Iraq has taken a significant step to grow its economy. Prime Minister Mohammed Shia Al-Sudani started a new council. This group is called the Permanent Council for the Development of the Private Sector. It will help improve business in the country. The key goal is to grow Iraq’s private sector.
The Prime Minister explained the need for fast changes in old laws. These changes will support business growth. The Council will find laws that block progress and offer better options, helping the government act quickly and effectively.
A central idea shared was the need to empower young people. Young Iraqis must have more chances in business. The Council will help create more small and medium-sized businesses. These businesses are important for jobs and economic growth. Iraq’s private sector growth depends on them.
Al-Sudani also called for real teamwork between the government and businesses. Iraq’s economy has long depended on the state. But now, both sides must work together. When the government and private sector unite, public services will improve. Delays and risks will go down.
He said the Council will also support local industries. Iraq must stop poor-quality imports. Strong border checks will protect the market. Domestic producers must feel safe to return and grow. Protecting home industries helps Iraq’s private sector growth.
Iraq’s budget shows major spending numbers. The 2024 plan allows 213 trillion IQD in total spending. Out of that, 90 trillion IQD goes to salaries. The investment budget includes 26 trillion IQD. Half of that supports energy licensing rounds.
In the last two years, financial inclusion has grown from 10% to 40%. Iraq also improved in digital payments and global banking links. Today, global auditors check local banks, which boosts trust and invites investors.
The Council will help create jobs and support a rising workforce. Iraq’s private sector growth remains key to future progress.
