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[size=36][rtl]Deputies and specialists are looking to support the private sector[/rtl][/size]
Friday 24 May 2019
Friday 24 May 2019
Baghdad / Al-Sabah
A number of officials and economic experts discussed the problems and obstacles facing the private sector in its economic development.
The head of the Iraqi Economic Council Ibrahim al-Baghdadi that "there are obstacles facing investment and the private sector and the major challenges to the ways to promote the Iraqi economy."
Protection of the national product
"There is an outstanding law that must be legislated to protect and strengthen the national product," Baghdadi said during a Ramadan breakfast organized by the council. "The ground is now ready to attract investment, but we need mechanisms to protect these investments and facilitate their work."
He pointed out that "the experiences of other countries such as the Kingdom of Saudi Arabia in supporting and sponsoring the private sector and investors and facilities for them through the activation of one window, as well as granting loans where they give 52 percent according to economic feasibility and interest (0 percent) and 5 years as payment period, "The two committees are the closest to the work of the private sector, which he described as (the field side), stressing the subject of (financing) Investment projects Yeh) ".
Develop appropriate legislation
"We are determined to support and support the private sector through the development of appropriate legislation to support this sector. We have formed several committees to follow up the work of the Central Bank, the Customs, Tax and Real Estate Committee, the Budget Follow-up Committee, as well as legislation prepared for the Financial Management Law, Civil service law and pension law and the amendment of some laws so that we have a social security fund. "
"The responsibility lies with the House of Representatives because it is a tool of pressure on the government through the issuance of laws and legislation adopted by the state," he said. "The role of the Economic Council, as a solid economic organization, can enhance the role of the private sector through the creation of new employment opportunities and the employment of labor through the establishment of small and medium industries and the activation and investment of government factories."
Private sector support
For his part, Vice-Chairman of the Finance Committee Representative Muthanna al-Samarrai, "We now have a full orientation to support the private sector, unlike what was then not to close meetings with businessmen, investors and the private sector."
"There must be a real will to support industrial projects, with the need for coordination between the central government and the region on the subject of the entry of goods to markets."
Support inventors and innovators
"The support is still in its early stages and these innovations need full support, because Iraq is rich in innovators and patent holders," he said. "We are asking for a government fund to support innovations and inventions."
As for the member of the Economic Council Baqir Mashat, he stressed "the need for each ministry to examine the problems of the private sector industrial, which depends on the financing of government, and called for the need to work (database) to develop the mechanism of financing industrial projects because the industry is the nerve of the economy.
MP Adnan al-Zarvi spoke about the issue of supporting the private sector. "We talked at budget strategy meetings about the need to shift from the mentality of loss to the profit mentality," he said.
"Because of the decline in the performance of the ministries we lost the amount of (52 billion dollars)," he said, calling on officials and those responsible for the economic file to "review the budget strategies and provide feasibility studies for the year200200 to balance investment support."
An attractive environment for investors
In turn, said Haneen al-Qaddo that "the Finance Committee is open to promote the reality of the private sector to contain unemployment and protect the Iraqi product and construction of infrastructure projects and manufacturing industries," stressing the need to free from the mentality of the past and the totalitarian economy and to go to the private sector and create an attractive environment for investors and simplify procedures in granting investment licenses "He said.
MP Mahasen Hamdoun also spoke of the suffering of the people of Mosul, stressing that "the need for full support from the government for the reconstruction of Nineveh province, calling on the Iraqi Economic Council to do some economic activities in the province of Nineveh."
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