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New legislation regulates the investment of industrial raw materials
Economical 03/07/2024
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Baghdad: Hussein Thaghab
With the imminent adoption of the Industrial Investment Law, which regulates the investment of wealth and industrial raw materials available in the country, a paragraph was added stating that projects should be referred to local consulting offices, with the possibility of partnering with international offices when the need arises.
President of the Osool Foundation for Economic Development and Sustainable Development, Khaled Al-Jabri, confirmed the addition of a new article to the Industrial Investment Law, which was first read in Parliament. The new article requires the industrial project or any project related to the Industrial Investment Law to be referred to a local consulting office, in a step to enhance confidence in the national private sector. .
Al-Jabri said that the new article dealing with the Industrial Investment Law was added with great efforts made by Representative Hussein Al-Saadi, as the article required the presence of a local partner when the need arises for international consultations to implement designs, conduct feasibility studies, supervise implementation, and review plans.
He added that this step is being adopted for the first time in Iraq and for the private engineering sector, pointing out that the paragraph obligates the referral of any industrial project to a local consulting office, and in the event of a need for external expertise, here there must be a local partner for the international investment office who is specialized and possesses known expertise and competencies within the market. International work.
Al-Jabri pointed out that this step will work to raise the competencies of local expertise in the field of engineering investments, as friction leads to the accumulation of expertise among local competencies, indicating that such steps will enhance the capabilities of the national labor market. He stressed that this step works to reduce the burden on the government by reducing the demand for jobs related to engineering specialization, as jobs will be available through existing investment offices as well as those that are being developed and in not small numbers due to the large work volume in Iraq that requires consulting centers with great experience that harmonizes modernity and prevents any Visual distortion in cities.
Al-Jabri pointed out that the Industrial Investment Law works to regulate the investment of industrial raw materials and their conversion into a final industrial product, as well as to regulate the work of factories, and this prevents any distortion in industrial processes and keeps them away from randomness in performance, especially since Iraq is able to revive many industries in most regions of the country. Its raw materials are available, which represent an element of success that enriches Iraq from the foreign market.
In turn, economic affairs specialist Raghad Al-Alusi said: Regulating the reality of industry in the country is extremely important in light of the presence of industrial expertise capable of managing the largest projects, and when we have an integrated industrial law here, the outputs will be supportive of the national economy, as industry represents the axis of development and its development establishes a healthy economy. Due to this sector’s connection to many supporting sectors, it creates major job opportunities, and these in turn require advance planning implemented by highly experienced competencies.
She pointed out that Iraq is in dire need to organize its industrial sector and benefit from engineering expertise that must be employed in a way that achieves the highest levels of benefit, especially since local human resources are known for their intelligence and came first at the Arab level, according to specialized centers.
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