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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Government Advisor: The country is moving towards restoring the foundations of the manufacturing ind

    Rocky
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    Government Advisor: The country is moving towards restoring the foundations of the manufacturing ind Empty Government Advisor: The country is moving towards restoring the foundations of the manufacturing ind

    Post by Rocky Sun 04 Aug 2024, 7:54 am

    Government Advisor: The country is moving towards restoring the foundations of the manufacturing industry in partnership with the private sector

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    Economy News - Baghdad
    Advisor to the Prime Minister, Mazhar Mohammed Saleh, confirmed on Sunday that the country is moving towards restoring the foundations of the manufacturing industry by creating a real partnership with the private sector.
    Saleh said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "the easy way to achieve real growth in the gross domestic product should exceed the annual population growth," while he pointed out that there are no available opportunities except through the renaissance of the manufacturing industry.
    Saleh added that "the national development plan in Iraq aims to achieve a real economic growth rate of more than 3% annually, and it will also depend on enhancing government investments that contribute 78% of total investments, while the private sector will contribute 22%, but without neglecting the partnership with the private sector, especially in the field of promoting the manufacturing industry in Iraq and doubling its growth rates to twice the current rate."
    He explained that "the strategy that the government program is working on in the manufacturing sector is based on making major technological changes, as the government launched its practical steps through the role undertaken by the Sovereign Guarantees Committee, which is the committee that provides financing for production lines from major industrial countries, specifically (Italy, Germany, Japan, Britain and Spain), after Iraq concluded official bilateral agreements with credit and export guarantee agencies in a number of industrial countries that guarantee financing for industrial line exports and industrial project supplies to the country with the role of Western banks financing those lines and for the benefit of the private industrial sector."
    Saleh added that "the state contributes to the pledge to guarantee sovereign financing for the manufacturing industries by 85% and leaves 15% of the financing for the private industrial project, with the project being included in all the privileges that encourage national investment."
    He stressed that "this trend comes within the state's plan to improve the business and investment environment, through partnerships between the public and private sectors, in addition to activating Article 35 of the Public Companies Law No. 22 of 1997, as amended, which allows public companies to be public joint-stock companies in order to stimulate diversification of the national economy by reducing dependence on oil resources."
    He pointed out that "the priorities of encouraging the industrial sector take five priorities in the government's financial support, at the forefront of which is encouraging industries whose outputs are linked to the country's infrastructure, specifically industries that produce various building materials, within the framework of the urban renaissance that the country is currently witnessing, specifically in the housing sector, then the pharmaceutical industry, and the chemical and petrochemical industries whose outputs are linked to the agricultural sector and other transformation industries, without the state neglecting to diversify the oil sector itself, in developing factories for producing oil derivatives and transforming Iraq from an importer of some fuel derivatives to an exporter of them."
    He stressed that "the 2024-2028 development plan, which will be launched and its objectives and indicators announced tomorrow, seeks to strengthen the industrial sector as part of efforts to diversify the economy and reduce dependence on oil. This also comes within a general framework to achieve sustainable economic growth and support industrial infrastructure."


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