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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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    Identifying a “significant way” to change the state of the Ministry of Industry in Iraq

    Rocky
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    • Post n°1

    Identifying a “significant way” to change the state of the Ministry of Industry in Iraq Empty Identifying a “significant way” to change the state of the Ministry of Industry in Iraq

    Post by Rocky Mon 14 Oct 2024, 5:23 am

    Identifying a “significant way” to change the state of the Ministry of Industry in Iraq

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    Economy News - Baghdad
    [rtl]Economic expert Safwan Qusay confirmed that changing the financing philosophy of the Iraqi Ministry of Industry from government financing to investment financing is a step in the right direction, noting that this step could contribute to improving the performance of lagging factories and those operating outside the scope of production design.[/rtl]
    [rtl]Qusay explained in an interview followed by "Al-Eqtisad News" that "the ministry is looking forward to exploiting all available resources," stressing "the possibility of rehabilitating more than fifty thousand factories through partnerships with investors." He added that "the ministry had previously succeeded in securing funding worth nine billion dollars for these factories, but there is an opportunity to expand in this framework by launching new licensing rounds for the suspended factories, and adopting a joint operation strategy."[/rtl]
    [rtl]The specialist hopes that “these moves will contribute to improving performance within the Ministry of Industry and raising the efficiency of Iraqi factories,” stressing “the importance of attracting foreign and local investments to support these efforts.”[/rtl]
    [rtl]According to statistics from the Ministry of Industry and Minerals, the number of public sector factories in Iraq is about 227, but the number of actually operating factories does not exceed 140. [/rtl]
    [rtl]Small factories constitute about 90% of the total factories, reflecting the fragility of the country's industrial structure and the dominance of manufacturing industries at the expense of strategic and heavy industries. The same data indicates that about 18,167 industrial projects have stopped operating, for various reasons including the deliberate destruction of these factories, the disruption of production lines due to obsolescence and lack of maintenance, in addition to the impact of the increasing reliance on imported products.[/rtl]


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