies.
There are successful partnerships that contributed to adding production lines and qualifying workers.
We seek to empower the private industrial sector through ownership of industrial units and contributing to production.
During the year, the government worked on practical procedural steps, including establishing the Iraq Fund for Development, which establishes a sound investment environment for the private sector.
We started with a capital of one trillion dinars, and it will increase by 2024.
The capital of the Industrial Bank was increased, and for the first time sovereign guarantees were provided for investment in the private sector.
The state supports export capacity through the Export Support Fund, and we have initiated structural reform of the banking and financial sector, which is important for achieving development.
We launched a package of measures that contributed to increasing the production lines for the production of medicines, which contributed to an increase in the percentage of contracts from 21% to 40%.
The private sector has opportunities to partner with the government industrial sector or invest in industrial fields through existing opportunities.
The government is serious about direct follow-up by us to the investor, as well as the advisory team and the sectoral authority, from the beginning until the start of production.
The Development Road Project will populate industrial cities from the starting point to the connection point in Turkey, and will open the way for more opportunities. Ended 29/h
Prime Minister Muhammad Shiaa Al-Sudani sponsored the Industrial Partnerships Forum, which began on Saturday morning in Basra Governorate and will last for two days.
Al-Sudani’s office stated in a statement, “The forum, which was organized by the Ministry of Industry and Minerals with the participation of the private sector, witnessed a review of the success stories of a number of industrial projects that were implemented in partnership with the private sector, in the field of mineral investment, fertilizers, agricultural sprays, iron and steel, and the chlorine factory, in addition to presenting opportunities.” A partnership with the private sector, amounting to 90 investment opportunities in various industrial sectors throughout Iraq.
In a speech he delivered during the forum, Al-Sudani praised “the efforts of the Ministry of Industry in preparing to hold this forum, which comes after the petrochemical and mining industries conference, which resulted in the completion of investment opportunities in contracts exceeding 9 billion dollars.”
He also praised the broad participation of the private sector, stressing that “the forum is a platform for meeting investors who are serious about investing in existing opportunities, whether in partnership with the government sector or through investment opportunities, in accordance with the investment law.”
He pointed out, "It is not possible to employ all the huge numbers of graduates, and we cannot continue to watch Iraq remain a consumer market."
He added: "We seek to achieve an industry that exports its products outside Iraq," stressing "the government's work methodology in establishing economic partnerships and industrial cities with neighboring countries."
While he pointed out, “Iraq has the natural resources to establish a sustainable and advanced industry,” he stressed, “The government seeks to achieve an industry that exports its products outside Iraq.” He announced during the
forum that he chairs the “Private Sector Development Council in its permanent capacity, which emerged from the National Strategy for Private Sector Development 2014.” 2030, which was approved this year, as a clear message to support and develop the private sector.
The following are the highlights of what the Prime Minister spoke in the dialogue session during the forum:
Changing the state’s unilateral economic philosophy is achieved by supporting the agricultural, industrial, commercial and tourism sectors. We have resources . It is natural to establish a sustainable, advanced industry that meets the needs of the local market and can export its products abroad. Iraq cannot remain a consumer market for imported materials and goods. One direct job opportunity in the industrial sector generates 4-6 indirect job opportunities in other sectors. Investing in human capital and providing it with skills, training and capabilities is one of the most important goals of the government. It is time for our economy to be linked to the global economic cycle and establish a strong industrial base that supports stability. Industrial entrepreneurship must be supported to meet local needs and integrate with regional and international industries. According to 2020 estimates, the private sector accounts for 81% of the total number of existing industrial units, compared to 11% for government companies, and 1% for mixed companies. The percentage of contribution to total industrial production is still led by government-owned public industrial companies. We need the private sector to contribute to industrial production for the food, pharmaceutical, construction and mining industries. We suffered greatly from commercial partnerships that harmed government companies. There are successful partnerships that contributed to adding production lines and qualifying workers. We seek to empower the private industrial sector through ownership of industrial units and contributing to production. During the year, the government worked on practical procedural steps, including establishing the Iraq Fund for Development, which establishes a sound investment environment for the private sector. We started with a capital of one trillion dinars, and it will increase by 2024. The capital of the Industrial Bank was increased, and for the first time sovereign guarantees were provided for investment in the private sector. The state supports export capacity through the Export Support Fund, and we have initiated structural reform of the banking and financial sector, which is important for achieving development. We launched a package of measures that contributed to increasing the production lines for the production of medicines, which contributed to an increase in the percentage of contracts from 21% to 40%. The private sector has opportunities to partner with the government industrial sector or invest in industrial fields through existing opportunities. The government is serious about direct follow-up by us to the investor, as well as the advisory team and the sectoral authority, from the beginning until the start of production. The Development Road Project will populate industrial cities from the starting point to the connection point in Turkey, and will open the way for more opportunities. Ended 29/h[You must be registered and logged in to see this link.]
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