Baghdad: Prime Minister Mohammed Shia’ al-Sudani emphasized the government’s commitment to fostering partnerships with the private sector as a strategic approach to advancing Iraq’s construction and development efforts. During the inauguration of a new infant formula factory, al-Sudani highlighted the government’s strides in the pharmaceutical, food, and construction industries.
According to National Iraqi News Agency, al-Sudani stated that the factory, with its expandable production capacity, aims to fulfill local market needs while conserving hard currency typically spent on imports. He noted that over the past three years, the government has prioritized support for the industrial sector to diversify the national economy and reduce its dependency on oil.
Al-Sudani reiterated the significance of private sector collaboration, stating, “Our focus is on partnership with the private sector and involving it in decision-making, as the optimal path to achieving construction and development.” He also mentioned the activation of the Industrial Coordination Council, which has played a crucial role in overcoming challenges to national industry growth.
He further elaborated that, for the first time, the state is providing sovereign guarantees for the private sector under the three-year budget law. The government has initiated numerous projects in key sectors, including pharmaceuticals, food, and construction, and has implemented a lending policy through banks to support small and medium-sized enterprises (SMEs).
Highlighting the progress, al-Sudani pointed out the significant increase in SMEs, from 2,000 in 2021 to 39,000 currently. Additionally, he noted the establishment of 5,470 projects during the government’s term and the export capabilities of 53 industrial projects. Iraq has achieved self-sufficiency in several strategic products, such as fertilizers, reinforcing steel, and various types of cement.
Al-Sudani expressed concern over the lack of media attention on the industrial sector’s achievements, reaffirming the government’s dedication to supporting and launching high-quality projects that bolster national industry and meet market demands.
The newly inaugurated infant formula factory in Baghdad is set to produce 9 million food packages annually, serving vital food security needs. Al-Sudani commended the project’s significance and the competence of Iraqi businessmen and industrialists in establishing large-scale initiatives. He emphasized that the integration of expertise with economic feasibility signals a promising future for Iraqi industry, particularly in addressing the needs of children under two, who constitute 5-6% of the population.