Iraqi News and Highlights Saturday AM 7-25-20

TLM724 Administrator BondLady’s Corner

The Private Sector In Iraq .. Problems And Solutions

Saturday 25 July 2020  29  Dr. Selwan Francis Youssef

Investing in industry, agriculture, and services

The projects of industry, agriculture, and services in the private sector are among the important tributaries of the economy in terms of providing products and services locally, not leaving the hard currency abroad, employing millions of employees and workers, and raising that from the shoulders of the government in appointing them.

In order to reach the optimal solution in developing the sectors of industry, agriculture, and services in the private sector, the government and others should provide the following:

1 - Improving security in all governorates, restoring state prestige, and implementing laws that contribute to this.

2- Providing electricity to these sectors at reasonable prices.

3- Providing protection for the local product from foreign competition.

4 - The government’s assistance to the owners of various industrial and agricultural projects that stopped working during the past twenty years, which amount to more than 20 thousand projects, by giving them soft long-term loans and exempting them from taxes for ten years in order to restart their projects and provide the Iraqi economy with the products it needs and operate hundreds of thousands Employees and workers.

5 - Urging the governmental and private banks to cooperate with the owners of these projects and their investors.

6 - Implementing a one-stop shop system by investment agencies in different governorates and the National Investment Authority and controlling corruption therein.

7 - Implementing the joint investment system in the governmental financial industrial and agricultural projects, as well as privatizing a portion of the lagging projects belonging to the Ministry of Industry.

Construction sector

The construction sector is a basic engine of the economy, as it is included in the field of services, but it will use a lot of construction materials, devices and equipment, not to mention the employment of hundreds of thousands of skilled, unskilled and skilled workers and employees of all specialties. This sector will also provide housing units, of which Iraq needs more than 2.5 million housing units to overcome the housing problem and slums that have spread widely during the past years, not to mention infrastructure projects such as roads, bridges, railways, ports, and airports, as well as school buildings, universities, hospitals, and dispensaries ... etc. And for the success of the work of the contracting companies and the trade and construction of construction materials there are things that must be paid attention to, such as:

1 - Government agencies include many tenders to establish projects in budgets and provide the necessary funding for them.

2 - Pushing the rights of construction companies continuously and without delay so that the work wheel can be rotated smoothly.

3- Giving material and tax incentives for construction materials manufacturing projects and construction machinery and equipment.

4 - Facilitating investment transactions in residential and other projects in order to start work on establishing such projects, many of which were suspended due to obstacles placed in front of them.

Focus on modern technology

The joints of public life and industrial, agricultural and service projects have all become combined with the types of technology as an inseparable title as if they believed in Siamese. And any commercial, industrial, agricultural or service company has to operate with the types of technology available, especially digital ones, in order to keep pace with the local and global market.

Among the technological aspects that must be taken care of by private sector companies are the following:

1- Information, digital systems and automation.

2 - 3D in the industry.

3 - Nanotechnology.

4- Artificial intelligence.

5 - Trade and electronic transactions.

The above matters started to invade the business world a while ago and will dominate it in all its aspects in the future. Therefore, the Iraqi private sector companies should pay attention to this matter in order to keep pace with the developments and development in the world in order not to remain at the bottom end.

Developing workforce capabilities

One of the important things in developing the private sector itself is developing the capabilities and capabilities of the workforce in the private sector. It requires the government to establish centers to train private sector employees and workers in all governorates to develop their capabilities in many areas, including, but not limited to:

1 - Administrative development.

2 - Trade Finance.

3 - Development of communications among individuals and the method of writing letters and commercial e-mails.

4- Marketing and sales.

5- Commercial laws.

6- Taxes and customs tariffs.

7- Shipping and logistics services.

8 - Developing Arabic and English language skills.

9 - Professional skills for employees and workers.

These centers prepare various short training programs for one day, several days, or months, using the help of university professors and lecturers with experience in administrative, commercial, industrial, agricultural, and service work. The focus is also on training courses that develop from the skills of unskilled workers to make them skilled workers contribute effectively to the labor market, while adopting successful experiences in other countries that are appropriate to the situation in Iraq.

