Al-Sudani launches the concept of "young economy" to confront the economic situation and societal crises

Wednesday 01 September 2021 14:56
 
Baghdad / NINA / - Representative Muhammad Shia Al-Sudani launched the concept of "young economy" to face the repercussions of the country's deteriorating economic situation and the multiple societal crises, and presented the state's management systems and their inability to keep pace with the times.

Al-Sudani explained from the Al-Rafidain Forum - Solutions platform: "What distinguishes the #young economy is the allocation of 50 days of oil revenues to fund projects outside the scope of the annual budgets, and the launch of pivotal projects that offer dozens of investment opportunities that create thousands of job opportunities such as the #young_economy_wage and own the #young_economy_born your electricity # The Young Digital Economy.

He added: "The state's role is limited to providing financial, institutional and technical support, not direct implementation, as investors implement pivotal projects, activate the work of local consulting offices and transfer expertise to them through global consulting offices that oversee implementation through local consulting offices after they are developed and obtained Certifications that allow it to work within international standards.

He pointed out: "Developing human capital and making it capable of serving development in Iraq and dispensing in the future from external expertise, as a special fund is allocated for education and training."

He emphasized the establishment of the Development Bank of Iraq to manage funds specialized in pivotal projects and specialize in providing technical and financial support to all segments of investors, i.e. financing available to all segments of investors from small to large, and not limited to a small group with an executive management with powers that go beyond bureaucracy and the limitations of some laws.

He called for the introduction of technology in all dilapidated sectors such as industry, agriculture and government services.

He stressed: "The concept of the young economy represents the first step towards bringing Iraq into the 21st century because it will create interaction between the investor and the state, modernize the foundations of state management, the economy, and optimal investment for the initiatives and creativity of investors, and establishes a sustainable economic development that allows society to advance, and provides an entrance to solve a number of problems and replaces Gradually the state's dependence on oil with a new economic engine." / End 7

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