Iraq Assumes Presidency of Arab Economic Council Ahead of Arab Development Summit
Iraqi Minister of Trade Atheer Dawood Al-Ghurairi on Tuesday assumed the presidency of the Arab Economic Council at the ministerial level, ahead of the Fifth Arab Economic and Social Development Summit.
In his opening remarks, Al-Ghurairi described the event as a pivotal moment for the Arab world, urging unified efforts to transform regional economies into productive and sustainable systems.
“Today’s meeting is not merely ceremonial; it is grounded in joint action to build a constructive and productive Arab economy,” Al-Ghurairi said during the Economic and Social Council’s preparatory session.
He added that the upcoming summit would seek to convert political borders into “bridges of cooperation” and stimulate a renewed assessment of development strategies across Arab nations.
Government advisor: The Baghdad summit may lead to economic memoranda of understanding that will benefit Iraq.
The Prime Minister’s financial advisor, Mazhar Mohammed Salih, affirmed on Friday the strong possibility that the Arab rapprochements witnessed at the Arab Summit in Baghdad will lead to the signing of economic memoranda of understanding that serve Iraq’s interests.
In a statement to Al Furat News Agency, Saleh explained that “this step comes within the framework of the country’s productive foreign policy with its Arab surroundings, especially in the field of activating joint Arab action and presenting available investment opportunities in Iraq.
He explained that “Iraq possesses vast natural resources that place it in ninth place globally in terms of the accumulation of these wealth,” noting that “these resources include the oil, gas, and various mineral sectors, in addition to vast agricultural lands.”
He added that Iraq’s infrastructure needs to be developed, which makes it an attractive environment for diverse investments.
Saleh noted that the Arab economic rapprochement with Iraq in recent years, especially from countries with economic abundance, has shown increasing interest in investing in the country.
He indicated that the current political and diplomatic rapprochement could be a strong incentive to activate these desires through the signing of joint memoranda of understanding.
