The-Launch of the IRADA Network: An Alliance of Entrepreneurship-Focused Institutions in Iraq
The unveiling of the IRADA Network transpired at the ‘Reintegrating the Iraqi Business Landscape’ conference that took place in Baghdad on Wednesday, September 27, 2023. This network is the creation of a consortium of prominent institutions specializing in business development and entrepreneurship. Its primary aim is to fortify the private sector in Iraq through supporting creative young talents, nurturing emerging businesses, and empowering small and medium-sized enterprises (SMEs).
The Iraqi Riyada Network for Access, Development, and Advancement (IRADA Network) involves a group of leading institutions in the Iraqi private sector. These include the RWANGA Foundation in Kurdistan, Qaf Lab in Mosul, and Tafa3ul Hub from Basra. Institutions From Baghdad include; Computiq, The Station, Makers of Baghdad, and KAPITA Business Hub.
The IRADA Network aims to support small and medium-sized enterprises, startups, and youth communities, to eventually drive positive growth in building an investment-friendly environment. This will be achieved through two primary means:
- Policy Formulation and Development
Supporting and assisting government efforts in promoting economic development by formulating policies that strengthen the private sector. Such policies may include boosting small and medium-sized enterprises, providing legislation and decisions that facilitate the business environment, and encouraging investment and job creation. Furthermore, supporting startups and youth communities plays a vital role in promoting innovation and the economy. Achieving these goals requires coordination of efforts across various sectors and effective collaboration between the government, private sector, and civil society.
- Raising Awareness
Raising awareness of the importance of supporting the private sector and educating youth and relevant entities is crucial in the development of the Iraqi economy, as spreading this awareness plays a key role in expanding opportunities in the Iraqi market.
Focusing on the importance of supporting the private sector can diversify the country’s income sources and help boost the economy and create new job opportunities. Additionally, directing efforts toward educating youth about the significance of entrepreneurship and innovation is essential in motivating them to develop their skills and leverage their potential in enhancing the country’s economy.