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Economy News - Basra
The Prime Minister, Muhammad Shiaa Al-Sudani, stressed the government’s work methodology in establishing economic partnerships and industrial cities with neighboring countries. While he pointed out that Iraq has the natural resources to establish a sustainable and advanced industry, he stressed the government’s endeavor to achieve an industry that exports its products outside Iraq.
A statement by the Prime Minister’s Media Office said, in a statement received by Al-Iqtisad News, that “Prime Minister Muhammad Shiaa Al-Sudani sponsored the Industrial Partnerships Forum, which began its activities this Saturday morning, in Basra Governorate, and will last for two days.”
The statement added, "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 partnership opportunities with the private sector." "There are 90 investment opportunities in various industrial sectors throughout Iraq."
Al-Sudani, in a speech he delivered during the forum, 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."
The Prime Minister announced during the forum, “It is chaired by 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.”
He said in the dialogue session during the forum, according to the statement, that “changing the state’s mono-economic philosophy is achieved by supporting the agricultural, industrial, commercial and tourism sectors,” adding: “We have natural resources to establish an advanced sustainable industry that meets the needs of the local market and can export its products abroad.” .
He stressed by saying: "Iraq cannot remain a consumer market for imported materials and goods," noting that "one direct job opportunity in the industrial sector generates 4-6 indirect job opportunities in other sectors."
He pointed out that "investing in human capital and providing it with skills, training, and capabilities is one of the government's most important goals," stressing that "the time has come for our economy to be linked to the global economic cycle and to establish a strong industrial base that supports stability."
He continued, “Industrial entrepreneurship must be supported to meet local needs and integrate with regional and international industries.” He pointed out that “the private sector, according to 2020 estimates, accounts for 81% of the total number of existing industrial units, compared to 11% for government companies, and 1% for mixed companies.” ".
He stated that “the percentage of contribution to the total industrial production is still led by government general industrial companies,” stressing “the need for the private sector to contribute to industrial production for the food, pharmaceutical, construction, and mining industries.”
He added, "We suffered a lot from commercial partnerships that harmed government companies, and there are successful partnerships that contributed to adding production lines and qualifying workers," stressing "the effort to empower the private industrial sector through ownership of industrial units and contributing to production."
He pointed out that "the government worked within a year 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 it provided Sovereign guarantees for investment in the private sector.
He noted that "the state supports export capacity through the Export Support Fund, and we initiated structural reform of the banking and financial sector, which is important for achieving development, and we launched a package of measures that contributed to increasing production lines for the production of medicines, which contributed to an increase in the percentage of contracts from 21% to 40%," noting that “The private sector has opportunities to partner with the government industrial sector or invest in industrial fields through existing opportunities.”
He stressed that “the government is serious about direct follow-up by us to the investor, as well as the advisory team and the sectoral body, from the beginning until the start of production,” concluding by saying, “The development road project will settle the industrial cities from the starting point all the way to the connection point in Turkey, and will open the way for more.” Of opportunities.”
Added 12/02/2023 - 10:44 AM
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