DINAR REVALUATION REPORT: Prime Minister Al-Sudani's Success in Attracting Investments Through Foreign Visits, 29 AUGUST

 Prime Minister Al-Sudani's Success in Attracting Investments Through Foreign Visits

On August 29, 2024, the Parliamentary Investment Committee of Iraq confirmed the significant achievements of Prime Minister Mohammed Shia Al-Sudani in attracting investments to the country through his various foreign visits. 1 Since assuming office in October 2022, Al-Sudani has made it a priority to engage with international partners to stimulate Iraq's economy and diversify its investment portfolio.

A Strategic Approach to Foreign Relations

Al-Sudani's visits have been pivotal in opening up new channels of investment. During his trip to the United States in April 2023, he led a high-level delegation that included key ministers of oil, finance, trade, and electricity. 2 The delegation's agenda focused on strengthening bilateral ties, with discussions on security, trade, energy, and sanctions. Al-Sudani's meetings with President Joe Biden and US businesses demonstrated his commitment to economic development and addressing Iraq's financial challenges resulting from sanctions. 3

Enhancing the Investment Climate

Iraq has seen a surge in bilateral trade, exemplified by its increasing economic ties with Saudi Arabia. The signing of 12 memorandums of understanding in April 2023, aimed at quality investment projects, reflects the growing cooperation between the two countries.  4 A new law is also in the works to protect Saudi investments in Iraq, a move that is expected to further boost economic collaboration. 4

Commitment to International Agreements

In a significant development, Iraq signed the Singapore Convention on April 17, 2024, underlining its commitment to international settlement agreements resulting from mediation. 5 This move is seen as a milestone in Iraq's efforts to attract foreign investments and improve its business environment.  5

Conclusion

Prime Minister Al-Sudani's strategic approach to foreign policy has been instrumental in positioning Iraq as an attractive destination for international investment. His efforts to diversify the economy and foster economic growth have been reflected in enhanced bilateral relations and the country's commitment to international agreements that support investment.