Investment can change the economic path

Investment can change the economic path

Wednesday 24th February 2021 34




Baghdad: Shukran Al-Fatlawi


The President of the International Businessmen Federation, Dr. Hamid Al-Oqabi, warned against adopting a clear and rapid economic reform approach that is adopted by the public and private sectors, in order to limit all the tasks of economic development to his hand, and to avoid the policy of laxity in managing this file and relying on the rentier economy. In his speech to Al-Sabah, Al-Uqabi called for "the necessity to provide a safe haven for domestic and foreign investment, and to enact appropriate and encouraging legislation and economic systems in the process of economic reform as soon as possible and away from all obstacles in the organization and implementation on the ground."



Developmental processes
He pointed out that "when the space becomes available for the private sector to take its role and work in all fields, without interfering in economic policy, and away from all obstacles, the sector will rise to the level of performance required and catch up with development, which has become a national gain for the countries whose economy has been adopted." On the private sector in development operations. "
Al-Oqabi stressed "the necessity of rejecting the principle of rentier economy and focusing on protecting the local product, as well as focusing on joint-stock companies, rather than family, with the aim of absorbing administrative methods and modern technologies."


Marketing networks
The President of the International Businessmen Federation pointed out that "the rehabilitation of institutions, companies and factories in the public and private sectors, the use of administrative methods and modern technologies, and the facilitation of loans to small, medium and large factories are all factors worthy of making a change in this."
Sector ".
He stressed "the importance of stability in developing the performance of businessmen to provide the best services to the business sector, as well as focusing on facilitating information related to technology and local and foreign marketing networks that are also capable of resolving the crisis."

Migration of money
Al-Uqabi concluded his speech by saying: "All these demands represent a great challenge and a responsibility that the private sector can bear, with the need to work to find someone who defends the private sector and to find compelling arguments and evidence in its role in economic development and changing the course of economic reform, as well as the return of the migration of capital that has exhausted Economy".

Developmental experiences
A member of the Businessmen Union, Ahmed Muklef, said: "The development experiences, from the year 2003 to the present day, were not able to secure the needs of the Iraqi society in building the infrastructure for the Iraqi economy, and were not efficiently commensurate with the returns of the Iraqi economy, the rentier economy."


Muklef assured to Al-Sabah that “not using the expertise and capabilities of the real private sector in various fields can be described as a defect, and on the other hand a fictitious private sector arose that did not harmonize with the development goals and was managed with a mindset that is far from the mentality of the real private sector and its capabilities to establish new projects and possess the necessary expertise. Get it done. "



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