[tlm724] good evening everyone i want to show you an article from march 5th, 2013
Salman al-Moussawi: the House of Representatives intends to amend the Law of the Ministry of Industry to support the private industrial sector
Date: 05/03/2013 10:48:40 Tuesday
Baghdad (news) .. A member of the Committee on the economy and investment MP / National Alliance / Salman al-Moussawi, an intention within the House of Representatives to amend the Law of the Ministry of Industry format supports private industry, likely enacted after the ratification of the general budget.
Moussawi said (of the Agency news): The Law of the Ministry of Industry conducted it set adjustments during past periods, but still needs further amendments conform with the policy of a free market economy. added: that the economic and investment commission and parliamentary committees concerned with the intention to held another amendment to the law of the Ministry of Industry and Minerals format supports private industry,
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by reducing the powers of the ministry and giving the active role of special economic development of the country. explained: that the functions of the ministry's work will focus on oversight and advice, plans and feasibility studies and the organization of the work of factories and plants in the private sector, and this is what will happen to a lot of economic problems in the country which absorb unemployment and activation of private industry http://www.ikhnews.com/
[tlm724] this was just 7 days ago, now let me show you that an "amended law" was recently brought out in the law library on march 12th, 2013 it is Law of the Ministry of industry and minerals (38) 2011 rate http://www.iraq-lg-law.org/en/node/2349
[tlm724] heres a little about this ministry: Iraq's non-oil industrial sector includes such industries as petrochemicals, phosphate, sulfur, fertilizers, minerals, cement, paper, consumer goods, light manufacturing, electronics, machinery and transport equipment, textiles, leather and shoes, and food processing and packaging.
Most major industrial enterprises were state-owned but saddam hussein totally ignored this sector. So this sector was basically just a funnel for corruption and theft but things are different now and this laws shows us that.
most of the time when i read laws it helps me to read the rationale at the bottom of the law just to get a grasp of what the law is so here is the rationale:
With a view to the reorganization of the work of the Ministry of industry and minerals in the light of the shift from the planned economy to a market economy and changes in administrative structures of the Ministry and to organize and make the law fit at Barton Isle those shifts and changes. This Act launched
[tlm724] we know for a fact that a free market economy is a must for the progress of iraq as well as a requirement for the WTO and this allows the state to release their reins to the private sector and gives private companys the ability to run these industries, create jobs and stimulate the economy. I'd like to ask Shredd if he can help us understand this further
[Shredd] sure thing, thank you timmy, I'd like to start with this caption from the article:
"The Law of the Ministry of Industry conducted it set adjustments during past periods, but still needs further amendments conform with the policy of a free market economy." So, I wanted to explain a bit what the significance of Iraq moving to a "free market economy." When we see this phrasing, we should really get excited because of what this will represent.
[Shredd] In short, a free market economy is a local economy where supply and demand call the shots. The greater reality is the intervention by the government is rare. Here's a big one...... In a free market economy, exchange rates are not pegged (or managed) by the government but rather fluctuate based on the demand of the currency and especially in Iraq's case, the supply of the currency.
[Shredd] In the financial markets, this "free market economy" will show Iraqi-based securitized debt and equities have their pricing set by investor demand. Buyers and sellers strike trades on a normal, business as usual basis without government involvement.
[Shredd] Now, moving onto the actual law and the amendment......
[Shredd] Take a look again at the "Rationale" that timmy posted above....this excerpt more specifically: "in the light of the shift from the planned economy to a market economy" So in summary, the House is amending this law in light of the shift, or already initiated and in the process of, moving from a planned economy to a market economy.What a golden nugget of progress in this!!
Then, take a look at all of the companies associated with this ministry at the end of the law... substantial sector coverage of the Iraqi economy!
[tlm724] Shredd it just gets better and better thank you so much !
[Shredd] tlm724 thank you so much for bringing this to our attention
[tlm724] Shredd my pleasure
Last edited by tlm724 on Wed Mar 13, 2013 12:39 am; edited 1 time in total
Here is a portion of the companys involved. you can follow this link to the forum to view the law and the complete list: http://www.bondladyscorner.com/t67073-law-of-the-ministry-of-industry-and-minerals-38-2011-rate-as-amended
Table of names of varieties associated with the Ministry
1 General company for pharmaceuticals and medical/Samarra
2 General company for pharmaceuticals and medical equipment/ninewah
3 Fertilizer manufacturing company/North
4 Fertilizer manufacturing company/South
5 General company for tyre industry
6 General company for batteries
7 General company for refractories industry
8 State company for glass and ceramics industry
9 General company for sugar industry
10 State company for automotive industry
11 General company for Mishraq
12 State company for ready made garment industry
13 State company for tobacco industry walskair
14 Company designs and industrial consulting
15 General company for industrial design and construction
16 General company for iron and steel
17 State company for vegetable oils industry
18 General company for handmade carpets
19 Northern cement State company
20 Iraqi Cement State company
21 Southern Cement State company
22 General company for construction industries
23 State company for petrochemical industries