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Industrial Companies Forum

Participation of the Iraqi-British Chamber of Commerce and Industry in the Industrial Companies Forum held in Basra Governorate, attended by the honorable Prime Minister, Engineer Mohammed Shiaa Al-Sudani. In his speech during the forum, Mr. Sudani praised the efforts of the Ministry of Industry in organizing this forum, which comes after the Petrochemical and Mining Industries Conference. The conference resulted in completing investment opportunities worth over 9 billion dollars. He also commended the extensive participation of the private sector, emphasizing that the forum serves as a station for serious investors to explore opportunities, whether through partnership with the government sector or through investment opportunities according to the Investment Law. During the forum, he announced his permanent chairmanship of the Private Sector Development Council, which emerged from the National Strategy for Private Sector Development 2014-2030, approved this year as a clear message to support and develop the private sector. Here are the highlights of the Prime Minister’s remarks during the dialogue session at the forum

Changing the state’s mono-economic philosophy is done through supporting the agricultural, industrial, commercial, and tourism sectors.

We have natural resources to establish a sustainable and advanced industry that meets the needs of the local market and can export its products abroad.

Iraq cannot remain a consumer market for imported materials and goods.

A single direct job in the industrial sector generates 4-6 indirect jobs in other sectors.

Investing in human capital and providing it with skills, training, and capabilities is one of the government’s most important goals.

It is time for our economy to be linked to the global economy and establish a strong industrial base that supports stability.

Entrepreneurial entrepreneurship must be supported to meet local needs and integrate with regional and international industries.

According to estimates for 2020, 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.

The percentage of contribution to total industrial production is still led by government-owned industrial companies.

We need the private sector to contribute to the industrial production of food, pharmaceutical, construction, and mining industries.

We have suffered a lot from commercial partnerships that have harmed government companies.

There are successful partnerships that have contributed to adding production lines and qualifying workers.

We are working to empower the private industrial sector through ownership of industrial units and participation in production.

During the year, the government worked on practical procedural steps, including the establishment of the Iraq Development Fund, which establishes a healthy investment environment for the private sector.

We started with a capital of one trillion dinars, and it will increase with 2024.

The capital of the Industrial Bank has been increased, and for the first time, sovereign guarantees have been provided for investment in the private sector.

The state supports export capacity through the Export Support Fund, and we have begun a 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 the increase in the contracting rate from 21% to 40%.

The private sector has opportunities for partnership with the government industrial sector or investment in industrial fields through the available opportunities.

The government is serious about direct follow-up by us of the investor, as well as the advisory team and the sectoral entity, from the beginning until the start of production.

The Development Road project will settle industrial cities starting from the starting point to the connection point in Turkey, and will open the way for more opportunities.

Media Office of the Prime Minister December 2, 2023