BRITISH AMBASSADOR TO NINA: BAGHDAD AND LONDON WILL IMPLEMENT MAJOR PROJECTS AND OUR COMPANIES ARE READY TO INVEST IN IRAQ, 16 FEB

 BRITISH AMBASSADOR TO NINA: BAGHDAD AND LONDON WILL IMPLEMENT MAJOR PROJECTS AND OUR COMPANIES ARE READY TO INVEST IN IRAQ

The British Ambassador to Iraq, Stephen Hitchcock, confirmed that British companies are very willing to invest in the Iraqi market.

Hitchcock said in a statement to the National Iraqi News Agency ( NINA ) that “diversifying the Iraqi economy and sources of national income has become necessary to face the challenges of the decline in global oil and gas prices, and to enhance the revenue cycle that Iraq relies on within the year 2040.”

“During Prime Minister Mohammed Shia al-Sudani’s recent visit to London, agreements were signed for major projects worth £12 billion, which do not include BP investments,” he added. “This is a major advance in the readiness and willingness of British companies to work in Iraq, and the Gulf states are also well prepared to invest in Iraq,” he said, noting that “one of the agreements signed by the governments of Iraq and Britain relates to a British energy technology company linking the Iraqi national grid with the Saudi electricity grid.”

He explained that “BP, a private company not affiliated with the government, has decided to invest again and expand its operations in Iraq, and this is evidence that British companies in general are more willing to invest in the Iraqi market, which reflects investors’ confidence in the country’s future.”