Iraq is moving towards developing the private sector
The Ministry of Commerce has developed a plan to develop the private sector during the next phase.
The Director General of the Private Sector Development Department at the Ministry, Malik Khalaf Wadi Al-Durai’i, told Al-Sabah that the term private sector development is broad, especially in Iraq, as the work environment there needs a lot of movement and transformation from a directed economy to a free economy, then a flexible knowledge economy.
He explained that his department has many rapid steps to develop the local private sector, with the aim of catching up with the global economy and business environment in terms of legislation and procedures, in addition to ensuring compliance with the applicable laws related to the work of the private sector, and reviewing what is no longer appropriate.
Al-Durai’i pointed out that the appropriate legal framework has been established for issues not covered by the applicable laws, and that require the enactment of new laws in terms of management, investment, operation, protection, guarantee, incentives, empowerment and facilities, related to protecting investment and providing guarantees and others, which enhance indicators of ease of business, in addition to the governance of all institutions and entities related to the work of the private sector.
He pointed out the importance of training, qualification and establishing real partnerships to develop expertise and improve basic infrastructure, noting the start of building what is not available, completing the construction of industrial cities and science parks at the governorate level, and providing maps of investment that influence the most important development goals.
Al-Durai’i added that these measures were taken with the consensus of many officials and experts, as it is the pillar on which the economy in the country is based, stressing that the private sector has begun to grow during the current stage, and needs care, development and guidance from the state and its institutions, and the state’s door is open to everything that benefits this sector and can advance and flourish through it.
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Iraq rises to third place in the Arab world in gold reserves after Lebanon leaves the list
The World Gold Council announced on Monday that Iraq has risen to third place in the Arab world after Saudi Arabia and Algeria, and 28th globally on the list of the 100 largest countries in terms of gold reserves, after Lebanon was removed from the classification.
According to the latest report published by the Council in December 2024, which Shafak News Agency reviewed, Iraq’s gold holdings rose to 152.7 tons, up from 152.5 tons last month.
These holdings constitute 11.5% of its total other reserves, ranking it third in the Arab world.
The Council pointed out that “the United States of America continues to top the list of the largest gold holdings in the world, with 8,133.5 tons, followed by Germany with 3,351.5 tons, then Italy with 2,814 tons. Bosnia and Herzegovina came at the bottom of the list with 1.5 tons.”
The Council did not mention the reason for Lebanon’s exit from the list, after it had been ranked third in the Arab world, as its reserves in the previous month amounted to 286.8 tons.
The World Gold Council is based in the United Kingdom and has extensive experience in understanding the factors affecting the gold market. The Council includes the largest gold mining companies in the world.
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Iraq signs MoUs with 15 Greek companies to invest in various sectors
The Ministry of Trade explained, on Monday, the importance of resuming the meetings of the Iraqi-Greek Joint Committee, while the Federation of Iraqi Chambers of Commerce indicated the signing of memoranda of understanding with 15 Greek companies to invest in various sectors.
The administrative undersecretary of the ministry, Sattar Al-Jaberi, said in a speech during the Iraqi-Greek Business Forum, which was attended by the correspondent of the Iraqi News Agency (INA): “The participation of the Greek delegation, which includes representatives from the government sector and an elite of businessmen and investors in this important forum, constitutes a valuable opportunity to enhance economic and trade relations between the two countries and consolidate the bonds of joint dealing.”
He added that “this important forum, held under the auspices of the Iraqi Ministry of Trade and with direct support from the Minister of Trade, aims to support and develop trade and economic relations with friendly countries, including the Republic of Greece,” praising “the pioneering role played by the Federation of Iraqi Chambers of Commerce, headed by Abdul Razzaq Al-Zuhairi, in building international cooperation and creating a supportive environment for businessmen.”
He pointed out “the efforts made by the Ministry of Trade, represented by its various institutions and the Director General of Economic Relations, to activate the joint economic and trade committees with brotherly and friendly countries.”
He stressed “the importance of resuming the meetings of the Iraqi-Greek Joint Committee, which have not been held since 2000, as a necessary step to develop cooperation in various economic and trade fields in a way that achieves the common interests of the two countries.”
He called on “the Greek delegation to participate actively in the next course of Baghdad International Fair, which is a unique platform for showcasing investment and trade opportunities and enhancing communication between Iraqi and Greek businessmen.”
For his part, the head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, confirmed during the conference: “We signed many memoranda of understanding with countries around the world, including 15 major Greek companies to work in various sectors including (construction, building, health and agriculture), indicating that “this forum is positive and reflects a good image of Iraq to the world that it is healthy and does not resemble yesterday.”
