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Domestic industry reduces unemployment and maximizes resources

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Domestic industry reduces unemployment and maximizes resources

Sunday 19 April 2020 108

Baghdad / Al-Sabah


Experts and specialists in the financial and economic affairs see the need to support the local industry, by providing infrastructure, rehabilitating the stalled factories, encouraging local industrialists, and attracting foreign investors to establish large factories to supply the local market with local industrial products,

While they stressed that the local industry can be able to absorb unemployment and maximize the country's financial resources by providing the country's hard currency and reducing imports of consumer products, pointing out that this needs strategic plans to advance the reality of the national industry.

Strategic plans

The expert in industrial affairs Abdul-Hassan Al-Shammari said in a statement to "Al-Sabah": "The local industry can be a competing sector for the oil sector, given what Iraq possesses the ingredients that qualify it to be one of the large industrial countries, through the availability of talents, and professional industrialists with competence."

Specialization, in addition to the availability of logistical factors such as strategic locations, means of transportation, and trade exchange outlets, indicating that these elements need to be properly employed by setting an integrated strategic plan based on sound economic foundations.

Attracting investors

He added that "the plan must determine the deficiencies and what the industrial sector needs and the challenges it faced during previous years, and through which treatments and effective solutions can be developed for how to advance this important sector," stressing that

"the industrial sector is one of the important economic sectors, as most countries depend on it Great economic."

He explained that the means of support can be through allocating soft loans to support local industrialists, rehabilitating Iraqi factories that stopped after 2003, and establishing other medium and large factories by granting soft loans and attracting investors to create a large industrial revolution in the country.

Absorbing unemployment


He pointed out that "activating the industrial sector will revitalize the Iraqi economy by absorbing unemployment and providing consumer goods in the local markets, which means that the country will dispense with foreign imports, and thus a hard currency will be available within the country."

He continued, "The local industry is well-known in the countries of the region, especially the Gulf countries that were importing Iraqi products, especially dairy products and others in the seventies and eighties, as Iraqi products were among the finest types of products in the region."

He stressed "the necessity of reviving the local industry, especially after the fluctuations in prices and oil instability in the global markets due to its direct impact on the political, security, economic and other factors that happen in the countries of the world."

Funding sources

In turn, the economic expert, Saleh Al-Hamashi, stressed the "need to diversify the sources of financing by activating vital economic sectors, especially the industrial sector."

Al-Hamashi said in a statement to "Al-Sabah": "In light of the current crisis and what the country and the world are witnessing from the Corona pandemic and the collapse of oil prices, the Iraqi government must think about the future by setting effective plans to advance the economic sectors, especially the industrial sector."

He stressed "the necessity to diversify the country's financial resources because of its great importance at the present time in light of the financial crisis."

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