Electricity is a significant contributor to any countries economic development. It helps to drive most aspects of everyday life in society. Over 30 years ago, Iraq was a stable country, and everybody had access to electricity during that time.
When the war came, Iraq infrastructure was utterly destroyed, and the electrical power network was intentionally damaged. Major stations and almost 80% of gas turbines units were affected. Today, the entire Iraq population could only access 30% per cent of
electricity. Let’s see how power plays a significant role in the rebuilding of Iraq economy.
Power allows business owners and employees to increase working hours
Having power throughout means business owners can open their shops early in the morning and extend more hours in the evening. Also, it allows business owners to complete any other related work of operating a business and maximize their usage.
Ability to Access Information and Resources Online
Power helps business owners with critical information for running their businesses successfully. The information they learn could be about national market, local market, tax regulations or new economic policies. Through online access, small business owners operating in rural areas can interact with the broader business community and get equipped with best practices from other individuals operating in the same industry.
Access to Power Expands Business and Job Opportunities
If every Iraq citizen can access electricity, it means that businesses such as welders, salons, Laundromats all of which rely on energy can be able to function. When there is energy, new market creation is experienced, job openings and businesses which provide more opportunities for individuals to earn a better living that lift them plus their families. Further, energy is a boost to the community, and it propels them to thrive financially, thus helping them to come out of poverty.
Industrial Growth
Energy can help to spur Iraq workforce. It is vital for countries industries as they need electricity for them to power engines. Retail outlets and factories can be able to operate around the clock. Fast-track power could play an essential role in helping industry and manufacturing across Iraq reach its full potential. Insufficient and intermittent power supply delays investment and even foreign companies from considering the Iraq market.
Other Benefits
Electricity makes cities and towns safe to live and do business, as the lights are cheaper to operate on electricity than on anything else. It helps to keep people alive in hospitals using ventilators and monitors. Electricity rebuilding will help Iraq to avoid perishable food from getting discarded and reverse financial losses the country experiences from its farm produce. The absence of power in many parts Iraq threatens the stability of even most advanced civilization. That’s why the rebuilding will help the country’s economy to grow and affect every person positively.
Conclusion
Restoration of power will play an essential role in people’s lives and the activities of the economy. It will scale Basic humanitarian need, social development, and economic growth. The energy in Iraq as its not only considered to be a production input, but also a strategic commodity that constitutes the basis for international relations and shaping the country’s economy and politics.
