The country has witnessed an unprecedented economic renaissance, as ambitious government plans have achieved remarkable successes, most notably food security, achieving self-sufficiency in grains, activating markets and creating competition among them, in addition to economic growth and reducing external debt to its lowest levels.
The financial adviser to Prime Minister Mazhar Mohammed Saleh told the Iraq New. “The government worked to establish a tight system of food security based on the successful integration between agricultural and financial policies," noting that "government support for grain producers formed a safety valve in encouraging agricultural production of the grain crop, which in turn encouraged farmers to provide about 6 million tons of grains during the year 2024, which is the amount that is commensurate with the country's need for grains, and is one of the self-reliant food security gates."
He explained that "these measures were accompanied by the provision of the food basket in the qualities and quantities that affect the lives of 40 million citizens, as well as the trend to revive the markets, which is a pattern of competitive commercial investment."
He pointed out that "the General Company for Central Markets is one of the formations of the Ministry of Commerce, as it announced its new policy last March, that it continues to refer its positions and markets for investment in line with the duties of Investment Law No. 13 of 2006 as amended, in order to achieve economic balance and support the Iraqi consumer."
He added that "the marketing policy of the General Company for Central Markets and through the strategy of partnership between the state and the private sector, has activated a pattern of market stability by providing competitive marketing outlets that touch the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability," stressing that "this issue is consistent with the pivotal role exercised by the Competition and Anti-Monopoly Council issued under Law 14 of 2010, which protects the rights of sale from monopoly and manipulation."
He continued, "The supervisory and supervisory role of the Ministry of Commerce in regulating central markets comes within the framework of what can be called (competitive central consumer markets), which are markets that witness strong competition between companies and sellers to provide consumer products and services, where companies compete to offer the best prices, ensure product quality and quality services to attract consumers, which leads to improving the overall consumer experience."
He added that “competitive central markets operated on the basis of private sector investment are characterized by the following:
1- Diversify products, by providing a wide range of products and services from different brands.
2- Generating a sustainable climate of competitive prices and suppressing monopoly, as sellers will seek to offer price offers and discounts to motivate customers to buy.
3- Providing logistics services to consumers, which are added services such as delivery services, loyalty programs, or after-sales services that increase the attractiveness of the market.
He added, "The companies exhibiting their products in competitive central markets will practice (innovation) by providing new or innovative solutions for their products or in how they are presented, to remain attractive in light of a new climate of competition in regulated markets."
He noted that “competitive central markets will adopt strong distribution systems that enable consumers to easily access products offered by central markets.”
He added that “competitive central markets based on investment will enable companies with sober brands to take advantage of the capacity and role of central markets throughout the country to always offer something distinctive that suits the lifestyle and lifestyles by improving their products using the best technologies to increase their market share.”
In terms of indicators of stability and economic growth, Saleh said that "the growth in non-oil GDP has touched 6 percent in light of the very moderate price growth rate and has not exceeded, according to the latest figures, only 3.7 percent annually, which means that the country is witnessing high price and development stability."
He pointed out that "Iraq's external debt has fallen to the lowest level during the past 40 years and did not exceed 10 billion dollars, and the government is following a careful program to settle external indebtedness, which constitutes only less than 9 percent of the country's total foreign exchange reserves, which are about 108 billion dollars, which are the highest foreign reserves in the country's monetary and financial history."
For his part, the researcher and specialist in financial and banking affairs, Mustafa Hantoush, stressed that "the Iraqi economy during the past three years has witnessed a number of correct trends, including:
1- Supporting the private sector with the Workers' Retirement Law No. 18 of 2023, which would guarantee the pension rights of all workers in Iraq.
2- Supporting the culture of electronic payment that would provide high-level financial and banking services to the citizen as well as “”determining the position of liquidity and having a financial reading of the market.””
3- Work seriously to complete the designs and requirements of starting the (Development Road) project, which is considered the basis for opening the transport economy to Iraq, which is a complementary project for the Faw port.
4- The establishment of the (Service Effort) Committee, which provided tangible services in the capital Baghdad after many years of neglect, which would move the labor and construction market in the capital and reduce the costs of mobility and time.
5- Heading towards residential complexes (adjant to cities) and renegotiating with the Korean company Hanu.
He pointed out that "despite these measures, the Iraqi economy still needs many steps, including:
1- Effective monetary policies in (lending - attracting deposits - financing investment) that will form a cash cycle from the surplus to the deficit.
2- Building the private sector through an accelerated pace using models (private sector budget - loan budgeting) that will activate the infrastructure of the private sector from (cities or industrial or agricultural tourist areas - investment service methods - investment electricity) with the balance of available and information loans and with logical conditions.
3- Protecting the local product through (the state's purchase of the local product - closing borders and unofficial outlets - industrial and agricultural dollars).
4- Effective international negotiation on files such as (production of 25 thousand megawatts of electricity in the future with Siemens - establishment of the international company of the port of Faw - increasing Iraq's share of oil production and export).
5- Establishing a sovereign (internal) investment fund in dollar currency after negotiating with the American side to which part of oil revenues in dollars goes and enters with safe local investments such as (real estate - oil and gas investments) and others.
6- Establishing a real estate policy consisting of (real estate reconciliation with agriculture - supporting economic construction complexes - distributing land to its entitlements - launching financing for studied housing initiatives).
In turn, the researcher and academic Haitham Al-Khazali, said that "the political stability that resulted from the balanced government policy, and the distance from crisis management and focusing on achieving economic progress is what affected the stability of the security situation and thus achieving economic stability."
"The economy is linked to security and dependence on political stability," he added.
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What a report this is. There is ample support that Iraq had accomplished amazing progress and has now what it takes to be an international player in the markets and be a destination for investment.
Now is the time to engage the investment side of their budget to get the country fired up on all cylinders.. Major infrastructure, residential, commercial and industrial projects are likely ready to and immediately be jump started once the tripartite budget opens and the country is fully IMF compliant with an internationally accepted currency exchange rate.. This is powerful information be sure!!! ~ MM | | | |
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