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Restructuring government factories and transforming them into a shareholding

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Restructuring government factories and transforming them into a shareholding

Wednesday 02 June 2021 84
Baghdad: Haider Al-Rubaie


The economic expert, Dr. Hussein Al-Khaqani, stressed the importance of restructuring the state-owned factories, and transforming them into joint stock companies in which the state’s share does not exceed 25%, stipulating that 25% of the other shares be offered to workers in the same factory,

stressing at the same time, that the private sector has become It suffers from structural problems due to the state’s abandonment of its role in directing industry and agriculture and planning for sustainable development.

Al-Khaqani’s call coincided with the government directions announced earlier by the Ministry of Finance, when it confirmed that the reform and activation of the private sector is done by creating a stable investment environment and reconsidering Some self-financed public companies, as well as activating collection from the electricity sector.

While she stressed that restructuring the banking sector is an urgent necessity, as it is the backbone of any economic expansion.

Factory restructuring

Al-Khaqani stipulated during his speech

For {Al-Sabah} implementing a package of measures that will advance the private sector, pointing out that among those measures are facilitating the process of registering companies, lifting red tape and administrative bureaucracy, which has become a productive environment for cases of corruption, and protecting the product and local production from commodity dumping, and competing goods, by using Financial instruments {customs and tax}.

The economic expert also called for “the need to own the lands on which the projects are built, provided that those lands are used for the purposes of the exclusively licensed project, as well as to provide security and protection for the facilities and their workers from the pressures that may face them,

stressing at the same time the importance of restructuring the state-owned factories and turning them into Joint stock companies in which the state's share does not exceed 25% and the remaining shares are offered for sale, provided that they are sold first at a percentage 25 percent for workers in the same factory, and the rest is sold in the financial market.

Producer Support Fund

Al-Khaqani believes, {the importance of establishing a fund to support producers and exporters of finished goods, whose financing will be from customs duties that are taken from goods similar to local goods, and provided in the form of soft loans for productive projects, especially those whose products are exported abroad, stressing the need for the project permit to include a condition for the employment of the unemployed. from graduates of institutes and colleges, as well as unskilled labour.

Product Protection Supplies

The industrial development and investment expert, Amer Issa Al-Jawahiri, did not stray much from the previous opinion, when he stressed, during his speech to Al-Sabah, the importance of the trend towards converting a number of companies and factories from fully public ownership to mixed joint stock companies, provided that the proportion of the government sector in it ranges between 25% and 30% are included in the Iraq Stock Exchange so that there is a percentage of participation by sectors {public / employees / strategic partner / citizens shareholder}.

Al-Jawahiri explained that the process of transforming public sector companies can be regulated within the framework of the available laws, pointing out at the same time that what is important in this transformation is the implementation team and the boldness of the decision while following up on the results.

Al-Jawahiri warned against the continuation of "uncontrolled imports", pointing out that this matter is an obstacle not only to the existing industries, whether operating or suspended, but also constitutes an obstacle to any thinking of new industrial investments,

calling for "a careful consideration of the requirements for protecting the national product, not only From strict control of the requirements for increasing fees related to imports, but with all kinds of empowerment, support, facilities, exemptions, encouragement and attraction of new domestic and foreign industrial investments.

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