PM advisor: Labors Insurance Law is a turning point to regulating the market

INA - BAGHDAD 

Financial advisor to the Prime Minister, Mudhher Muhammed Salih, confirmed that 60% of the market in Iraq is still unknown, while noting that the Social Security and Retirement Law constitutes a turning point towards regulating the market.

"There are production systems that are not based on the institutional character of the markets, and therefore there are objections to the Social Security Law for Workers, launched by non-institutional production concerns, that do not originally belong or are regulated by Companies Law No. 21 of 1997 as amended," said Salih to the Iraqi News Agency - INA.

Salih added, "60% of the market is still gray and undefined in front of government regulations that deal with the market sector, whether oversight, taxes, or banks," stressing, "The new social security law will oblige it to turn into white legal markets, which constitutes the turning point towards Market regulation that will encounter a pattern of stubbornness and resistance to change."

He called on the Ministry of Labor and Social Affairs to "start a media and educational campaign to educate the market, producers and workers in it, while issuing instructions to implement the law in an easy, clear and encouraging manner."