Iraq's Pursuit of Enhanced Economic and Investment Cooperation in 2024
In 2024, Iraq is demonstrating a strong commitment to enhancing its economic and investment cooperation with global partners, aiming to diversify its economy and reduce dependency on oil. The President of the Republic, Abdul Latif Jamal Rashid, affirmed Iraq's eagerness to strengthen such ties, underlining the country's readiness to provide a conducive environment for strategic development projects.
Iraq's Economic Context and Challenges
Iraq, one of the world's most oil-dependent nations, has been grappling with the volatility and rigidity of its oil-centric economy. Despite a gradual recovery from the dual shocks of the oil and COVID-19 crises, the country faces significant unemployment and economic challenges, especially among displaced individuals, returnees, and women job-seekers.
Seeking Diversification and Stability
Recognizing the need for economic diversification and stability, Iraq has been actively seeking partnerships to boost non-oil sectors and secure fiscal sustainability. Recent efforts have included discussions with the International Monetary Fund (IMF) on fiscal adjustments and strategies to enable private sector development.
Bilateral Cooperation and Investment Opportunities
Iraq has also been engaging in bilateral dialogues to explore investment opportunities and partnerships. A notable example is the Qatari-Iraqi Joint Committee for Economic and Trade Cooperation, which met in July 2024 to discuss avenues for cooperation, particularly in industry, infrastructure, renewable energy, and digital transformation.
Political and Economic Agendas
Iraq's Prime Minister, Mohammed Shia al-Sudani, has emphasized the importance of focusing on economic, educational, and people-to-people domains during his visit to the United States. Despite domestic and external pressures, al-Sudani is navigating the country's political and economic agendas with a view to fostering comprehensive bilateral relations.
Conclusion
Iraq's initiatives in 2024 reflect a strategic shift towards economic diversification, investment in non-oil sectors, and the strengthening of bilateral relationships. This approach is expected to create a more resilient economy, attract foreign investment, and foster sustainable development in the face of global economic challenges.
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