Private Sector Development Strategy (PSDS) 2014 - 2030.

This Private Sector Development Strategy (PSDS) is a nationwide multisectoral document serving as a road map for the Government and private sector to stimulate, diversify and make fundamental changes to the national economy that will improve the business environment under which the private sector works. The overall objective of the PSDS is (i) to strengthen the private sector and (ii) to diversify and revitalize the national non-oil economy, by providing the Government with a paper that contributes to economic growth and improves the environment for doing business in Iraq. The PSDP will serve the additional purposes of (i) repositioning Iraq among the leading regional economies; (ii) bringing about better integration of the national economy with regional and global economies; (iii) contributing to improved market ratings of Iraq; (iv) providing national and international organizations with a concise and compelling framework for coordinating their agendas on economic and social development. The Government will achieve the objectives of the PSDS using a three-pronged approach based on the following Pillars: (1) understanding the Private Sector; (2) improving the Business Environment; (3) the SME Development Programme.
Pillar 1‘s objective is to make available to the Government and private sector, accurate information on the formal and informal private sector, for strategic planning and decision-making purposes. Pillar 2’s objectives are (i) to have in place streamlined policies, laws, regulations, and procedures that foster private sector development; (ii) to have improved access to finance for private businesses; (iii) to have incentives in place for increasing production and innovation, the registration of businesses, private investment, and employment; (iv) to improve the quality of services provided by private sector institution and associations to businesses; (v) to strengthen quality control, quality assurance, certification, and licensing systems. Pillar 3’s objectives are (i) to improve SME productivity and competitiveness; (ii) to involve the private sector, including SMEs and larger companies, in SOE restructuring and corporatization. The PSDS will be implemented in 3 phases (i) Government-led 2014-2017; (ii) Government-led 2018-2022; and (iii) Private sector-led 2023-2030.