The government has taken decisions that grant privileges to investors
The Prime Minister’s Advisor for Industry and Private Sector Development, Hamoudi Al-Lami, announced that the government has taken decisions to grant privileges to investors, while indicating that the facilities include granting tax exemptions.
Al-Lami said in a speech at the Greek-Arab Economic Forum in Athens, that “Iraq, after the formation of the current government two years ago headed by Prime Minister Mohammed Shia Al-Sudani, had one of its priorities to support the industrial sector, and the government has begun to implement this promise it made,” noting that “the government has taken decisions, including activating Investment Law No. 13 of 2006, and additional amendments were made to it to grant more privileges to investors.”
He explained that “the government has taken decisions, including forming committees to grant incentives and privileges to investors and guarantees for investment,” noting that “foreign investors have the right to lease industrial lands for a period of 50 years, renewable.”
Al-Lami explained that “Iraq has great opportunities for investment, especially after the security stability, and the Arab brothers played a major role in activating various sectors in Iraq and they are now spread across all Iraqi governorates,” stressing that “Iraq is now witnessing a renaissance in activating sectors, and there are investment opportunities that were presented two months ago and will be followed by other opportunities that will be announced soon.”
He continued: “Iraq has a great wealth of minerals that exceeds its importance, oil, as oil is now suffering from some disturbances due to the political situation, the issue of the environment and carbon emissions,” explaining that “Iraq has begun to invest in the great wealth of minerals as it has 10 billion tons of phosphate rocks that are used in the phosphate and phosphate fertilizer industry, which has become a great need due to the increasing demand for food that requires agriculture, which in turn needs fertilizers.”
He added that “any production of the phosphate industry is accompanied by uranium production, and the investor can use the uranium to produce energy or sell it to power plants,” noting that “the National Investment Law began with simple and specific investments in the construction sector and has now shifted to investing in the industrial sectors (chemical and petrochemical).”
Al-Lami stated that “the investor obtains full tax exemptions for importing production line equipment and raw materials.”
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Al-Sudani: We are in contact with Trump’s team and will sign several memoranda of understanding with Spain
Prime Minister Mohammed Shia Al-Sudani announced the government’s communication with the team of US President-elect Donald Trump.
Al-Sudani, who arrived in Madrid yesterday evening, said in the most important points of his interview with the Spanish newspaper El Mundo:
We are facing a distinguished stage in relations with Spain, and there is a mutual desire to develop and advance them in all areas.
Spain is part of the international coalition that helped us eliminate the terrorist ISIS, and at our request, the mission of the international coalition will end within two years because the justification for its existence has ceased.
The capabilities of our security services have reached an advanced stage and there is political stability that has been reflected in the general situation of the country.
Our relations with the United States are institutional according to the Strategic Framework Agreement, and we have contact with the Trump team and it wants to develop relations with us.
The ceasefire agreement in Lebanon is an important event, and we hope that it will include the Gaza Strip to reflect on the stability of the region.
Our laws stipulate non-recognition of the Zionist entity, and the Palestinians are the owners of the land and the cause, and they are the ones who decide the formula for the solution to their cause.
There are Spanish companies in Iraq, especially in the railway and transportation sector, and we are keen to have more companies due to their efficiency and experience in implementing projects.
We will sign several memoranda of understanding with Spain, and there is a financial ceiling of 200 million euros to one billion euros to cover projects implemented by the Iraqi and Spanish private sectors.
A $250 million railway project was awarded to a Spanish company, and negotiations are underway with another Spanish company on a high-speed train project between Najaf and Karbala.
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Memoranda of Understanding between Iraq and Spain.. Projects worth up to one billion euros
Iraqi Prime Minister Mohammed Shia al-Sudani confirmed on Thursday that Iraq is going through a distinguished phase in its relations with Spain, with a mutual desire to strengthen and develop these relations in all fields.
Al-Sudani explained in an interview with the Spanish newspaper “El Mundo” that “Spain is part of the international coalition that helped Iraq eliminate the terrorist ISIS, and based on our request, the mission of the international coalition will end within two years after the justification for its existence is no longer there.”
He stressed that “the capabilities of the Iraqi security services have reached an advanced stage, and there is political stability that has positively reflected on the general situation in the country.”
He pointed out that “Iraq’s relations with the United States are institutional relations according to the Strategic Framework Agreement, and we are in contact with the Trump team, which wants to develop relations with Iraq.”
Regarding the conflict in the region, Al-Sudani said: “The ceasefire agreement in Lebanon is an important event, and we hope that it will extend to the Gaza Strip to enhance the stability of the region.”
He touched on Iraq’s position on the Palestinian issue, stressing that “Iraqi laws stipulate non-recognition of the Zionist entity, and that the Palestinians are the owners of the land and the cause, and they are the ones who determine the formula for the solution to their cause.”
The Prime Minister stressed that “there are Spanish companies operating in Iraq, especially in the railway and transportation sector, and we are keen to attract more of them due to their efficiency and experience in implementing projects.”
He pointed out that “several memoranda of understanding will be signed with Spain, with a financial ceiling ranging from 200 million euros to one billion euros to cover projects implemented by the Iraqi and Spanish private sectors.”
In this context, Al-Sudani announced that “a railway project worth $250 million has been referred to a Spanish company, and negotiations are underway with another Spanish company to implement the high-speed train project between the governorates of Najaf and Karbala.”
Yesterday, Wednesday, Prime Minister Mohammed Shia Al-Sudani headed to Spain on an official visit, at the official invitation of his Spanish counterpart, Pedro Sanchez.
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Trade Bank of Iraq launches first experimental Visa card
The Trade Bank of Iraq announced, on Wednesday, the launch of the first experimental Visa card.
The bank’s media advisor, Aqil Al-Shuwaili, said in a statement, which was reviewed by “Al-Eqtisad News”, that “the Iraqi Trade Bank has begun launching the first experimental Visa card.”
He pointed out that “this visa included features for use in the online shopping process as well as for use in purchases.
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