Private Sector and Its Impact on Combating Unemployment

Many countries of the world have faced real challenges around the issue of combating unemployment, which helps in achieving social and economic development by eliminating unemployment completely.

In Iraq, unemployment was and still is one of the problems that negatively affected young people, as well as social stability declined and the national economy declined as a result.

The private sector came to play an important role in the process of combating unemployment in Iraq, it performed an important and integral function in creating job opportunities and developing human capabilities ,in addition to encouraging investment in various fields. We will explain each of them in detail, explaining to you the role of the private sector and its impact in combating unemployment:

• The private sector worked hard to stimulate investments, as it became an important engine for the economic growth process in Iraq. It also encouraged investment in various economic fields such as tourism, agriculture, industry, technology, etc. It created a suitable environment for investment, so the results of this work were to significantly increase job opportunities and enhance economic activity in  Iraq.
• The private sector has contributed significantly to the development of human capabilities, as well as it has widely provided opportunities for all specializations in vocational training and self-development. It has also worked to increase the knowledge and skills of Iraqi youth at a high level, and has worked to increase job opportunities, improve their levels, and increase workers productivity in the private sector.
• The private sector has provided job opportunities in all specializations and has also helped Iraqi youth in establishing the projects they aspire and provided financing and supporting for investment in various economic sectors. Thus, we see that it has a positive impact on improving living conditions and reducing the unemployment rate in Iraq.

Private Sector and It’s Impact on Combating Unemployment

The private sector was not just a normal sector,  it greatly helped in combating unemployment and provided suitable job opportunities for all young people around the world. It is an important axis for all economies,  as well as it plays a critical role in achieving sustainable development and stimulating economic growth, as it works to encourage investments in various economic sectors and creates job opportunities multidisciplinary.

The importance of the private sector lies in several aspects that it works on:

• Providing sustainable job opportunities and enhancing economic activity has become one of the most important results of the private sector, which stimulates investment in all specializations such as agriculture, industry, tourism, technology, and services. It also provides the necessary facilities, guarantees, and financial support so that the environment is suitable for investments.
• The private sector works to develop the capabilities and skills of local workers, especially young people, as it provides opportunities to train workers and develop them professionally, which increases their level of knowledge and skills and greatly evolve heir human capabilities on the one hand, and increases employment opportunities and improves the quality of workers in the private sector on the other hand.  .

For job seekers, especially young people, the private sector helps provide job opportunities by establishing small, medium and large projects that differ in their needs for workers, whether they are skilled or unskilled it employs everyone, which reduces unemployment and improves living conditions.

The Role of the Private Sector in Combating Unemployment

The private sector worked to develop new products and improve services, in addition to applying modern technology on the ground, which made it the center of development for the Iraqi economy and one of the important factors in combating unemployment. The results were the development of economic activity and the creation of innovative and profitable job opportunities.

• One of the most important things the private sector provides is its training for local workers, as well as it provides opportunities for intensive and comfortable vocational training at the same time, which improves the capabilities of workers and provides them with the skills they need for the labor market.
• The private sector provided profitable job opportunities for young people looking for work when it invested share capital to expand businesses, which made the possibility of creating new job opportunities greater in various sectors, such as tourism, trade, industry, services, and technology. As a result Unemployment rates decreased significantly.
• The economic sector achieved significant economic growth and improved living conditions for all segments of Iraqi society. It also stimulated investments to create greater fields of work, developed youth skills, and increased the possibility of innovations and their development of work.

Everything we mentioned previously proves us that the private sector has importance in combating unemployment, which requires all facilities for the private sector to work better.

Al-Rakiza Foundation’s achievements in combating unemployment in Iraq

Al Rakiza Foundation is a completely non-profit charitable organization that was established in Iraq in 2014. This organization was not just a name mentioned at all, but rather it set priorities and goals that made it good reputation in Iraq.

Al Rakiza Foundation aimed to promote sustainable development and helped improve the quality of life in Iraq in all its local communities, as well as it provided various groups of programmes, services and workshops in various fields such as vocational training, education and training programmes. It also works to develop youth’s creativity and skills and increase their opportunities in the labor market,this foundation also promoted entrepreneurship and did not stop there, but rather than, it provided financial and technical support for emerging projects and also accomplished many areas such as:

• Al Rakiza Foundation in Iraq seeks to facilitate youth employment procedures, as well as it communicates with all institutions and companies that provide suitable job opportunities for all Iraqi youth, whether they are qualified or unskilled.
• Al Rakaza Foundation provides training and sports programs in order to enhance creativity and personal abilities and develop sports skills for young people that will help increase job opportunities in specialized sectors such as entertainment and sports.
• The Foundation technically and financially supported emerging projects and small and medium enterprises, and also provided technical consultations. With intensive training and financing of promising projects, the results were to strengthen the local economy and creating suitable job opportunities.
• Training programs in various fields were provided by the Al Rakiza Foundation, such as agriculture, trade, techniques and handicrafts, which developed the capabilities and creativity of young people, helping them find job opportunities in the local market in ease.

