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Prime Minister: It is time for the Iraqi economy to be linked to the global economic cycle

RJG

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Prime Minister: It is time for the Iraqi economy to be linked to the global economic cycle
 
Prime Minister: It is time for the Iraqi economy to be linked to the global economic cycle 38674



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Economy News - Basra
The Prime Minister, Muhammad Shiaa Al-Sudani, stressed the government’s work methodology in establishing economic partnerships and industrial cities with neighboring countries. While he pointed out that Iraq has the natural resources to establish a sustainable and advanced industry, he stressed the government’s endeavor to achieve an industry that exports its products outside Iraq.
A statement by the Prime Minister’s Media Office said, in a statement received by Al-Iqtisad News, that “Prime Minister Muhammad Shiaa Al-Sudani sponsored the Industrial Partnerships Forum, which began its activities this Saturday morning, in Basra Governorate, and will last for two days.”
The statement added, "The forum, which was organized by the Ministry of Industry and Minerals with the participation of the private sector, witnessed a review of the success stories of a number of industrial projects that were implemented in partnership with the private sector, in the field of mineral investment, fertilizers, agricultural sprays, iron and steel, and the chlorine factory, in addition to presenting partnership opportunities with the private sector." "There are 90 investment opportunities in various industrial sectors throughout Iraq."
Al-Sudani, in a speech he delivered during the forum, praised “the efforts of the Ministry of Industry in preparing to hold this forum, which comes after the petrochemical and mining industries conference, which resulted in the completion of investment opportunities in contracts exceeding 9 billion dollars.”
He also praised the "broad participation of the private sector," stressing that "the forum is a platform for meeting investors who are serious about investing in existing opportunities, whether in partnership with the government sector or through investment opportunities, in accordance with the investment law."
The Prime Minister announced during the forum, “It is chaired by the Private Sector Development Council in its permanent capacity, which emerged from the National Strategy for Private Sector Development 2014-2030, which was approved this year, as a clear message to support and develop the private sector.”
He said in the dialogue session during the forum, according to the statement, that “changing the state’s mono-economic philosophy is achieved by supporting the agricultural, industrial, commercial and tourism sectors,” adding: “We have natural resources to establish an advanced sustainable industry that meets the needs of the local market and can export its products abroad.” .
He stressed by saying: "Iraq cannot remain a consumer market for imported materials and goods," noting that "one direct job opportunity in the industrial sector generates 4-6 indirect job opportunities in other sectors."
He pointed out that "investing in human capital and providing it with skills, training, and capabilities is one of the government's most important goals," stressing that "the time has come for our economy to be linked to the global economic cycle and to establish a strong industrial base that supports stability."
He continued, “Industrial entrepreneurship must be supported to meet local needs and integrate with regional and international industries.” He pointed out that “the private sector, according to 2020 estimates, accounts for 81% of the total number of existing industrial units, compared to 11% for government companies, and 1% for mixed companies.” ".
He stated that “the percentage of contribution to the total industrial production is still led by government general industrial companies,” stressing “the need for the private sector to contribute to industrial production for the food, pharmaceutical, construction, and mining industries.”
He added, "We suffered a lot from commercial partnerships that harmed government companies, and there are successful partnerships that contributed to adding production lines and qualifying workers," stressing "the effort to empower the private industrial sector through ownership of industrial units and contributing to production."
He pointed out that "the government worked within a year on practical procedural steps, including establishing the Iraq Fund for Development, which establishes a sound investment environment for the private sector. We started with a capital of one trillion dinars, and it will increase by 2024. The capital of the Industrial Bank was increased, and for the first time it provided Sovereign guarantees for investment in the private sector.
He noted that "the state supports export capacity through the Export support Fund, and we initiated structural reform of the banking and financial sector, which is important for achieving development, and we launched a package of measures that contributed to increasing production lines for the production of medicines, which contributed to an increase in the percentage of contracts from 21% to 40%," noting that “The private sector has opportunities to partner with the government industrial sector or invest in industrial fields through existing opportunities.”
He stressed that “the government is serious about direct follow-up by us to the investor, as well as the advisory team and the sectoral body, from the beginning until the start of production,” concluding by saying, “The development road project will settle the industrial cities from the starting point all the way to the connection point in Turkey, and will open the way for more.” Of opportunities.”
 

