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Economy News - Baghdad
Today, Monday, the Ministry of Planning announced the approval of Prime Minister Muhammad Shiaa Al-Sudani for Minister Muhammad Tamim to assume the presidency of the Permanent Council for the Development of the Private Sector, confirming the imminent formation of the council.
A statement from the ministry, received by Al-Iqtisad News, stated that “Prime Minister Muhammad Shiaa Al-Sudani agreed to assume the presidency of the Permanent Council for the Development of the Private Sector, based on a request submitted by the Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, in order to give the council the role and space.” which should be occupied."
The statement explained, “The formation of the Permanent Council for Private Sector Management comes in line with the adoptions of the ministerial curriculum, which emphasizes the commitment to support the private sector, whether in the field of implementation or legislation, as a partner in reconstruction and construction,” pointing out that “the Ministry is keen to provide all kinds of support for this.” The sector, for its vital role in revitalizing and developing the Iraqi economy.”
He pointed out, "The Permanent Council for Private Sector Development will include in its membership representatives of private sector unions and associations in accordance with the objectives of the government program," indicating that "the Ministry has taken a number of measures as part of preparations to transform the Council from its temporary capacity to its permanent capacity."
He stated, “The Private Sector Development Council was formed in 2021 to be one of the main outcomes of the Private Sector Development Strategy, 2014-2030, and represents the highest structure to supervise the strategy, and provides the appropriate opportunity for the private sector to manage itself, and it will also be a platform for dialogue and interaction.” Coordination and integration between the public and private sectors.”
The statement noted, “The Council includes in its membership representatives of more than (15) entities representing unions, associations, and private sector actors, including businesswomen and youth, in addition to the participation of government agencies, namely the Ministries of Planning, Finance, Industry, Minerals, Trade, Labor, and Social Affairs, in addition to the Central Bank.”
He pointed out, "Nominations for membership in the General Authority of the Council in its permanent capacity were opened for approximately three months, and the number of applicants reached (228) candidates representing most of the private sector entities. The applicants were evaluated according to the differentiation points based on the criteria that were approved after presenting them to the private sector." (160) members will be selected for membership in the General Authority, distributed among 13 economic and investment sectors.
The statement explained that “the public authority seats are distributed among the economic and investment sectors among the (13) sectors according to the relative importance of each sector,” noting that “it is hoped to benefit from the experiences of countries whose economies have developed by relying on the private sector, as a pioneer and partner in the state’s economic decision-making.” "Including the experience of South Korea."
The statement stressed that "the Council will seek to provide an opportunity to hold periodic meetings with the Council of Ministers, in the presence of the private sector and direct dialogue to reach decisions implemented by sectoral ministries and entities not affiliated with the Ministry and the governorates, in addition to the Council and its representatives attending meetings of the Ministerial Council for the Economy that discuss topics related to the private sector." .
The Ministry of Planning concluded its statement by saying, “The Prime Minister’s presidency of the Permanent Council for Private Sector Development represents an important addition to achieving more support for this sector, because of its importance in achieving the goal, advancing the process of economic development, and increasing the importance and percentage of this sector’s participation in the country’s economy.”
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