Attracting investors in Iraq

Attracting investors in Iraq has been a major focus of interest  which has achieved great proportions in providing sustainable development and promoting prosperously economic growth. It has also provided multi-disciplinary job opportunities for young Iraqi energies. Because Iraq is a country with rich natural resources and is characterized by enormous economic potential, it has become an investment destination that attracts attention , so richness of its resources, the distinctive regional location, and many other factors helped attracting investors in Iraq, such as:

• The presence of a large internal market: Iraq is considered one of the most important large internal markets that provide opportunities for important companies to market their services and products, which has attracted important commercial investors to expand their business fields, companies and projects.
• Economic reforms: The Iraqi government implemented broad economic reforms which worked hard to reinforcing transparency, facilitating administrative procedures, and improving the business environment, with the aim of reducing administrative burdens and facilitating the investment process for investors.
• Multiple investment sectors: Iraq is characterized by the presence of rich investment sectors, such as natural gas, oil, agriculture, tourism, and trade. It is also rich in manufacturing sectors,all of which have provided various opportunities that  contributed to the diversification of the Iraqi economy and the multiplicity of investment opportunities.
• Natural Resources: The natural resources in Iraq have attracted investors greatly, as Iraq has natural resources, especially those related to natural gas and oil, which constitute a basic foundation for the development of the economic sector.
• International Cooperation: The cooperation of the Iraqi government with many international institutions has greatly enhanced investment in Iraq Which agreements were concluded and partnerships were signed with many countries to enhance investment, trade exchange and technology transfer.
• Security stability: Investor’s confidence has increased significantly as a result of the improvement of the security situation in Iraq in the recent years, as well as the environment has become more safer and more attractive for investment thanks to the fight against crime and terrorism, improving security, and enhancing the government’s capabilities to maintain order and make the Iraqi country more safer and more stable.

Cooperation between the public sector and the private sector

The private sector and the government sector merged with each other in a way that achieved harmonious cooperation among them and built a strong base that was the foundation for Iraqi economic prosperity.

Cooperation between the private sector and the government sector is represented in the exchange of information, resources and experments between the two parties, in addition to encouraging investments for various economic sectors. This cooperation revolves around several areas such as:

• This partnership was as an important supporter of economic strengthening and sustainable development in Iraq, as well as the government sector provided technical and material support in addition to necessary facilities for private companies, while the private sector provided its expertise and reliance on modern technology to create this distinctive combination.
• As a result of their cooperation, both the private sector and the government sector contributed to developing and improving the infrastructure in Iraq, including ports, airports, roads, water and electrical networks. The result was a good quality of life and solid economic growth.
• Cooperation between the private sector and the government sector has the potential to provide basic services to the citizens of Iraq, in addition to enhancing the capabilities of local workers and the capabilities of youth, developing infrastructure, and the most important process is implementing major projects through public-private cooperation in contracting and agreements between government agencies and private companies.

Career opportunities provided by the private sector

In recent years, the private sector in Iraq has proven its efficiency and worthiness where it has become a strong assistant in providing job opportunities for various specializations. Here are some job opportunities provided by the private sector in Iraq:

• Civil Engineering and Construction: The development of Iraqi infrastructure and urban growth requires the presence of skilled technicians and engineers with experience in the fields of construction, architecture, design and civil engineering.
• The private sector offers multiple job opportunities in various fields such as metal and chemical industries, electronics, cars, plastic and food products, in addition to the clothing industry.
• Because the oil and gas sector is one of the most important and largest sectors in Iraq, the private sector attracts many workers to work in various fields, especially these two sectors, such as refining, export, exploration, production, and logistics services.

The private sector and creating new job opportunities

The private sector has always played an important vital role and served as a supporting hand in providing job opportunities to those seeking them, especially young people. Thus, it has become one of the most important factors helping to create job opportunities when it establishes small and big companies, emerging companies, and projects, in addition to supporting them financially and technically. Below are explanations in detail of the private sector’s mission in creating new job opportunities in Iraq:

• The financial and bank sectors provide job opportunities in various fields such as banking, investment, accounting, financing and insurance, as well as it is one of the most important vital sectors in Iraq.
• The information and communications technology sector witnessed great prosperity in Iraq, as well as it provided job opportunities in various fields such as information technology, softwares development, networks support, and cybersecurity.
• The tourism and hospitality sector which is considered a promising sector that has provided many job opportunities, so talented workers in Iraq can work in restaurants, hotels, travel, entertainment, and in the field of cultural tourism as well.

 Thus, the private sector has an influential imprint in the fight against unemployment that we cannot deny.

How does the private sector help eliminate unemployment

Private companies have always been a major engine that helps in economic growth and improves sustainable development in Iraq in addition to their role in providing job opportunities in various sectors such as trade, industry, agriculture, and services is undeniable, which has greatly contributed to improving the standards of living for all categories of the Iraqi people and significantly reducing unemployment rates as well. 

Many achievements have been accomplished and difficulties have been overcome thanks to the role of the private sector and its contribution to combating unemployment, among these achievements:

• The productivity of economic sectors increased, development rates rose in Iraq, and areas of work diversified thanks to the private sector, which provided innovative job opportunities in the sectors of industry, trade, agriculture, and services.
• Public services were improved and infrastructure was developed in Iraq, as well as private companies worked to enhance investment for improving infrastructure such as airports, roads, schools and hospitals, which clearly improved the quality of life of citizens and enhanced economic growth.
• The private sector played a vital role in developing the human capabilities, and skills of Iraqi workers, especially young people, as the private sector provided training programs for professional development.
• The private sector did not tire of providing job opportunities for all young people, which eliminated unemployment rates and also helped create small and medium-sized enterprises and support them to provide job opportunities and improve living conditions.

In conclusion, we will find that the private sector is the main helping hand in combating unemployment in Iraq, it effectively overcomes this obstacle due to providing job opportunities and developing the talents and capabilities of Iraqi businesses, in addition to stimulating investment,  improving the living conditions of citizens and developing and enhancing economic growth rates.