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Added 12/02/2023 - 10:44 AM
https://economy-news.net/content.php?id=38036
 
 
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RJG Veteran

RJG

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PM: It Is Time For The Iraqi Economy To Be Linked To The Global Economic Cycle

1093098-8f198794-b0de-40d9-9fd6-949d58df
Baghdad (NINA) - Prime Minister Mohammed al-Sudani confirmed that the government has made reforming the economy one of its five priorities.

Al-Sudani said in a speech during the Industrial Partnerships Forum in Basra: “The economy cannot be reformed except by supporting industry, agriculture, tourism and trade.”

He added: “The natural resources we have enable us to establish an advanced Iraqi industry that meets our local needs, and we can export from them.”

Al-Sudani stressed: “Iraq cannot remain a consumer market.”

He added: “We are diligently seeking investment projects, and staying away from useless commercial partnerships,” noting that: “The state cannot employ all the huge numbers of graduates.”

Al-Sudani said: “It is time for the Iraqi economy to be linked to the global economic cycle.”

Al-Sudani said in a speech at the Industrial Partnerships Forum in Basra: “The government is serious about reforming the work of banks and developing the work of the pharmaceutical industries.”/End
https://ninanews.com/Website/News/Details?key=1093098
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Laid Back Grand Master

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"Iraq cannot remain a consumer market for imported materials and goods,"
 

 "the time has come for our economy to be linked to the global economic cycle and to establish a strong industrial base that supports stability."

 

If they don’t want to remain a consumer market and be linked to the global economic cycle. They need to move to an open market economy and have an international recognized currency.

 

Go Open Market Economy 

Go international recognized currency 

Go Stronger Dinar

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new york kevin Experienced

new york kevin

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On 12/2/2023 at 12:39 PM, screwball said:

Y think this means financial system? When? Jan 12024?

Could be. Besides de-dollarizing DOMESTICALLY, they also need to be linked to world economic systems such as the SWIFT and the BRICS. Released from all UN Sanctions would be nice as well. Does anyone know how many more UN Sanctions Iraq has at this point? If yes, list them please. Thanks in advance.

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dinarham Experienced

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   Several weeks ago , Biden "allowed " Iraq to purchase electric power from Iran for the next couple of months ,extending some kind of embargo against Iran . This was concurrent with Biden condemning Iran bigtime . What can be taken from that? My take is that the US wants to keep Iraq happy .  With USD allegedly evaporating from Iraq on the first of the year , IQD must become a viable currency. Otherwise , Iraqis will rise up , starvation makes you do that .

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screwball Grand Master

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1 hour ago, new york kevin said:

Could be. Besides de-dollarizing DOMESTICALLY, they also need to be linked to world economic systems such as the SWIFT and the BRICS.

Already linked to swift have been for over 15 years…BRICS yep already connected to correspondent banks..as for sanctions are irrelevant hence why they are linked to BRICS…no more U.S. sanctions because you didn’t agree with the us! Countries are sick of sanctions and wars! 

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gregp Mentor

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2 hours ago, screwball said:

Already linked to swift have been for over 15 years…BRICS yep already connected to correspondent banks..as for sanctions are irrelevant hence why they are linked to BRICS…no more U.S. sanctions because you didn’t agree with the us! Countries are sick of sanctions and wars! 

The Middle East needs to flush out the U.S.  

They are tired of the corruption.  Biden stuck a fork in it.
The U.S. is done. 

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screwball Grand Master

screwball

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27 minutes ago, gregp said:

The Middle East needs to flush out the U.S.  

They are tired of the corruption.  Biden stuck a fork in it.
The U.S. is done. 

middle eastern oil alliance is alive and well....now they can pay with their own currencies and yuan..the shift fromwest to east was well planned over 15 years ago they just met resistance!

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