Al-Sudani: Iraq is a virgin land for investment opportunities in all sectors
Baghdad – Mil
Prime Minister Mohammed Shia Al-Sudani confirmed on Wednesday that Iraq is a virgin land for investment opportunities in all sectors, and this came during his reception of a large economic delegation from the American Chamber of Commerce.
A statement from Al-Sudani’s office said to “Mel” that the latter “reviewed the facilities and measures taken by the government to enter businessmen and companies into the Iraqi market, which now has many promising
opportunities, indicating that Iraq provides a wide and diverse market for various products, goods and services,” stressing that the Iraqi people have achieved much in the face of terrorism and laying the foundations of their development renaissance, pointing to the importance of bilateral relations with the United States and their perpetuation, especially that Iraq today is a distinguished democratic model in the region.
Al-Sudani explained: “Due to the 1980s war, the siege of the 1990s and the war on terrorism over the past two decades, development in Iraq has been delayed in all sectors,” considering that “Iraq is a virgin land for investment opportunities in all sectors, noting that today it enjoys political,
security, social and economic stability, and is witnessing an unprecedented development renaissance, has a skilled workforce, and we have promising competencies in various fields.”
He explained: “Our government has worked to improve the business environment, and we have made an effort to reform laws
to facilitate the registration of companies and work in Iraq. Iraq also has an investment law that gives many advantages to investors, and the government is working on a package of laws that encourage foreign investment.”
He continued, “Iraq’s trade balance does not suffer from deficit, but what is required to fix the imbalance in the structure of the economy and reduce dependence on oil,”
stressing that “our country is industrial and agricultural, and represents the shortest corridor between world trade to East and West that passes to Europe through Turkey,”
considering that “the development road project will be the shortest economic corridor linking Asia to Europe, and the least expensive in the transport of goods.”
Al-Sudani pointed out that “Iraq has minerals that have not been invested so far, and it is the first country with sulfur reserves, and the second in phosphate in the world, and produces 4 million barrels of oil per day, but the accompanying gas is burned, and at the same time we import gas to operate power plants,” adding: “Our government has developed a vision for projects, and the implementation of contracts with international companies has begun and the burning of gas will stop in early 2028.”
He said: “Iraq is one of the top ten countries in the world with natural gas stocks,” but he touched on the existence of entities “that “paint a negative picture of the situation in Iraq, which is unfair and inaccurate,”
citing “the entry of many investment companies to implement projects in the fields of energy, housing, industry and agriculture, and the value of investment licenses amounted to 88 billion dollars,” stressing that “we have granted sovereign guarantees to the private sector, in order to implement projects in various fields.”
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