Latest news with #NationalIndustryDay
Iraq Business
4 days ago
- Business
- Iraq Business
Iraq Launches QR Code Platform to Combat Counterfeit Goods
By John Lee. Prime Minister Mohammed Shia Al-Sudani reaffirmed his government's continued support for the industrial sector, the modernisation of the banking system, and tighter oversight at border crossings to block the entry of substandard goods. Speaking on Thursday at a ceremony held by the Iraqi Federation of Industries (IFI) to mark National Industry Day , the Prime Minister officially launched a national QR code platform for Iraqi industrial products. This digital initiative is intended to: Safeguard the authenticity of Iraqi goods Prevent the circulation of counterfeit products Strengthen the identity of local brands Prepare Iraqi goods for export through compliance with global supply chain standards Improve international market access Boost confidence in Iraqi manufacturing abroad Support economic growth and digitisation Accelerate digital transformation in production and retail According to a press release, the initiative reflects the government's broader strategy to revitalise local industry, improve trade standards, and align with international best practices in product verification and logistics. (Source: PMO)
Shafaq News
5 days ago
- Business
- Shafaq News
Iraq's PM declares industrial self-sufficiency
Shafaq News/ On Thursday, Iraq's Prime Minister Mohammed Shia al-Sudani announced that domestic industries have reached a level of self-sufficiency, commending the government's focus on boosting revenues through petrochemical exports. Speaking at a National Industry Day event organized by the Iraqi Industries Union, al-Sudani outlined recent progress in industrial recovery, pointing to improved capacity across sectors ranging from food processing to pharmaceuticals. The prime minister also recalled that Iraq's industrial base had been severely weakened after 2003, when a wave of unregulated imports flooded local markets, forcing many industrial producers to abandon manufacturing in favor of trade and contracting. Despite this disruption, he noted, Iraqi manufacturers have since demonstrated ''resilience and innovation.'' To advance industrial growth, the government has moved to expand the private sector's role in policymaking. For the first time, sovereign guarantees have been ''included in the federal budget to underwrite private investment,'' marking a structural change in support of production. Al-Sudani reaffirmed the cabinet's readiness to take further measures to protect domestic industries. These may include import restrictions on selected goods once reliable local alternatives are available. The measures, he explained, are part of a broader strategy aimed at ''fostering a competitive national economy.'' About the Industrial Sector Iraq's economy remains heavily reliant on oil, with crude petroleum accounting for more than 90% of the country's $107 billion in exports in 2024. Its top trading partners are China, India, and the United States. In the first half of 2025, exports reached $45 billion—an 11.6% year-on-year increase—driven largely by Asian demand. Apart from oil, Iraq is steadily expanding industrial output in fuel oil, petrochemicals, fertilizers (notably urea and ammonia), cement, and construction materials. The country is also developing its pharmaceutical, food processing, textile, and plastics sectors as part of a wider strategy to diversify exports, reduce dependence on crude oil, and strengthen domestic production across high-value industries.
Shafaq News
6 days ago
- Business
- Shafaq News
Factories at risk: Water scarcity hurting strategic industries
Shafaq News/ Worsening water shortages in Iraq are disrupting key manufacturing sectors, Industry Minister Khaled Battal al-Najm warned, urging reforms to protect domestic production. Speaking at a National Industry Day event on Wednesday in Baghdad, al-Najm called for stronger protections at border crossings to ensure fair competition, citing lax enforcement by customs and trade authorities. He reaffirmed the government's focus on strategic industries including steel, sulfur, phosphate, pharmaceuticals, and electrical manufacturing. However, 'the private sector must lead this transformation' given limited public funding. Energy shortages remain the sector's biggest hurdle, according to al-Najm. 'No factory can operate profitably without reliable electricity and gas,' he stated, pointing to the lack of industrial financing from Iraqi banks. Iraq's deepening water crisis has further strained supply chains. Reduced river flows, worsened by upstream dams in Turkiye and Iran, along with poor domestic management have limited access to essential raw materials, including sugar, oils, and textiles. Looking ahead, al-Najm said fair market conditions could unlock private sector potential. 'With the right environment, this sector can play a pivotal role in national growth.'
