New Private Sector Development Strategy to put Iraq on a path of long-term sustainable growthFeb 12, 2015
The Iraqi government today launched in Baghdad its Private Sector Development Strategy 2014-2030, which aims at creating growth and jobs through a diversification of the private sector.
The strategy reflects more than 18 months of intensive discussions –with support from the UN development agency (UNDP)– among the Prime Minister's Advisory Commission, Ministry of Planning, Ministry of Industry and Minerals and Iraq’s private sector.
Stressing the need to restructure large state-owned companies, where most employment is generated, and to invest in private enterprises, the Iraqi Prime Minister Dr. Haidar Al-Abbadi, highlighted that Iraq must adapt its legislation.
"The country can’t rely on a single source of income and revenue; we must find alternatives to support the Iraqi economy,” the Prime Minister said. “This is particularly true as we face the volatility of oil prices,” he added.
“The new strategy has the potential to put the country on a path of long-term sustainable growth that will be irreversible and will protect Iraq from exogenous shocks”, said UNDP Resident Representative and Deputy Special Representative of the UN Secretary-General in Iraq, Lise Grande.
Result of a participatory process among the Iraqi government and the private sector facilitated by UNDP, the strategy translates a long term vision.
From now until 2017, the government will support the private sector development through the Prime Minister’s Advisory Commission. During the second phase, from 2018-2022, leadership will be transferred gradually to the private sector which will assume full leadership during the third phase through 2030.
“Working on a common vision and building trust between the public and private sectors will be key, particularly given the history of nationalization and public sector dominance, Ms. Grande concluded. She committed UNDP to stand ready to support the Private Sector Development Council once it is officially established.Contact