The World Bank on Thursday released the Business Redy 2024 (B-READY) report, which showed that Iraq is witnessing a significant transformation in improving the business environment, and explained the progress made by Iraq in vital areas such as regulatory frameworks, public services, and operational efficiency.
The report showed, according to a statement from the Ministry of Finance, a copy of which {Euphrates News} received, some of the positive developments and achievements made by Iraq in making the business environment more attractive and effective for local and international companies, including the stability of the regulatory framework, as Iraq has made great progress in creating a more stable and friendly regulatory framework for business. He succeeded in improving the ease of doing business by simplifying company registration processes and eliminating minimum capital requirements.”
“This improvement contributes to making Iraq more attractive to entrepreneurs, especially small and medium-sized enterprises (SMEs), which play a key role in creating job opportunities and diversifying the economy, and the positive impact has led to the alignment of Iraqi trade regulations with international standards to facilitating cross-border transactions and creating a more stable and predictable environment for investors,” he explained.
The report pointed to “improving access to public facilities and infrastructure, as Iraq has made tangible progress in the public utilities sector, which is essential for the operations of companies. The government has reduced the time required to access basic services such as electricity and water. Investments in infrastructure are currently being made to improve the reliability of future service delivery, and the positive impact These reforms have already contributed to reducing operational disruptions and increasing investor confidence in the market, although further improvements are needed in progress.”
The report also pointed to “strengthening labor market regulations as Iraq introduced new regulations in the labor market aimed at protecting workers and enhancing the inclusiveness of the market. Achievements include equal pay policies, anti-discrimination regulations, and support for collective bargaining rights. The government has also expanded public employment services and training programs to meet the needs of the private sector, and the positive impact these reforms have helped create a more flexible and inclusive labor market, making Iraq more globally competitive.”
The Ministry of Finance stated that “despite the positive points documented by the report, it was based on unupdated data collected in 2023 by the business red team from the private sector – and the data reflects the stage that was collected before collecting that data a while before the reform initiatives of the current government and the stimulus budget came into full effect. And since the government has paid great attention to the private sector, the business environment has developed a lot over the past two years and will continue to develop and at an accelerated pace over the coming months and years when the fruits of the reforms are fully reflected.”
She continued, “What has been accomplished such as reforming a significant number of laws and regulations, tax and customs reforms, electronic payment, e-commerce, digital transformation, reform of state-owned enterprises, guarantees granted to the private sector, and others. Thus, the report did not fairly show Iraq’s journey towards reform and the progress made in many areas, including the establishment of a more stable regulatory framework.
The Ministry of Finance stressed “the commitment of the Iraqi government to continue economic reforms, and the impact of the general budget and reform initiatives will be reflected in future reports based on updated data, which is what the World Bank should have done in the report issued this day.”
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