Governmental orientation to achieve economic integration and raise market efficiency to attract inve

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[size=52]Governmental orientation to achieve economic integration and raise market efficiency to attract investments[/size]

[size=45]The Council of Ministers' Competition and Anti-Monopoly Affairs announced today, Thursday, the development of an ambitious roadmap that is consistent with the priorities of the government's program to achieve economic reform, while affirming its endeavor to be a gateway for economic integration internally and externally, in a way that raises the efficiency of the Iraqi market and contributes to attracting investments.[/size]
[size=45]The Chairman of the Council, Ahmed Younis, said in a speech during the first international conference on competition and anti-monopoly, that “our meeting today, which coincides with the World Competition Day, reflects a national commitment to supporting fair competition and combating monopolistic practices in a way that contributes to building a strong and balanced national economy,” indicating that “holding this conference represents a turning point towards strengthening the role of the Competition Council in achieving a prosperous and sustainable national economy that enhances economic justice.”[/size]
[size=45]He added that “Iraq’s transformation into a free market economy represents a challenge and an opportunity at the same time, as it requires, at the forefront of its pillars, the development of effective policies that guarantee market stability, and the availability of rules and frameworks capable of protecting the rights of all economic parties, which comes through the existence of effective market oversight, as the efficiency of market work is linked to the efficiency of oversight over it, and for this reason the activation of the Competition and Anti-Monopoly Council came as one of the main axes of the government program, in a way that guarantees the regulation of the market on the basis of transparency and integrity, which is the most important body concerned with market oversight.”[/size]
[size=45]He added, "The Competition Council was activated in March 2023 and the members of the Board of Directors were appointed in June. We began developing an ambitious roadmap that is consistent with the goals of sustainable development and in line with the priorities of the government program to achieve economic reform."[/size]
[size=45]He explained that “the roadmap begins first by reviewing the experiences of countries with long experience in this field, preparing the internal system and executive regulations of the Competition Law and sending them to the State Council, launching an annual training plan aimed at building the capabilities of cadres internally and externally, and developing a general media plan through which we worked to organize seminars, workshops and local correspondence with various sectors (governmental and private) for the purpose of spreading the culture of competition and educating society and economic sectors about the concepts and objectives of the law. We attracted a number of cadres, experts and consultants in all economic sectors operating in the market, in addition to communicating with governmental and private entities and concluding memoranda of joint cooperation that allow the exchange of information and expertise and support the implementation of the law.”[/size]
[size=45]He continued: “We have also begun to create a comprehensive database for all sectors and prepare guidelines in cooperation with sectoral bodies,” noting that “the Council, despite its recent establishment, was able to implement the five axes it committed to within the government program, which made it among the first bodies in the achievement classification.”[/size]
[size=45]On the international level, Younis confirmed that “the Council has achieved distinguished accomplishments, as it was elected to chair the Institutional Efficiency Group within the Arab Competition Network affiliated with the League of Arab States at the third network meetings in Riyadh this year 2024. All requirements for joining the International Competition Network have also been completed, in addition to obtaining the approval of the Prime Minister to hold the Sixth Arab Competition Forum in Baghdad in May 2025, which is an international gathering that highlights Iraq’s position as a pivotal economic center in the region, including experts and specialists in the economic field from all countries of the world.”[/size]
[size=45]He added that “memoranda of understanding have also been prepared with competition authorities in Arab countries, and participation in international events related to competition, as the Competition and Anti-Monopoly Law No. 14 of 2010 is the legal framework to ensure a transparent and stable economic environment, as it contributes to establishing and implementing the rules of free competition and raising awareness of them to improve the level of market performance and develop the economic environment in a way that benefits the national economy and the consumer,” noting that “the outcomes of implementing the law lead to reducing economic concentration, enhancing innovation, diversifying and providing goods and services, increasing production efficiency, improving product and service quality, reducing prices, and thus revitalizing the market.”[/size]
[size=45]He pointed out that “studies on the geographical distribution of commercial activities contribute to creating job opportunities for small and medium enterprises, which are one of the important engines of the economy, which creates new opportunities for growth and innovation and reduces unemployment, in addition to preserving public funds by preventing collusion in bids or offers in tenders and auctions and providing a safe and attractive environment for investments by issuing legislation and regulations and reducing discriminatory conditions in making decisions that affect competition and creating a positive atmosphere for economic integration and merger with countries of the world.”[/size]
[size=45]He stressed that “the Council seeks to be a model in promoting economic justice and sustainable development, and aspires to be a gateway for economic integration internally and externally, in a way that raises the efficiency of the Iraqi market and contributes to attracting investments. It has also overcome several challenges thanks to the support of the Prime Minister and the General Secretariat of the Council of Ministers, and through fruitful cooperation with governmental and private institutions and strengthening its role as a primary regulatory body that contributes to regulating the market.”[/size]
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