Iraq unveils body to boost private sector and create jobs
BAGHDAD, Iraq (MNTV) — In a landmark move to revitalize its economy, Iraq has launched a national council dedicated to expanding the private sector, aiming to create jobs, empower entrepreneurs, and diversify growth away from government-led models.
Prime Minister Mohammed Shia Al-Sudani officially inaugurated the new Council for the Development of the Private Sector on Monday, describing it as critical to building a dynamic and sustainable economy.
Speaking at the launch event, Al-Sudani expressed full confidence in the Council’s ability to tackle long standing barriers that have stifled private enterprise.
According to the Iraqi News Agency, he highlighted the need to swiftly introduce new laws or amend existing regulations to foster a more business-friendly environment.
Central to the Council’s mission, the Prime Minister stressed, is supporting young people, entrepreneurs, and small and medium-sized enterprises (SMEs), which he described as the backbone of any resilient economy.
He also called for stronger integration between the public and private sectors, saying closer collaboration would minimize risks and better serve the needs of Iraqi citizens.
Another key priority, Al-Sudani noted, will be protecting Iraq’s local industries from unfair competition. He warned against market dumping and emphasized the need for stricter border controls to prevent the influx of low-quality goods, undercutting domestic manufacturers.
During the inaugural meeting, the Prime Minister outlined Iraq’s financial and economic performance.
He reported that government spending in 2024 had reached $119 million out of a $162 billion budget, with $69 billion allocated to salaries.
The operational budget was $30 billion, while $20 billion was earmarked for investment projects, including $10 billion designated for licensing rounds.
Al-Sudani also pointed to progress in financial inclusion, noting that the share of the population with access to banking services had risen from 10 percent two years ago to 40 percent today — a significant jump, though still below the country’s ambitions.
He highlighted advances in digital financial services and the establishment of robust international banking ties.
Addressing recent sanctions imposed on some Iraqi banks, Al-Sudani clarified that the penalties were based on past performance and assured that current operations are now being reviewed by a reputable international auditing firm.
This, he said, demonstrates the government’s commitment to transparency and financial accountability.
The Prime Minister hailed the launch of the Council as a “turning point” in Iraq’s push for economic diversification — a major step in shifting away from a historically state-dominated economy toward one powered by private sector innovation and investment.
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