The government must not forget to develop the capabilities of employees and workers in the government sector, which has become part of the failure of government performance to not prepare these workers for the jobs they receive and often hinder work because they are unaware of the basic aspects of their work.

The failure of government sector employees will have a negative impact on the private sector; Because, as we mentioned above, companies and government departments are the customer and the first buyer of the private sector.

Incentives

The development of the performance of the employee or worker must be associated with the concept of reward and punishment. The reward depends on the material and non-material incentives provided that it is objective and linked to the professional evaluation of performance, as well as the personal view of the direct manager and the superior.

And it should not only look at material incentives, because in many cases non-material incentives are more effective than material incentives and affect the employee or worker.

Final word

What we mentioned are problems caused by the government sector and the banking sector, and this does not mean that private sector companies are innocent of being in many cases a direct cause of their poor performance. Therefore, private sector companies should pay attention to their aspects of improving performance and recruiting and training employees and workers who can develop work in a positive and professional manner that is equivalent to what is applied in developed countries.

Likewise, the current government in all of its ministries must draw up an integrated plan on how to assist the private sector in the advancement and provision of financial and non-financial assistance programs and pay the financial salaries of government departments and companies to private sector companies without delay, so that this sector absorbs many of the shocks facing the government and embrace Thousands of employees and workers.

We hope everyone will pay attention to this so that the private sector becomes an important anchor in developing the Iraqi economy.  LINK

Stability Of The Dollar Exchange Rates In The Iraqi Market

Time: 7/25/2020 11:03:19 Read: 4,654 times  {Baghdad: Al Furat News} The exchange rates of the dollar continue to settle with the beginning of the new week, after it ended last week on the same value.

Where the exchange rates of the dollar on the Kifah Stock Exchange came to 123,600 per hundred dollars

As for the price in banking

123,000 for purchase   124,000 for sale

——————-

Basra

123,600

—————-

Mosul

124,000

—————

Sulaymaniyah

123,950

—————-

LINK

Flydubai Resumes Its Flights In Iraq

Time: 7/25/2020 20:27:32 Read: 4,004 times  {International: Al Furat News} flydubai Airlines announced the resumption of flights from the airports of Baghdad, Basra and Najaf, starting next Tuesday.

The general secretary of the company, Haider Amer Al-Dujaili, said in a press statement that "flydubai Airlines will resume its regular flights from next Tuesday to and from Iraq by 10 flights per week from Baghdad airports (4 flights) and Basra (4 flights) and Najaf (two flights) per week to airport Dubai International, and from there to more than 70 world destinations. "

"The flights are available for reservation from all travel and tourism agents in Iraq, and we plan to increase the number of flights to 17 flights per week starting next September, and we will constantly add new destinations to the network as flydubai provides flexible options for travelers to continue their trips easily to its global destinations."

He continued, "We can now serve our travelers in a safe and studied manner based on the current highest international standards and by the competent authorities to reduce the risk of transmission of the epidemic Covid-19 {Corona}."  LINK

Oil Announces The Final June Statistic ... And Reveals The Price Of The Iraqi Barrel

Time: 7/25/2020 18:40:44 Read: 6,448 times  {Baghdad: Al Furat News} The Ministry of Oil announced the total oil exports and revenues accrued for the month of June, according to the final statistic issued by the Iraqi Oil Marketing Company {SOMO}.

"The amount of exports of crude oil amounted to {84} million and {489} thousand and {16} barrels, with revenues of two billion and {871} million and { 314} thousand dollars. "

And between, "The total quantities of exported crude oil for last June from the oil fields in central and southern Iraq amounted to {81} million and {6} thousand and {497} barrels, with revenues amounting to two billion and {740} million and {679} thousand dollars , While the quantities exported from Kirkuk oil through the port of Ceyhan {3} millions and {482} thousand and {519} barrels, with revenues amounted to {130} million and {635} thousand and {195} dollars. ”

Jihad explained, "The average price per barrel was {33.984} dollars.

He indicated that"

It is mentioned that the Ministry of Oil, through its belief in informing the people about the export operations and the revenues accrued from it, took this monthly measure.  LINK

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