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Head of Iran-Iraq Chamber stresses private sector's role in economic expansion
(MENAFN) Yahya Al-e Eshaq, chairman of the Iran-Iraq Chamber of Commerce, stressed that collaboration between the government and the private sector is crucial for achieving Iran’s target of 8 percent annual economic growth, as outlined in the country’s five-year development plan. Reflecting on Iran's economic performance, Al-e Eshaq noted that the country has seen an average growth rate of 4.5 percent over the past four years. Projections by the Parliament’s Research Center estimate growth rates of 2.5 percent for the fiscal year ending March 2025 and 2.9 percent for the following year.
He explained that the government’s 8 percent growth target is based on two main components: 5.2 percent from increased investment and production and 2.8 percent from enhanced productivity. Achieving the 5.2 percent growth in investment and production, Al-e Eshaq argued, requires a stable and predictable environment for businesses, trust-inspiring regulations, and sufficient financing for investments. He emphasized that this requires a minimum of four years of consistent engagement between the government and the private sector, along with fulfilling government commitments.
Regarding productivity growth, Al-e Eshaq highlighted the importance of developing a skilled workforce, providing access to advanced technologies, and implementing supportive policies on foreign exchange, taxes, and insurance for producers. He stressed that the government must lay the economic infrastructure, pursue effective diplomacy, and create an overall environment conducive to achieving the 8 percent growth target. He also noted that coercion or appeals would not lead to success in this endeavor.
Al-e Eshaq expressed confidence in the feasibility of achieving 8 percent growth, citing Iran’s vast economic potential, including a skilled workforce, geographic advantages, and financial resources. However, he acknowledged that the country’s challenges stem from a lack of strategic planning and effective economic policies, which must be addressed to realize the growth targets.
He explained that the government’s 8 percent growth target is based on two main components: 5.2 percent from increased investment and production and 2.8 percent from enhanced productivity. Achieving the 5.2 percent growth in investment and production, Al-e Eshaq argued, requires a stable and predictable environment for businesses, trust-inspiring regulations, and sufficient financing for investments. He emphasized that this requires a minimum of four years of consistent engagement between the government and the private sector, along with fulfilling government commitments.
Regarding productivity growth, Al-e Eshaq highlighted the importance of developing a skilled workforce, providing access to advanced technologies, and implementing supportive policies on foreign exchange, taxes, and insurance for producers. He stressed that the government must lay the economic infrastructure, pursue effective diplomacy, and create an overall environment conducive to achieving the 8 percent growth target. He also noted that coercion or appeals would not lead to success in this endeavor.
Al-e Eshaq expressed confidence in the feasibility of achieving 8 percent growth, citing Iran’s vast economic potential, including a skilled workforce, geographic advantages, and financial resources. However, he acknowledged that the country’s challenges stem from a lack of strategic planning and effective economic policies, which must be addressed to realize the growth targets.
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