A government strategy to enhance investments.. Iraq is on the verge of a new era of economic develop

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[size=52]A government strategy to enhance investments.. Iraq is on the verge of a new era of economic development[/size]

[size=45]Translated by: Hamed Ahmed[/size]
[size=45]The financial advisor to the Iraqi government, Mazhar Muhammad Salih, revealed that Iraq is entering a new era of development and diversifying the sources of the economy by revitalizing the private sector and investments, while indicating that the government of Prime Minister Muhammad Shia al-Sudani is looking more towards activating the public-private partnerships plan (PPPs). ) to finance major development projects during the next two years.[/size]
[size=45]Saleh said, in an interview with the economic news website, ZAWYA, that Article 35 of the Companies Law allows the transformation of public companies into joint project companies and contracts through which they attract private sector investments, stressing that the economic reform law, currently presented before Parliament, may provide frameworks for work. Additional public-private partnership projects (PPPs). The Prime Minister’s financial advisor added that the government’s development strategy revolves around diversifying the sources of the economy and reducing dependence on oil revenues, as well as developing infrastructure and strengthening partnerships to achieve sustainable growth and implementing financial and economic sector reforms to attract foreign investments in a country characterized by an abundance of human resources. And natural. He pointed out that Iraq's new strategy facilitates the process of cooperation and coordination between the state and the private sector to finance and operate projects, and that combining public sector resources and private sector resources from local and foreign companies leads to creating a solid financial base for development that guarantees sustainable financing. Saleh said, “There are efforts being made to attract foreign investors through partnerships and sovereign guarantees,” noting that “the government’s policy also focuses on social spending to alleviate poverty and develop solutions to environmental challenges such as water scarcity and desertification.” Saleh also pointed out that technological development is vital for the future development of Iraq, explaining this by saying, “Technology transfer is vital, especially in the digital sector and water resources management.” During his recent meeting with investors in the Netherlands, Prime Minister Muhammad Shiaa Al-Sudani indicated that “Iraq’s priorities lie in obtaining advanced irrigation technology and water resources that can contribute to the development of the country.” Saleh said that the main challenges facing the Iraqi economy revolve around environmental problems, in particular Water scarcity and desertification.[/size]
[size=45]In addition, the country's economy depends on one source of income, which is oil, and this constitutes a major obstacle. Therefore, separating the Iraqi economy from its sole dependence and enhancing economic diversification is a necessary step to move forward.[/size]
[size=45]The financial advisor goes on to say that the state has pledged to support development while expanding its resources and achieving a balance between promoting development and collecting resources for the budget.[/size]
[size=45]He pointed out that “the financial settlement seeks to reduce the budget deficit and reduce the debt burden,” indicating that Iraq’s financial policy is directed towards achieving this goal in the medium and long term, which in turn aims to prevent a recurrence of the previous financial crises that the country experienced, especially between the years 2014 and 2021. Saleh stated, “Iraq’s potential investment potential is fundamental. It ranks ninth in the world in terms of the abundance of its natural resources and contains a source of great environmental diversity in every single square kilometer of the country. Currently, the government’s strategy is focused on enhancing investments through international partnerships to work on these resources to create a chain of valuable investments across the country.” He explained that Iraq provides public partnership opportunities - especially in the field of developing natural resources and agriculture, applying advanced irrigation technologies, and partnership with the private sector. These opportunities are backed by sovereign guarantees.[/size]
[size=45]Regarding infrastructure development projects, the financial advisor said that a 1% increase in spending on infrastructure development results in a 1.5 to 2% increase in economic returns, adding that by realizing this equation, the Iraqi state now places among its priorities the development and development of infrastructure as a major driver of future growth.[/size]
[size=45]He added, “This comprehensive trend extends from initiatives at the level of municipal departments to larger national projects such as the Development Road project, which is a huge multi-disciplinary transportation project that includes industrial cities and commercial ports,” adding, “There is a national development program for infrastructure and a broader strategy for For the governorates. The move to a three-year budget has brought more flexibility to Iraq’s development strategy in the field of the industrial sector and expanding the capabilities of natural resources.” He stated that Iraq is entering a new era of development that aims to diversify its sources of income by investing in its various natural resources and human resources while reviving the sector. Industrial and enhancing agricultural sector initiatives, thus stimulating sustainable development energy.[/size]
[size=45]About: ZAWYA news website[/size]
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