The private sector of Iraq remained neglected for the years because of Iraq’s dependency over production and export of oil in the international market. They focused on the crude oil production and considered fit a sole path to success in the world. But they forget to support their own people in the country.
They forgot that a single sector whether it produces too many income cannot produce jobs for all people in the country. The oil sector of Iraq cannot produce job for whole nation for sure. It was a simple thing that Iraq economists could not understand. Now Iraq is one of the top rated countries of the world with lowest job creation rates. The unemployment rate in the country is too high that is also considered a main source of terrorism in the country.
The young people that unable to find reasonable job to support their parents and to live a happy life, they choose an easy way to die. This is the major cause of terrorism in the country and crime as well. Looking at this situation, the UNDP and Iraq Toyota have joined hands to create jobs for Iraqi people in the Toyota and in different sectors of economy. UNDP is so committed to develop private sector of Iraq to create jobs for locals. The government is also working on this task with the total commitment and devotion but its resources are not enough to handle this situation in the perfect manners.
UNDP, World Bank, US Aids and some other organizations are working on this task for last couple of years. The projects often delay because of continuous disturbance in the different cities of the country. It is so difficult to convince the foreign countries and foreign companies to invest in the country in the situation like this. How a worker will work free of fear when the people are being executed in the country just because they are foreigners and being considered as spy of Iraq government and US Forces.
Many international firms have stopped working in Iraq because of recent problems. Although the government of Iraq and its security forces provide better security to the business officials yet they are not fully confident about the security situation of the country. Iraq is working on some safe city projects to ensure better security for its people and the foreigners visiting country for different purposes.
Fortunately, we are looking heavy investment again in the oil sector of Iraq after lifting the sanctions of UNO from Iraq. New contracts are being signed with different countries of the world for improvement of existing oil fields and to find new field in the country as well.