- GE will provide funding, marketing, and business training for 50 microbusinesses through the “Taqat” initiative to accelerate their growth
- Initiative focuses on Iraqi youth- and women-owned businesses in particular to boost economic development in the private sector
Baghdad, Iraq: As part of its ongoing commitment to support Iraq and its people through the acceleration of socio-economic progress, GE has partnered with Kapita, a grassroots entrepreneurship organization to launch the ‘Iraqi Microbusinesses’ initiative – “Taqat” in Arabic.
Through the new partnership, GE will support up to 50 microbusinesses owned by young Iraqis across the country, by providing funding, marketing, and business training. The program aims to help promising young Iraqi entrepreneurs to scale up their business. The initiative will target E-commerce, food manufacturing, agriculture, tech solutions and innovative projects in energy and healthcare.
Rasheed Al Janabi, President of GE in Iraq said: “Microbusinesses play a significant role in driving the progress of the nation by contributing to youth employment, building economic self-reliance and supporting the growth of a local value chain. As a long-term partner in the development of Iraq, GE believes it is important to support the next generation of entrepreneurs and positively influence their lives through this program. We are committed to supporting the country and the people in building a vibrant microbusiness environment that generates positivity and confidence amongst Iraqi youth by unlocking their creative, innovative, and entrepreneurial potential.”
Mujahed Waisi, CEO of Kapita, added: “As a private sector development company committed to enhancing the microbusiness ecosystem of Iraq, our goal is to build grassroots-level entrepreneurial talent and enable them to achieve their highest potential. GE’s support of young Iraqi entrepreneurs enables them to understand the essentials in marketing, sales, and domestic manufacturing from one of the world’s top industry leaders. This sets a new model in knowledge-sharing and skillset development, which is crucial for the success of microbusinesses.”
Usually starting at zero-budget projects that are dependent on revenues to purchase raw materials, the microbusinesses stand to benefit from GE’s in-depth training and services to support production, marketing, and sales. To be part of the program, owners of microbusinesses across Iraq must submit applications online with details of the businesses and the services they plan to develop. GE’s support will further empower small and medium-sized enterprises through investment and market development programs.
An expert committee will evaluate each application to choose 50 microbusinesses with the highest potential and GE will provide support and services based on the requirements of the entrepreneur and the recommendations of the committee. One mentoring session will be provided per month to each microbusiness with follow-up tasks and monitoring. The duration of the mentoring program is three months.
With more than 300 employees in Iraq, including services provider FieldCore, GE’s teams are deployed in the toughest locations, bringing power and healthcare infrastructure where it is needed most. The GE team is comprised of 95% Iraqi professionals who are working to make a positive impact on their communities.
GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse, and dedicated, operating with the highest integrity and passion to fulfill GE’s mission and deliver for our customers.