Militia Man
It's highly likely Iraq would not ever have accession [into the WTO] without having a real effective exchange rate with an international compliant currency.
I just don't see that ever happening because if they were going to do that they would have already have done it but they haven't yet. That is a key component.
💢💢💢IQD RV💢💢💢
Iraq is indeed on the cusp of a transformative economic era, driven by strategic reforms, significant infrastructure projects, and a concerted effort to diversify its economy beyond oil dependency.meobserver.org
The International Monetary Fund (IMF) projects Iraq's GDP to grow by 5.3% in 2025, ranking it among the top performers globally. This growth is attributed to a combination of factors, including a rebound in oil production and the implementation of economic reforms. iraqinews.com
Iraq is undertaking significant initiatives to revitalize its energy sector:Latest news & breaking headlines
BP's $25 Billion Deal: BP has signed a $25 billion agreement with Iraq to redevelop four major oil and gas fields in Kirkuk, aiming to produce over three billion barrels of oil and gas. Latest news & breaking headlines
TotalEnergies' Investment: TotalEnergies has commenced construction on a gas processing facility in Iraq, part of a larger multi-energy initiative aimed at reducing imports and attracting foreign investment. Reuters
These projects are expected to enhance Iraq's energy infrastructure, reduce gas flaring, and contribute to energy self-sufficiency.
The Iraq Development Road is a $17 billion infrastructure project aimed at connecting southern Iraq to Turkey and Europe through a network of railways, roads, and ports. This initiative is expected to generate $4 billion annually and create at least 100,000 jobs, positioning Iraq as a key transit hub between Asia and Europe. Wikipedia+1Eurasia Review+1
Prime Minister Mohammed Shia al-Sudani has declared 2025 as the "Year of Iraqi Industry," emphasizing the importance of supporting industrial growth, agriculture, and youth employment. The government is investing in infrastructure projects, providing financial support to small and medium enterprises, and creating incentives for private companies to invest in industrial activities. Reuters+3Reuters+3meobserver.org+3iraqidinarchat.net
Additionally, sectors such as agriculture and tourism are being explored for their potential to contribute to economic diversification. Iraq's fertile land and rich cultural heritage provide vast opportunities for growth in these areas. meobserver.org
Despite the optimistic outlook, Iraq faces challenges including political instability, corruption, and infrastructural deficits. The success of the economic transformation will depend on effective governance, institutional capacity, and sustained international support. kurdistan24.net
In summary, Iraq is embarking on a significant economic transformation, with substantial investments in energy, infrastructure, and industrial development. While challenges remain, the country's strategic initiatives position it for a more diversified and resilient economy in the coming years.
Foreign Minister arrives in Washington
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein arrived in Washington, DC, on an official visit.
A statement by the Ministry of Foreign Affairs received by the Iraqi News Agency (INA) stated that “Deputy Prime Minister and Minister of Foreign Affairs,
Fuad Hussein, arrived in the US capital, Washington, on an official visit during which he will hold a series of bilateral meetings with a number of senior officials in the US administration.”
The statement added that “this visit comes within the framework of strengthening bilateral relations between the Republic of Iraq and the United States of America, and discussing ways to develop joint cooperation in the political, security and economic fields, as well as discussing regional and international issues of common interest.”
The statement continued, “During his visit, the Minister is scheduled to meet with a number of officials in the US State Department, most notably Marco Rubio, US Secretary of State, in addition to holding meetings with prominent political and economic figures.” link
MarkZ
Comment: I heard that Vietnam is talking with the US Treasury and setting everything up.
MarkZ: That is exactly what they are doing. Vietnam is right now in open talks with our Treasury.
The US says it’s time to stop manipulating your currency and raise it.
Comment: [Guru] Bruce said the dong rate will be higher than we think. MarkZ: I keep being told that as well.
Al-Sudani: Our goal is to meet the needs of the Iraqi market and stop importing from abroad.
Prime Minister Mohammed Shia al-Sudani stated on Thursday that his government's goals include strengthening public-private sector partnerships, meeting the Iraqi market's need for local production, and halting imports.
This came in a speech he delivered during the inauguration of the executive works, via video conference, for six industrial projects in Muthanna Governorate, at a total financial cost of $1.171 billion.
In his televised address, he said that the private sector is the state's true partner in fulfilling various developmental and service obligations and needs for citizens, adding, "We have great confidence in businesspeople in this field and in the facilities provided by the government."
He added, "Our goal is to meet the needs of the local market and stop importing from abroad," stressing the need to meet the needs of the local market, whether for government projects, ministries, governorates, or others.
Al-Sudani continued, "Iraq is currently witnessing a clear push to implement service and construction projects, which requires more diverse materials to meet the needs of this market, regardless of imports." link
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