Former Deputy Razak Al-Haidari reaffirmed today, Tuesday, the necessity of enacting laws that protect traders and workers in the private sector, stressing that supporting this sector has become essential to protect the Iraqi economy from the dangers of complete reliance on the rentier system based on oil exports and spending revenues.
Al-Haidari stated in a press interview reported by "Video News Agency" that "the absence of laws guaranteeing the rights of investors and the lack of facilitation in administrative procedures have contributed to the decline in the attractiveness of the investment environment and the flight of foreign capital from Iraq," adding that "the continuation of traditional methods in managing the economy limits opportunities to diversify income sources."
He added that "the Iraqi economy faces risks due to the heavy reliance on oil, which makes it vulnerable to fluctuations in global markets, raising the risks of economic collapse to high levels," noting that "transformations in the energy sector and the expansion of the use of renewable and clean energy sources necessitate a re-examination of economic policies and revenue diversification."
Al-Haidari clarified that "providing legal protection for investors and workers in the private sector," and clarifying "the rights and duties between the parties involved in the investment process will enhance confidence in the Iraqi economy and encourage local and foreign capital to enter productive projects."
He pointed out that "developing legislation, simplifying procedures, and improving the business environment are fundamental steps to transform Iraq into an attractive investment destination, contributing to job creation, strengthening productive sectors, and reducing reliance on oil revenues."
Al-Haidari emphasized that "building a diverse and sustainable economy requires a clear governmental will to support the private sector and provide real guarantees for investors, protecting the economy from financial crises and enhancing its ability to face future challenges."