Prime Minister: For the first time sovereign guarantees were provided for investment in the private sector

 
 Basra-INA
 
 
 
Prime Minister Mohammed S. Al-Sudani, sponsored the Industrial Partnerships Forum, which began on Saturday morning in Basra Governorate and will last for two days.
 
 
“The event, orchestrated by the Ministry of Industry and Minerals in collaboration with the private sector, showcased the success stories of several industrial projects in mineral investment, fertilizers, agricultural sprays, iron and steel, and the chlorine factory. Additionally, it presented 90 investment opportunities across various industrial sectors throughout Iraq, fostering partnerships with the private sector,” stated the Media Office of the Prime Minister in a statement, received by The Iraqi News Agency-INA.
 
 
 
In his address at the forum, Prime Minister Al-Sudani commended the Ministry of Industry for organizing the event, following the successful petrochemical and mining industries conference. This forum has led to the formulation of investment opportunities with contracts surpassing 9 billion dollars. He also applauded the extensive engagement of the private sector, emphasizing the forum as a pivotal platform for serious investors considering opportunities, either through collaboration with the government or private sector in line with the Investment Law.
 
 
During the forum, Al-Sudani announced that he chairs the Private Sector Development Council in his 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.
 
 
The following are the highlights of Prime Minister's remarks at the forum:
 
 
Shifting from a mono-economic philosophy is realized through support for diverse sectors such as agriculture, industry, commerce, and tourism.
 
We have natural resources to establish an advanced sustainable industry that meets the needs of the local market and can export its products abroad.
 
 
Iraq must transition from being solely a consumer market for imported materials and goods.
 
 
 One direct job opportunity in the industrial sector generates 4-6 indirect job opportunities in other sectors.
 
 
One of the government's foremost objectives is to invest in human capital, offering skills, training, and capabilities.
 
 
It is time for our economy to be integrated into the global economy and to establish a robust industrial base that promotes stability.
 
 
Industrial entrepreneurship must be supported to meet local needs and integrate with regional and international industries.
 
 
According to 2020 estimates, the private sector accounts for 81% of the total number of existing industrial units, compared to 11% for government companies, and 1% for mixed companies.
 
 
Government-owned public industrial companies continue to play a leading role, contributing significantly to the overall industrial production.
 
 
We need the private sector to contribute to industrial production for the food, pharmaceutical, construction and mining industries.
 
 
There are successful partnerships that contributed to adding production lines and qualifying workers.
 
 
Our aim is to empower the private industrial sector by promoting ownership of industrial units and fostering active contributions to production.
 
 
Throughout the year, the government undertook tangible steps, including the establishment of the Iraq Fund for Development, aimed at creating a robust 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 sovereign guarantees were provided for investment in the private sector.
 
 
The state supports export capacity through the Export Support Fund, and we have initiated structural reform of the banking and financial sector, which is important for achieving development.
 
 
 We launched a package of measures that contributed to increasing the production lines for the production of medicines, which contributed to an increase in the percentage of contracts from 21% to 40%.
 
 
The private sector has opportunities to partner with the government industrial sector or invest in industrial fields through existing opportunities.
 
 
The government is serious about direct follow-up by us to the investor, as well as the advisory team and the sectoral authority, from the beginning until the start of production.
 
 
The Development Road Project will settle industrial cities from the starting point to the connection point in Turkiye, and will pave the way for more opportunities.