IMPORTANT IRAQ NEWS: AL-SUDANI: IRAQ IS AMONG THE MOST ATTRACTIVE COUNTRIES FOR INVESTMENT DURING THE PAST TWO YEARS, 18 JAN

AL-SUDANI: IRAQ IS AMONG THE MOST ATTRACTIVE COUNTRIES FOR INVESTMENT DURING THE PAST TWO YEARS

Prime Minister Mohammed Shia al-Sudani confirmed on Wednesday that Iraq is among the most attractive countries for investment during the past two years,indicating that investment opportunities in Iraq are the most at the level of the countries of the region.

The media office of Prime Minister Mohammed Shia al-Sudani stated in a statement, which was reviewed by “Al-Eqtisad News”, that “Prime Minister Mohammed Shia al-Sudani participated, 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.”

According to the statement, al-Sudani pointed out during the symposium “the importance of this visit, which represents a new era in the relationship between the two friendly countries,” indicating that “Iraq has concluded a strategic agreement with the United Kingdom, in addition to agreements and memoranda of understanding between ministries and relevant authorities, and others signed by the private sector with British companies, stressing the need to translate these understandings into practical, useful, fruitful and implementable formulas.”

Al-Sudani spoke about the stable situation in Iraq, which has become a promising country for development, investment and work in all fields, pointing out that it has achieved real reforms based on reliance on the private sector. 

He explained that most of the economic reforms came with proposals from the private sector to facilitate the business environment and provide the best ways to work.

Al-Sudani said during the financial symposium that “reforming the financial and banking sector was a priority,” stressing “taking a series of steps to restructure government banks and contract with Ernst & Young, and the Central Bank contracting with Oliver Wyman.”

Al-Sudani added: “We have cooperation with the US Treasury, and today all transfers are made through correspondent banks and with reliable steps,” indicating: “We have provided sovereign guarantees to the private sector to reduce risks in productive projects in the country.”

The Prime Minister pointed out that “the Iraq Development Fund works as a new idea for the state in embracing and empowering the private sector,” noting that “the investment law in Iraq is the best in the region, as it enables investors to freely transfer profits and capital.”

He continued, saying: “Investment opportunities in Iraq are the most among the countries of the region, and Iraq is among the most attractive countries for investment during the past two years,” indicating: “We have noticed a desire among international companies to expand investment in Iraq and open new projects,” referring to “the need for an Iraqi and foreign banking sector capable of absorbing these operations and covering investment activity.”

He stressed that “Iraq needs insurance companies, and this sector must be strengthened through innovation, expanding digital insurance, and risk analysis,” explaining: “We are working to transfer expertise and knowledge to Iraqi cadres and enhance their capabilities in global investment methods.”

He concluded by saying: “The Iraq Investment Forum will be held next April, and we invite you to visit Iraq and take a closer look at the available opportunities.”