Prime Minister Al-Sudani Announces Measures to Support Small and Medium Enterprises
On Thursday, Prime Minister Mohamed Shi’a Al-Sudani unveiled a series of directives designed to bolster small and medium-sized enterprises (SMEs) in Iraq. A significant aspect of these measures includes the provision of financial facilities encompassing bank loans and various incentives.
According to an official statement, these initiatives align with the government’s commitment to administrative and financial reform outlined in its strategic plan. The administration aims to streamline administrative and banking procedures, enhance electronic payment systems, and improve digital transactions across all government sectors. This comes in response to the need for a more conducive business environment, particularly to facilitate company registrations which are vital for economic growth and development of the national economy.
Automation and Digital Transformation Initiatives
Among the directives, the Prime Minister has tasked the Baghdad Chamber of Commerce, the Federation of Chambers of Commerce, and the Iraqi Industries Union with simplifying procedures for business operations. This includes launching a project focused on digital transformation and automation, aimed at expediting company registration processes within a six-month timeframe.
Additionally, efforts will be made to simplify the ratification of contracts for small and medium enterprises by allowing them to obtain a notarization confirmation efficiently, thus eliminating unnecessary delays.
Notary and Banking Requirements Enhanced
The Prime Minister’s directives also include a proposal to establish a notary office within the Baghdad Chamber of Commerce to support establishment contracts, enhancing procedural efficiency for new businesses.
Furthermore, business owners will be required to open bank accounts with authorized Iraqi banks—a stipulation supported by the Baghdad Chamber of Commerce—effectively making it a prerequisite for completing company registration and receiving a business identity.
Promoting Electronic Transactions and Financial Incentives
To advance the integration of digital solutions, Prime Minister Al-Sudani emphasized the need to strengthen electronic transactions and digital payment systems. This will be achieved through coordinated efforts with the Central Bank of Iraq to facilitate the establishment of banking facilities and financial incentives for SMEs, including loans and other banking services.
Awareness Campaign and Oversight Committees
In addition to these measures, the Prime Minister has called for a media campaign aimed at educating citizens and investors about the new registration processes, benefits of digital transformation, and available banking opportunities.
To ensure effective implementation of these directives, a specialized committee composed of relevant authorities will be established to monitor the execution of these strategies and provide periodic reports on their progress.
In summary, these strategic measures reflect a robust commitment by the Al-Sudani administration to foster an enabling environment for small and medium enterprises, thereby contributing significantly to the nation’s economic uplift and development.
