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Iraq is moving towards developing the private sector
Iraq 12/09/2024
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The Ministry of Commerce has developed a plan to develop the private sector during the next phase.
The Director General of the Private Sector Development Department at the Ministry, Malik Khalaf Wadi Al-Durai’i, told Al-Sabah that the term private sector development is broad, especially in Iraq, as the work environment there needs a lot of movement and transformation from a directed economy to a free economy, then a flexible knowledge economy.
He explained that his department has many rapid steps to develop the local private sector, with the aim of catching up with the global economy and business environment in terms of legislation and procedures, in addition to ensuring compliance with the applicable laws related to the work of the private sector, and reviewing what is no longer appropriate.
Al-Durai’i pointed out that the appropriate legal framework has been established for issues not covered by the applicable laws, and that require the enactment of new laws in terms of management, investment, operation, protection, guarantee, incentives, empowerment and facilities, related to protecting investment and providing guarantees and others, which enhance indicators of ease of business, in addition to the governance of all institutions and entities related to the work of the private sector.
He pointed out the importance of training, qualification and establishing real partnerships to develop expertise and improve basic infrastructure, noting the start of building what is not available, completing the construction of industrial cities and science parks at the governorate level, and providing maps of investment that influence the most important development goals.
Al-Durai'i added that these measures were taken with the consensus of many officials and experts, as it is the pillar on which the economy in the country is based, stressing that the private sector has begun to grow during the current stage, and needs care, development and guidance from the state and its institutions, and the state's door is open to everything that benefits this sector and can advance and flourish through it.
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