Government advisor identifies 4 directions to revitalize the private sector in Iraq
Government advisor identifies 4 directions to revitalize the private sector in Iraq
2024/10/18
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed Iraq’s ability to activate the private sector through development funds.
Saleh told Al Furat News Agency: “The funds allocated to development funds can be greatly utilized to stimulate the private sector in Iraq, especially in light of major projects such as the Grand Faw Port and the Development Road.”
He said, “These projects represent strategic opportunities to stimulate economic growth and attract investments, and they also contribute to improving infrastructure and making Iraq an important center for maritime and land trade in the region.”
Saleh pointed out that development funds can direct part of their investments to:
1 – Infrastructure supporting the private sector: through financing road, railway, port and airport projects, which contribute to improving the business environment and facilitating transportation and shipping operations.
2- Financing small and medium enterprises: Encouraging the growth of these projects through financial facilities such as soft loans or providing guarantees, which contributes to creating job opportunities and improving the local economy.
3- Investing in technology and innovation: Supporting the development of the private sector’s technical capabilities by financing research and development and encouraging companies to adopt new technologies that improve productivity and efficiency.
4- Developing the logistics sector: Providing financial support for logistics projects that contribute to supporting the port of Faw and linking Iraq to regional and international markets.
5- Stimulating the industrial sector: Allocating funds to develop national industries, especially those related to energy, manufacturing industries, and petrochemicals, to expand the local production base and enhance its competitiveness in global markets, noting the importance of the five industrial cities and economic zones proposed to be established on the path of development and their role in this regard.
The Prime Minister’s Advisor stressed that “thanks to these initiatives, Iraq will be able to revitalize the private sector and make it a major partner in economic development and achieve maximum benefit from its strategic geographical location.”
alforatnews.iq
