The target pillars for drafting the Private Sector Council law

The target pillars for drafting the Private Sector Council law



21/04/2021








Samir Nasiri *


The Ministry of Planning is currently discussing the mechanisms of work in the temporary private sector council formed under the chairmanship of the Minister of Planning, and the legal committee associated with the Council is working on laying the foundations and pillars on which the law must be based upon its approval and which should not depart from the visions and ideas presented in the strategy for developing the private sector (2014‐) 2030) and according to its three pillars and phases, as well as relying on what it referred to and identified by the white paper in its presentation of the economic reform strategy, to the role through which the private sector should contribute to managing the economy in cooperation with the government in the second phase, of which the years 2021 and 2022 remain.


This requires the provision of the legislative environment and a stable business environment, and a focus on the axes that aim to build sound precedents for the transition to completed economic reform, and this requires the government and the private sector in all its banking, industrial, agricultural, tourism and service fields to participate and cooperate in implementing the interim, medium and long economic reform strategy.


This means engaging the private sector with a greater role in economic decision-making and market leadership through the following:
  

1- Contributing to improving the business environment in Iraq and providing an encouraging investment climate to attract national and foreign capital and encourage the achievement of partnerships between the public and private sectors.

 2- Contributing to the creation of a new legislative environment based on its reference to Article 25 of the permanent constitution, strategies and laws for economic reform and the development of the private sector to ensure its activation and leadership of the market in the future.

 3- Maintaining and activating the partnership, dialogue and cooperation between the private sector and the government.

 4- Contributing to setting policies, mechanisms and strategies, and participating in following up their implementation in order to resolve the transition to time-programmed stages to a market economy.

 5- Working to provide additional funding sources for the state budget by adopting the development and diversification of resources towards raising the percentage of resources other than oil in the gross domestic product.

 6- Encouraging the establishment and development of micro, small and medium enterprises in order to achieve comprehensive and sustainable development, including the formation of specialized institutions for this purpose.

 7- Cooperation in ensuring the implementation of the central plans in providing the infrastructure to encourage and develop the private sector in industry, trade, agriculture, tourism, mineral resources, energy and services.

 8- Activating the role of specialized banks and private banks to provide soft loans to the national private sector, as well as finding solutions to the problems of taxes and accumulated benefits that accrued to owners of stalled projects, and setting a short and medium-term financial policy

 9- Coordination and cooperation with the concerned ministries and financial and statistical institutions in building a financial and statistical information base and ensuring its transparency.


* Adviser to the Association of Iraqi Private Banks




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