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The Iraqi government is developing a plan to activate non-oil resources
January 22, 2024Last updated: January 22, 2024
The Independent/- The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Monday, the contents of the government’s vision to activate non-oil resources in Iraq, stressing that the Prime Minister will be the basic nucleus of the strategic partnership between the state and the private sector.
Saleh said, in a statement to the official agency and its independent affiliate, that
“Prime Minister Muhammad Shiaa Al-Sudani’s presidency of the Private Sector Council will be the basic nucleus for launching the principle of strategic partnership between the state and the private sector,
with the aim of activating the country’s human and material resources and on foundations that serve the renaissance of Iraq.” In
diversifying its sources of national income, whether in
modern agriculture,
manufacturing industries, or
other non-oil natural resources,
which will be supported by important legislation under the name (Economic Reform Law), which has made its way to the House of Representatives.”
He added, “The national strategic objectives for the development of the private sector, whose paths will be launched from the decisions of the Private Sector Council soon, have taken into account the contribution of the national market to the gross domestic product to more than 55% of the composition of the country’s national income in the coming years, instead of its current percentage, which is By about 37%.”
He pointed out, “This will be achieved through the
state’s support for investment in private sector projects themselves, especially those that operate jobs and generate value-added chains on a large scale, as well as the
launch of partnership projects in manufacturing industries, in addition to the
state’s financial support for them with sovereign guarantees that are consistent with Iraq’s entry into the industrial age.”
“Modern digital technology, in accordance with the requirements and principles of accelerating economic growth, is a strategy that will be included in the national development plan for the next five years.”
The importance of partnership between the state and the private sector
The partnership between the state and the private sector is one of the most important pillars of economic development in any country, as it enables the state to benefit from the resources and expertise available in the private sector, and it also helps the private sector access the markets and financial resources it needs.
In the case of Iraq, the partnership between the state and the private sector is necessary to diversify sources of national income and achieve sustainable economic growth. As Iraq relies heavily on oil as a source of income, which makes it vulnerable to external risks, such as oil price fluctuations.
Through this partnership, the Iraqi government aims to achieve the following goals:
Increasing the private sector's contribution to the gross domestic product.
Providing job opportunities and improving the standard of living for citizens.
Promoting sustainable economic development.
Axes of partnership between the state and the private sector
The partnership between the state and the private sector in Iraq focuses on the following areas:
Modern agriculture: through state support for agricultural projects, such as irrigation and smart agriculture projects.
Transforming industries: through state support for industrial projects, such as food industry projects and pharmaceutical industries.
Other non-oil natural resources: through state support for projects that exploit natural resources other than oil, such as renewable energy projects and tourism projects.
Economic Reform Law
The Economic Reform Law is one of the most important pieces of legislation that supports the partnership between the state and the private sector in Iraq. This law aims to provide the necessary legal and regulatory environment to promote investment in Iraq.
The Economic Reform Law includes a set of measures that are in the interest of the private sector, such as:
Facilitating investment procedures.
Protecting investors' rights.
Providing financial and institutional support for investment projects.
Expectations
The partnership between the state and the private sector in Iraq is expected to achieve a set of positive results, such as:
Increase investments in Iraq.
Creating new job opportunities.
Promoting sustainable economic growth.
But to achieve these results, the Iraqi government must develop a clear strategy for partnership between the state and the private sector, and provide the legal and regulatory environment necessary for the success of this partnership.
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January 22, 2024Last updated: January 22, 2024
The Independent/- The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Monday, the contents of the government’s vision to activate non-oil resources in Iraq, stressing that the Prime Minister will be the basic nucleus of the strategic partnership between the state and the private sector.
Saleh said, in a statement to the official agency and its independent affiliate, that
“Prime Minister Muhammad Shiaa Al-Sudani’s presidency of the Private Sector Council will be the basic nucleus for launching the principle of strategic partnership between the state and the private sector,
with the aim of activating the country’s human and material resources and on foundations that serve the renaissance of Iraq.” In
diversifying its sources of national income, whether in
modern agriculture,
manufacturing industries, or
other non-oil natural resources,
which will be supported by important legislation under the name (Economic Reform Law), which has made its way to the House of Representatives.”
He added, “The national strategic objectives for the development of the private sector, whose paths will be launched from the decisions of the Private Sector Council soon, have taken into account the contribution of the national market to the gross domestic product to more than 55% of the composition of the country’s national income in the coming years, instead of its current percentage, which is By about 37%.”
He pointed out, “This will be achieved through the
state’s support for investment in private sector projects themselves, especially those that operate jobs and generate value-added chains on a large scale, as well as the
launch of partnership projects in manufacturing industries, in addition to the
state’s financial support for them with sovereign guarantees that are consistent with Iraq’s entry into the industrial age.”
“Modern digital technology, in accordance with the requirements and principles of accelerating economic growth, is a strategy that will be included in the national development plan for the next five years.”
The importance of partnership between the state and the private sector
The partnership between the state and the private sector is one of the most important pillars of economic development in any country, as it enables the state to benefit from the resources and expertise available in the private sector, and it also helps the private sector access the markets and financial resources it needs.
In the case of Iraq, the partnership between the state and the private sector is necessary to diversify sources of national income and achieve sustainable economic growth. As Iraq relies heavily on oil as a source of income, which makes it vulnerable to external risks, such as oil price fluctuations.
Through this partnership, the Iraqi government aims to achieve the following goals:
Increasing the private sector's contribution to the gross domestic product.
Providing job opportunities and improving the standard of living for citizens.
Promoting sustainable economic development.
Axes of partnership between the state and the private sector
The partnership between the state and the private sector in Iraq focuses on the following areas:
Modern agriculture: through state support for agricultural projects, such as irrigation and smart agriculture projects.
Transforming industries: through state support for industrial projects, such as food industry projects and pharmaceutical industries.
Other non-oil natural resources: through state support for projects that exploit natural resources other than oil, such as renewable energy projects and tourism projects.
Economic Reform Law
The Economic Reform Law is one of the most important pieces of legislation that supports the partnership between the state and the private sector in Iraq. This law aims to provide the necessary legal and regulatory environment to promote investment in Iraq.
The Economic Reform Law includes a set of measures that are in the interest of the private sector, such as:
Facilitating investment procedures.
Protecting investors' rights.
Providing financial and institutional support for investment projects.
Expectations
The partnership between the state and the private sector in Iraq is expected to achieve a set of positive results, such as:
Increase investments in Iraq.
Creating new job opportunities.
Promoting sustainable economic growth.
But to achieve these results, the Iraqi government must develop a clear strategy for partnership between the state and the private sector, and provide the legal and regulatory environment necessary for the success of this partnership.
[You must be registered and logged in to see this link.]
