The volume of Arab and foreign investment in Iraq reached 63 billion dollars
Iraqi Prime Minister Mohammed Shia al-Sudani confirmed on Wednesday that Iraq is open to various investment and development activities, noting that the volume of Arab and foreign investments in Iraq over two years reached $63 billion.
This came during his reception, on Tuesday evening, of representatives of 24 major British companies in various sectors and activities, in addition to a number of businessmen, in the presence of British government officials, on the sidelines of his official visit to the British capital, London.
At the beginning of the meeting, the Prime Minister welcomed the work of British companies in Iraq, stressing that the investment environment and business space have become open and attractive to various types of investment and development activities.
He pointed out that the meetings and agreements signed with the British side need to be translated into actions and steps, and that the most important part now falls on the companies.
He continued: “We have carried out real reforms in Iraq, and we have put in place real support facilities and procedures for the private sector. We have also implemented reforms in the tax and customs reality, company registration, and all approvals related to investment opportunities.”
Al-Sudani added, saying: “For the first time, we provided sovereign guarantees to the private sector to implement projects, and today we signed with (UKEF) what is related to this step.”
He pointed out that “the government’s steps aim to create a national industrial base, and the presence of British companies with the private sector will create real opportunities,” adding: “Iraq has a three-year budget (2023-2024-2025), and has allocated $100 billion for the investment budget for ministries and governorates.”
Al-Sudani pointed out the existence of “associated gas projects in most fields, and opportunities in the petrochemical industry,” adding: “We have a fixed platform project for importing gas funded by the government, and there is a project for liquefied gas export platforms.”
I will present the British agreement to the Iraqi parliament
Prime Minister Mohammed Shia al-Sudani confirmed, on Wednesday, during his meeting with a press delegation, his intention to present the British agreement to the Iraqi parliament upon his return to Baghdad .
The Prime Minister’s Office stated in a statement received by Shafaq News Agency that “Al-Sudani received at his residence in the capital, London, a group of senior editors-in-chief of Arab newspapers, opinion writers, and Arab and foreign journalists.”
Al-Sudani spoke, according to the statement, about “his official visit to the United Kingdom and his meetings with King Charles III and British Prime Minister Keir Starmer, and the importance and size of the security, economic and development agreements concluded during the visit,” stressing that “the bilateral agreement will be presented to the House of Representatives for the purpose of ratification.”
Al-Sudani pointed out, “The state of stability and prosperity that Iraq is experiencing despite the political fluctuations witnessed in the region, and the government’s success in keeping Iraq out of regional conflicts, while adhering to the principled position regarding the aggression on Gaza and Lebanon.”
He pointed out his political vision for the internal Iraqi situation, and his steps to maintain security and stability in Iraq and the region, stressing “Iraq’s standing with the Syrian people in facing crises and challenges.”
Al-Sudani also touched, according to the statement, on “the government’s steps in the field of economic integration,” noting “proceeding with electrical interconnection with neighboring countries, and establishing related stations, in addition to cooperation in the fields of real estate development, and building new cities, within a development renaissance planned by the government program and included strategic projects, and creating a transition in the infrastructure on which sustainable development depends.”
In his speech, the Prime Minister pointed out “the signing of the contract between Iraq and British Petroleum, which is the largest in the region,” stressing “Iraq’s move to develop its oil industry, expand the production and export of oil derivatives, invest in Kirkuk fields, and reach full investment in associated gas.”
21 Arab and foreign countries and 600 companies at Baghdad International Fair
The activities of the Baghdad International Fair in its (48) session will start on the first of next February, with the active participation of 21 Arab and foreign countries and 600 companies with different specializations.
The Director General of the Ministry’s Exhibitions and Commercial Services Company, Dr. Mustafa Nizar Jumaa Al-Ani, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News” that the exhibition will continue for seven days, and will be held under the slogan (Investment, Development, Prosperity).
He pointed out that the Ministry prepared early to hold the exhibition in its (48) session, as 21 Arab and foreign countries will participate in it, in addition to 600 local and international companies, indicating that the Ministry is still receiving requests to participate in this version, which is being continuously monitored by the Minister of Commerce.
He explained that the exhibition will include the two largest pavilions for the Kingdom of Saudi Arabia and Oman, as well as the golden sponsor of the exhibition, represented by the State of Qatar, in addition to preparing two large halls dedicated to national industries that witnessed a remarkable turnout by visitors during the past year.
Al-Ani pointed out that the ministry provides support to national industries through the Export Fund, and urges local companies to develop exports and establish advanced factories that can meet local needs, especially after the government issued several decisions to support the national product by preventing the import of many materials provided by the industrial sector.
He added that the exhibition will also witness the participation of government institutions, unions and private sector organizations, with an ambition to attract a large number of companies in the current session, in an effort to conclude contracts between the private and international sectors.
He added that the exhibition is an important economic gateway and a social oasis that attracts the public, in light of the major economic changes that the country is witnessing as part of the government program.
Al-Ani stated that the aim of holding the exhibition is to enhance cooperation between local and international companies and provide investment opportunities. It also represents a platform for communication between foreign companies and investors to exchange experiences and learn about the latest technologies in all sectors, stressing that all participating companies will display their production and will have a share in the Iraqi market and contribute to all governorates.
