An economic expert explains to Al-Zawraa the reasons for the decline of the industrial sector in Ira

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[size=52]An economic expert explains to Al-Zawraa the reasons for the decline of the industrial sector in Iraq[/size]

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06/13/2024
The economic expert, “Safwan Qusay,” explained the reasons for the decline of industry in Iraq over the past period, while stressing that sovereign guarantees will contribute to the renaissance of the industrial sector.
Qusay said in an interview with “Al-Zawraa”: “The dependence of the Iraqi industry in the previous periods on entering into all types of industries, including industries whose raw materials we do not possess. The interruption of electrical power supply contributed to the rise in production costs within Iraqi territory,” adding that “such an issue Certainly, with the policy of economic openness to most countries of the world in import operations and flooding the Iraqi market with various types of potentially inferior goods, this contributed to the inability of the Iraqi industry to compete, and the ability of this sector to continue declined.”
He pointed out that “the Sudanese government took over and changed the industry philosophy towards entering into industries whose primary resources we possess at the level of cement, phosphate and iron. These industries can contribute to strengthening the ability of the Iraqi economy to enter into the competition zone, especially the geographical location, electrical connection and investment in electrical energy.”
He stated that “the industrial approach has now changed towards a partnership, in what is called Private Public, between investment and public companies, and through the Ministry of Industry, which has succeeded in bringing in nine billion dollars, and is moving towards attracting new investors in new sectors.”
He added, "Economic diversification requires an economic integration map with the countries of the region and Iraq's accession to the World Trade Organization in order to avoid dumping and protect local production, as well as developing local human resources so that they can undertake the process of entering into new industries." Noting that “Iraqi knowledge needs to be developed in order for us to have sustainable production.”
He stressed, "What we need is to employ Iraqis and absorb unemployment to stop social welfare. There are at least ten trillion dinars that go annually to social welfare, and the same goes to purchasing ration card items. When we say food industries, we say agricultural production, we say small and medium industries. We will create a state of development." The private sector can attract unemployed workers and shift the demand for jobs from the government sector to the private sector.”
He pointed out that “economic partnerships with countries around the world, especially with the United States of America, the European Union countries, and China, will contribute to enhancing the ability of the Iraqi economy to compete, and what we need was provided by the Sudanese government by giving sovereign guarantees to investors in the industrial sector, 85% of the invested capital.” This is a step that will contribute to reducing investment risks in the Iraqi environment and economic diversification.”
He expressed his belief that “we are moving in the right direction,” stressing that “sovereign guarantees will contribute to the renaissance of the industrial sector in Iraq,” citing, “Currently, the Najaf Governorate Glass Factory was the result of the presence of sovereign guarantees that granted the German investor 85% of the production lines, and it can produce a thousand tons annually, and these The experiment will be repeated in the rest of the governorates in various fields.”
He reassured that “there are no high risks, and sovereign guarantees provide risks that when the machine stops producing, the capital owner can recover his capital in exchange for exiting the Iraqi environment, and investment reserves will contribute to convincing investors that Iraq is a fertile environment for investment.”[/size]
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