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Economic: Converting stalled companies into joint-stock companies revives government production
July 15, 2024
Economy / Iraq Obzifar
Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Monday, that
converting suspended and loss-making public companies into joint-stock companies will revive government production and achieve a qualitative leap. Saleh said, in a statement followed by “Iraq Observer”:
“The government approved the principle of activating the provisions of Article 35 of the amended Public Companies Law No. 22 of 1997, by converting suspended or losing public companies into what are called public joint-stock companies and allowing the private sector and workers to own shares under Public sector care.” He added,
“This is within the framework of the principle of partnership between the state and the private sector, raising the efficiency of losing public government companies and restructuring their activities to transform into profitable companies with products that suit the needs of the market, whether by producing production supplies to maximize value chains or final consumer products.” Saleh continued,
“The new trend in maximizing the productivity and profitability of loss-making public companies will achieve a qualitative shift in government production activity, with a common vision and courses of action with the private sector, its initiatives, and its leadership power,” explaining that
“this will require investment in advanced production lines according to highly advanced technology that is compatible with the requirements of growth in demand.” The local and the entire national market.
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July 15, 2024
Economy / Iraq Obzifar
Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Monday, that
converting suspended and loss-making public companies into joint-stock companies will revive government production and achieve a qualitative leap. Saleh said, in a statement followed by “Iraq Observer”:
“The government approved the principle of activating the provisions of Article 35 of the amended Public Companies Law No. 22 of 1997, by converting suspended or losing public companies into what are called public joint-stock companies and allowing the private sector and workers to own shares under Public sector care.” He added,
“This is within the framework of the principle of partnership between the state and the private sector, raising the efficiency of losing public government companies and restructuring their activities to transform into profitable companies with products that suit the needs of the market, whether by producing production supplies to maximize value chains or final consumer products.” Saleh continued,
“The new trend in maximizing the productivity and profitability of loss-making public companies will achieve a qualitative shift in government production activity, with a common vision and courses of action with the private sector, its initiatives, and its leadership power,” explaining that
“this will require investment in advanced production lines according to highly advanced technology that is compatible with the requirements of growth in demand.” The local and the entire national market.
[You must be registered and logged in to see this link.]
