A Memorandum of Understanding (MoU) has been signed by the Iraqi Ministry of Labor and Social Affairs (MoLSA) and the United Nations Development Programme (UNDP) to support long-term economic growth and improve employment opportunities in Iraq.
The Memorandum of Understanding will aim to promote small businesses and create a start-up ecosystem in Iraq. The collaboration, according to the UNDP, will span policy, individual, and institutional levels to promote creative small enterprises and start-ups that are critical for creating jobs in the country today.
UNDP Iraq Resident Representative Zena Ali Ahmad attests that UNDP highly prioritizes assisting Iraq in boosting sustainable livelihoods, diversifying its economy, and generating employment. They also added that they will focus on increasing their efforts to support small businesses and create more employment possibilities for Iraqis, particularly the vulnerable groups, as they help rebuild the country after years of conflict.
The relationship is timely since it builds on UNDP's continuing technical and training assistance to MOLSA, which began in December 2021, Zena added. Their cooperation with MoLSA strengthens the monitoring of small businesses that have received loans or incubation services from the ministry.
Minister of Labor and Social Affairs, Salar Abdul Sattar Mohammed, identifies micro and small businesses as the backbone of the economy, particularly in a country like Iraq where they can produce sustainable employment. They hope to establish an encouraging and nurturing environment for micro and small businesses in Iraq through this relationship with UNDP.