Calls to revive local industry in Iraq to achieve growth and reduce dependence on oil

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[size=52]Calls to revive local industry in Iraq to achieve growth and reduce dependence on oil[/size]

[size=45]In light of the economic challenges facing Iraq, calls have emerged for the necessity of reviving local industry as a basic pillar for achieving sustainable economic growth and reducing dependence on oil.[/size]
[size=45]Experts believe that redeveloping industrial sectors can contribute to creating new job opportunities, increasing government revenues, and strengthening the national economy by diversifying sources of income and enhancing local production capacities.[/size]
[size=45]Economic expert Samir Al-Khalaf says, “Re-industrialization of the local industry can contribute to creating new job opportunities, and enhancing government revenues by diversifying sources of income, and reducing dependence on imports.”[/size]
[size=45]He added, “Local industry can help improve infrastructure and develop local skills by providing training and technical education,” noting that “revitalizing the industry can contribute to achieving economic and social stability, making Iraq more resilient to fluctuations in global oil prices.”[/size]
[size=45]He added, “To achieve these goals, it is important for the government to provide incentives to local and international investors, improve the business environment, and develop economic policies that support local production.”[/size]
[size=45]For his part, Yasser Al-Hussaini, a member of the Parliamentary Industry Committee, says, “There is a political will that has disrupted various local industries for many years, and it is still disrupting that industry, in addition to an external political and economic will that is working on this disruption.”[/size]
[size=45]Al-Hussaini added, “The industrial sector in Iraq is still neglected and not really active in the local market, which suffers from the invasion of imported goods. This is part of the policy of destroying the Iraqi economy and maintaining reliance on imports in the first place.”[/size]
[size=45]He explained that “the House of Representatives strongly supports, through legislation and oversight, the strengthening of national industry in all its forms, but this matter remains dependent on political will, which we believe is still absent, and for this reason Iraq will remain without industry, no matter how much some government agencies try to develop it during the next stage.”[/size]
[size=45]In addition, the member of the Parliamentary Investment Committee, Mohammed Al-Ziyadi, revealed that the final touches are being put to approve the Industrial Investment Law within the House of Representatives.[/size]
[size=45]Al-Ziyadi explains, “The approval of this law will contribute greatly to moving the wheel of the Iraqi economy, as it grants great privileges and guarantees to investors in the industrial sector.”[/size]
[size=45]He explained that his committee held an extensive meeting with the Economic Committee to resolve the points of disagreement within the law, noting that “if the law is approved, it will have a positive impact on the labor market by providing many job opportunities for young people within the country.”[/size]
[size=45]He added, "His committee has put the final touches to approve the Industrial Investment Law soon in the House of Representatives, as it is one of the important laws."[/size]
[size=45]The industrial sector in Iraq in general, which is supposed to contribute to employing many segments of society, has been facing a major deterioration since 2003 until now, in light of the shutdown of most factories and the shift towards imports. The Federation of Iraqi Industries estimated years ago the percentage of stalled projects at 40 thousand projects, and successive government programs always include the topic of stimulating the economy and local industry, but without fulfilling any promise. Rather, trade exchange with countries in the region continues while neglecting local industry.[/size]
[size=45]On May 2, 2023, during the Mineral Investment Conference held in Baghdad, Prime Minister Mohammed Shia al-Sudani said, “Iraq is capable of producing a national industry that rivals what is produced in Arab countries, and we will not remain spectators while Iraq remains a consumer market, but rather there will be national production.”[/size]
[size=45]It is noteworthy that the Industrial Coordination Council held its first meeting a few days ago, headed by Prime Minister Mohammed Shia al-Sudani, and took a number of decisions and measures, including the importance of integration between the Kurdistan Region of Iraq and the rest of the governorates in developing the national industry, and that major markets will be activated by the Ministry of Trade in partnership with the private sector and will be a place to display local industrial products.[/size]
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