Supporting Youth-Led SMEs at "Riyada" Initiative Conference

By John Lee.

The "Riyada" Initiative Conference was held on Saturday in Baghdad under the theme: "Investing in Human Potential to Enhance Iraq's Economy... Toward an Entrepreneurial Society."

According to a statement from Prime Minister's office, the event showcased the government's commitment to empowering youth through entrepreneurship as a core pillar of economic development.

Prime Minister Al-Sudani also inaugurated the First Riyada Exhibition, reviewing projects established by young entrepreneurs. These ventures span critical sectors, including agriculture, industrial production, artisanal crafts, and innovative businesses leveraging artificial intelligence-all facilitated by loans issued under the initiative.

He congratulated the conference organizers, emphasising the government's vision to alleviate unemployment and shift societal reliance away from public-sector jobs.

Since its launch on March 4, 2023, the Riyada Initiative has trained over 750 public and private institutions, received 16,845 loan applications, and created 10,747 job opportunities across various industries.

Full text of press release:

Prime Minister Mohammed S. Al-Sudani Reaffirms Government's Commitment to Supporting Youth Small and Medium Enterprises

Prime Minister Mohammed S. Al-Sudani presided over "Riyada" Initiative Conference, held today, Saturday, in Baghdad under the theme: "Investing in Human Potential to Enhance Iraq's Economy... Toward an Entrepreneurial Society."

Prime Minister Al-Sudani also inaugurated the First Riyada Exhibition, toured its venue, and reviewed various enterprises established and implemented by young entrepreneurs using loans provided under the initiative. These ventures encompass agriculture, industrial production, artisanal crafts, and innovative businesses leveraging artificial intelligence.

Prime Minister Al-Sudani congratulated the organizers of the conference and extended his gratitude to all those who contributed to the success of this initiative. The initiative was launched by the government at the start of its executive duties on March 4, 2023, aligning with a vision to prioritize unemployment relief in the government program and shift societal perceptions away from exclusive reliance on public-sector employment. He highlighted that over 750 public and private institutions participated in training programs under the initiative. Loan applications have reached 16,845, resulting in the creation of 10,747 job opportunities across various sectors.

The Prime Minister highlighted the findings of the recently announced population census, which revealed that Iraq has a predominantly youthful population, stressing the need to harness their potential to empower young people and enable them to contribute actively to the nation's development. He emphasized the goal of "Riyada" Initiative is to foster a youth-driven entrepreneurial society through training, empowerment, and consistent support throughout the business lifecycle, ensuring its success and economic feasibility.

Key Highlights from the Prime Minister's Speech:

• Riyada Initiative integrates digital solutions, aligning with the government's commitment to digital transformation, artificial intelligence, modern technologies, and simplified procedures.
• We inherited a system in the Iraqi state, rooted since its establishment, that relies heavily on the government for job creation and graduate employment-a model that is unsustainable for the state's future.
• Iraq's youth possess the skills, education, and determination needed to create a brighter future for their country.
• Riyada Initiative represents a dream realized for ambitious Iraqi youth, capitalizing on available opportunities to achieve progress.
• The initiative's success has been driven by the collective efforts of the initiative's team, advisors, ministers, and governors.
• Families have engaged with the initiative, integrating business planning ideas alongside academic studies and specializations.
• Iraq is entering a new era of investing its vast potential and natural resources, which have long remained neglected.
• Small projects under "Riyada" Initiative will serve as the foundation for medium and large-scale enterprises in the future.
• Economic development is being pursued across all sectors, with partnerships with international companies prioritizing the inclusion of local products.
• Local workshops can play a role in manufacturing parts for industries such as automobile production, with government banks supporting Riyada initiatives.
• The vision focuses on empowering youth to fulfill local market needs through domestic production.

(Source: PMO)