He continued, “The purpose of the conferences or meetings is to create continuous work with our Greek partners to invest and work inside Iraq,” expressing his “thanks to the government with its legislative and executive authorities for supporting the Federation of Chambers of Commerce, which represents the largest segment.”
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Greek Foreign Ministry stresses strengthening economic cooperation with Iraq
The Greek Foreign Ministry stressed, on Monday, the possibility of strengthening Greek economic cooperation ties with Iraq.
The Secretary-General for International Economic Affairs at the Ministry, Dimitris Skalkos, said in a speech during the Iraqi-Greek Business Forum, which was attended by the correspondent of the Iraqi News Agency (INA): “We express our pleasure with this forum, as cooperation in the field of business between countries leads to political and economic stability, and these works contribute to development and represent a large ground in Iraq for establishing economic relations, as Iraq is one of the main participants in supplying Greece with oil, and we are ready to move forward in economic relations and trade exchange between the two countries.”
Skalkos added, “The growth of the Greek economy in 2023 has proven the quality of the business environment, and in 2024 growth is expected to reach 2-3%. We also expect that in 2025 the growth of the tomato crop will increase within the agricultural development strategy and the adoption of real models in agricultural ways. Direct investment in agriculture has increased in recent years as we have been able to attract foreign investors, and this is very important and the two countries can exchange support and strengthen cooperation ties, especially in the agricultural and food sectors.”
In turn, the Secretary-General of the Arab-Greek Chamber, Rashad Mabjar, stressed during his participation in the forum that “trade exchange between Iraq and Greece needs more steps, and the Greek side must seek to take the initiative in the possibility of participating with the Iraqi side in many aspects of the work sectors and technology transfer.”
He added, “Greece controls 25% of global transport trade and has progress in the field of industrial cities. We recommend that there be cooperation, as Iraq can, through cooperation, partnership and technology transfer, reach the markets of Asia and Europe.”
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For The Second Week In A Row, Oil Prices Record A Decline Amid Abundant Supplies
The US dollar exchange rates witnessed a rise today, Saturday, in the markets of the capital Baghdad and Erbil, the capital of the Kurdistan Region, with the closure of the country’s main stock exchange.
The dollar prices rose with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 151,250 dinars per 100 dollars, while this morning it recorded 151,000 dinars per 100 dollars.
As for the selling prices in the field of exchange in the local markets in Baghdad, they rose, as the selling price reached 152,250 dinars per 100 dollars, while the purchase price reached 150,250 dinars per 100 dollars.
In Erbil, the dollar also recorded a rise, as the selling price reached 151,100 dinars per 100 dollars, while the purchase price reached 151,000 dinars per 100 dollars.
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For The Second Week In A Row, Oil Prices Record A Decline Amid Abundant Supplies
Oil prices fell more than 1% on Friday, extending their weekly losses as analysts forecast a supply surplus next year due to weak demand despite OPEC+’s decision to delay production increases and extend deep production cuts until the end of 2026.
Brent crude futures fell 97 cents, or 1.4%, to $71.12 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.10, or 1.6%, to $67.20 a barrel.
Over the course of the week, Brent lost more than 2.5% and WTI fell 1.2%, with prices continuing to decline for the second week in a row.
Prices also fell as the number of oil and gas rigs operating in the United States rose this week, indicating higher production from the world’s largest crude oil producer.
OPEC+ on Thursday postponed the start of increasing oil production by three months until April 2025, and extended the period until all cuts are removed by a year to the end of 2026.
The alliance,-` which pumps about half of the world’s crude oil production, had planned to start reducing production cuts since October 2020, but slowing global demand, especially in China, and rising production from outside the group, in addition to other factors, prompted the alliance to postpone those plans more than once.
Brent crude traded in a narrow range of $70 to $75 a barrel last month, amid assessments of signs of weak demand in China and rising geopolitical risks in the Middle East.
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Central Bank Sells More Than $1 Billion In 5 Days
The total sales of the hard currency of the dollar during the days in which the auction was opened last week exceeded one billion dollars.
The Central Bank sold during the past week and for the 5 days in which the auction was opened one billion and 441 million and 783 thousand and 807 dollars, at a daily average of 288 million and 356 million and 761 dollars, higher than the previous week, which amounted to one billion and 434 million and 982 thousand and 505 dollars.
The highest sales of the dollar were the day before yesterday, Thursday, when sales amounted to 295 million and 719 thousand and 844 dollars, while the lowest sales were on Monday, when sales amounted to 279 million and 257 thousand and 935 dollars.
Foreign remittance sales during the past week amounted to 1 billion, 382 million, 383 thousand, and 807 dollars, an increase of 96% compared to cash sales, which amounted to 59 million, 400 thousand dollars.
