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FRANK26: "INVESTMENT LAW & NEW EXCHANGE RATE... THE BEST IN THE REGION".......F26
Al-Sudani from London: The Iraqi investment law is the best in the region
1/15/2025
Prime Minister Mohammed Shia al-Sudani confirmed on Wednesday that the investment law in Iraq is "the best in the region," noting that the stable situation in the country has made it a "promising country" for development and investments.
The Prime Minister's media office said in a statement received by Shafaq News Agency that the latter "participated today, on the sidelines of his visit to the United Kingdom, in the financial symposium held in London, in the presence of major British financial companies, Iraqi private sector companies, and a number of government officials from both countries."
During the symposium, Al-Sudani pointed out "the importance of this visit, which represents a new era in the relationship between the two friendly countries, and that Iraq has concluded a strategic agreement with the United Kingdom, in addition to agreements and memoranda of understanding between the ministries and relevant authorities, and others signed by the private sector with British companies," stressing "the necessity of translating these understandings into practical, useful, fruitful and implementable formulas."
He stressed that "the stable situation in Iraq has made it a promising country for development, investment and work in all fields, and its achievement of real reforms whose main basis is reliance on the private sector," indicating that "most of the economic reforms were proposed by the private sector to facilitate the business environment and provide the best ways to work."
He pointed out that "reforming the financial and banking sector was a priority, and we took a series of steps to restructure government banks and contract with Ernst & Young, and the Central Bank contracted with Oliver Wyman."
Al-Sudani continued, "We have cooperation with the US Treasury, and today all transfers are conducted through correspondent banks and with reliable steps, and we have provided sovereign guarantees to the private sector, to reduce risks in productive projects in the country," stressing that "the Iraq Development Fund works as a new idea for the state in embracing and empowering the private sector."
Al-Sudani stressed that "the investment law in Iraq is the best in the region, as it enables the investor to freely transfer profits and capital," noting that "the investment opportunities in Iraq are the most at the level of the countries of the region, and Iraq is among the countries most attractive to investment during the past two years."
He added, "We have noticed a desire among international companies to expand investment in Iraq and open new projects, and we need an Iraqi and foreign banking sector capable of absorbing these operations and covering investment activity," indicating that "Iraq needs insurance companies, and this sector must enhance innovation, expand digital insurance and analyze risks."
He concluded his speech by saying, “We are working to transfer experience and knowledge to Iraqi cadres and enhance their capabilities in global investment methods. The Iraq Investment Forum will be held next April, and we invite you to visit Iraq and take a close look at the available opportunities.”