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Corporate Restructuring: Stimulating Economic Growth
Economic 11/17/2024
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In a remarkable step, the government is moving towards correcting the structural imbalance in the performance and management of government (public) companies, to make them profitable and productive companies, at a time when most of them were declining and losing.
This comes through activating the work of the Supreme Committee formed for this purpose (Corporate Restructuring) and giving it direct attention from the top of the authority pyramid.
The restructuring of public companies aims to improve the performance of companies, increase their efficiency and develop their strategies. This enables them to help simplify operations and improve workflow, which increases operational efficiency, reduces costs, and enables them, and I mean (companies), to increase their profits and achieve sustainable financial growth. In addition, restructuring allows companies to adapt to changes in the market, technology and customer requirements, which helps them achieve competitiveness.
In a simplified definition of restructuring, it includes achieving an equal partnership with the private sector, transforming them into joint-stock companies, and benefiting from the private sector's expertise in managing them, or by merging similar companies that practice the same activity, as well as partial privatization of some of them, especially the losing ones and those scheduled for liquidation.
It is necessary, and even certain, to preserve the rights of surplus workers, as restructuring will lead to the displacement of surplus workers, which requires dealing with the surplus in a way that achieves justice in obtaining their retirement rights, and benefiting from some intermediate expertise to involve them in start-up companies, and the most important thing is to encourage them to practice private activity, and help them establish their own small projects, through easy and encouraging loans.
Thus, the restructuring process can get rid of the biggest challenge it faces, which is surplus labor.
The repercussions of restructuring will contribute to improving production processes, which requires attention to training and development, which leads to improving the quality of products and services provided, which enhances customer satisfaction.
Restructuring helps to better identify and manage risks, which contributes to the stability and flexibility of companies in the face of challenges. By adopting flexible and innovative organizational structures, companies can enhance their ability to innovate and develop new products and services. It is perhaps useful to point out that restructuring companies and transforming them into joint stock companies will contribute to enhancing economic growth, by listing them on the Iraq Stock Exchange, which stimulates the capital market, labor market and growth.
In short, restructuring companies is a process that requires careful planning and effective implementation to ensure the achievement of the desired goals.
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