Source: Dinar Daddy’s Tidbits
BAGHDAD / JD / .. demanded the parliamentary Finance Committee, the Industrial Bank to provide facilities to the investors in the industrial sector for the promotion of the development process of the country.
A member of the committee MP Hassan al-Bayati told / JD /: that his committee addressed the management of the Industrial Bank develop new mechanisms to facilitate the process of granting loans to industrialists and investors in the industrial sector in order to support local industry and promote economic development in the country.
He added that the measure comes from the door to support the private industrial sector which is one of the important sectors, which still is disabled completely so far, calling on the government to give more attention to the private sector and to take new steps to shift from rent economy central to the economy of the free market.
The suffering of Iraqi industry, in the current circumstances, a number of problems and obstacles, including: the lack of an industrial policy clearly defined within the strategic direction towards sustainable development is reflected in the lack of scarcity and allocations to the industrial sector in the general budget.
The aging of the means of production and the dominance of the old ways, inefficient, which led to the recession, or low, levels of production, as well as not to add new production lines or the introduction of new technology, which led, and lead, to high production costs and then to the weakness or lack of ability to compete with foreign goods.
There is also a weakness in the capital of the private sector as a result of a number of subjective and objective obstacles, and follow from the economic and financial policies, which prevented the accumulation required to achieve the capital, which is needed for the development of industrial or factory refurbished. This is in addition to the lack of an integrated system of funding, can contribute effectively in the development of this sector and its institutions. / End