Iraq, South Korea discuss investment opportunities, infrastructure projects

Iraq, South Korea discuss investment opportunities, infrastructure projects

Shafaq News/ The chairperson of Iraq's National Investment Commission, Haider Mohammed Makiya, on Tuesday met with the South Korean Minister of Land, Infrastructure, and Transport, Won Hee Ryung, for talks on fostering economic relations with the country executing major projects in several Iraqi governorates. 

During a speech he delivered at the Global Infrastructure Cooperation Conference held in Seoul, South Korea, Makiya stressed that Baghdad is keen to develop its economic and trade relations with South Korea.

He highlighted ongoing efforts to boost development indicators in various investment projects involving housing, industry, services, agriculture, infrastructure, and energy across the country.

Makiya noted that the commission is implementing quality work programs to attract capital and reputable companies through investment opportunities, such as new cities in Baghdad, Karbala, Babel, Anbar, Nineveh, and other various prospects.

He affirmed that the Iraqi government has prepared a detailed government program that allocates spaces to foster the investment sector and support mechanisms to expand the scope of regional and international partnerships with well-established companies. 

Makiya emphasized that the National Investment Commission welcomes the policy of expanding dealings with South Korean companies, granting them a strategic dimension that aligns with the nature of investment projects managed by the National Investment Commission.

The conference discussed the importance of outlining cooperation maps among the participating countries, stimulating the investment sector, and encouraging investors for reciprocal visits between the countries to develop the sector. It also focused on achieving economic integration between Iraq and other advanced countries in investment and economy.

https://shafaq.com/en/Economy/Iraq-South-Korea-discuss-investment-opportunities-infrastructure-projects

Sudanese begins his participation in the meetings of the United Nations General Assembly, 19 SEPT

  Sudanese begins his participation in the meetings of the United Nations General Assembly

Today, Tuesday (September 19, 2023), Prime Minister Muhammad Shiaa Al-Sudani began the meetings of the United Nations General Assembly, at its 78th session, in New York.

The Prime Minister's Media Office stated, in a statement received by "Baghdad Today", that "Prime Minister Muhammad Shiaa Al-Sudani began his participation in the meetings of the United Nations General Assembly, at its seventy-eighth session in New York."

Prime Minister Muhammad Shiaa Al-Sudani arrived in New York City yesterday, Monday (September 18, 2023) . 

The Prime Minister's Media Office said in a statement received by "Baghdad Today", "Al-Sudani arrived in New York to participate in the meetings of the United Nations General Assembly, in its seventy-eighth session ." 

The work of the 78th session of the United Nations General Assembly continues for several days, and includes high-level meetings and conferences, during which several issues that threaten human security and the world are discussed, most notably the Russian-Ukrainian war .

During its session in New York, the United Nations General Assembly will hold three high-level meetings on health  link

Iraqi Dinar Currency New Rate / Iraqi Dinar Latest Exchange Rate Today /...

Iran, Iraq to establish joint bank and free trade zone, 19 SEPT

Iran, Iraq to establish joint bank and free trade zone, 19 SEPT

Shafaq News/ Farzad Piltan, the Director of the West Asia Department at Iran's Trade Promotion Organization, announced plans by his country's government to establish a joint bank and free trade zone with Iraq.

The Iranian officer's remarks came during a forum on the sustainable development of trade relations between the two nations up until 2025, held at the Iranian Chamber of Commerce earlier today. 

Piltan emphasized Iraq's status as Iran’s primary trade partner globally and a key ally in the energy sector in Asia. 

He outlined plans to increase the trade volume to $20 billion, pointing to the strategic decision to create new institutions, driven by the private sector.

These entities would foster commercial ties through a network of commercial centers equipped to offer extensive services to traders, he said.

Piltan highlighted the advantage Iran has owing to the proficiency of its traders in Arabic, thereby facilitating smoother trade relations compared to other regional players like Turkey.

The official acknowledged the existing five border crossings that have been pivotal in nurturing economic exchanges and hinted at a concerted effort towards initiating production collaborations with Iraqi companies. 

https://shafaq.com/en/Economy/Iran-Iraq-to-establish-joint-bank-and-free-trade-zone

Sudanese Advisor: Improved Oil Revenues Will Reduce Estimates Of The Deficit Gap, 19 SEPT

Sudanese Advisor: Improved Oil Revenues Will Reduce Estimates Of The Deficit Gap

Money  and business  Economy News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Tuesday that improved oil revenues will reduce estimates of the deficit gap and help overcome resorting to borrowing.

Saleh said in an interview with the official news agency, “The accuracy of the timing of disbursement in the general budget as planned reflects the degree of efficiency of the performance of the budget itself in terms of the conformity of the executive path with annual financial planning.”

He added, "Except for the current expenditures that must be implemented, such as monthly salaries, support, and external obligations related to debts and other payments, the improvement in oil revenues will reduce estimates of the deficit gap and help overcome the resort to borrowing to fill the deficit, especially in implementing special programs in the operating budget, and investment spending on... Planned projects according to their strategic priorities that are directly linked to raising the degree of growth in the gross domestic product and in accordance with the implementation schedules and specific timelines without delay.”

 He continued, "There is a correlation between the reduction in deficit estimates due to the improvement in public revenues from oil revenues and other revenues, and the efficiency of implementing investment programs and projects in the general budget, which confirms the success of the efficiency of implementation by matching spending with the country's annual financial planning without delay.

Therefore, the decrease in the deficit “The plan, due to the development of oil resources, will accelerate investment spending, which represents the basis of development and material economic progress, and at the same time reflects the efficiency of financial implementation.”

Views 34  09/19/2023 https://economy-news.net/content.php?id=36452

Iraqi Dinar Rv Update / State Order Issued / Iraqi Dinar Revaluation New...

"RV UPDATE" BY DINAR IRAQ & DONG VIETNAM , 19 SEPT

 DINAR IRAQ & DONG VIETNAM

Iraq and the US discussed on Wednesday plans to provide technical support to allow financing Iraq's foreign trade to be settled in other currencies other than the dollar.

The aim of this would be to ease demand for the greenback in the local market, the Central Bank of Iraq said.

Assistant Treasury Secretary Elizabeth Rosenberg, who arrived on Tuesday, met the Governor of the Central Bank of Iraq Ali Al Alaq.

Both discussed bilateral relations and measures taken by the bank to fight money laundering and terrorist financing, said the statement.

"They also discussed the possibility of providing technical support in the field of foreign trade financing through reputable banking channels with mechanisms that enable legitimate foreign trade financing, using different currencies, including the Euro, the Chinese Yuan and the UAE Dirham," it added.

Late on Tuesday, the US ambassador to Iraq said Ms Rosenberg would will hold “key meetings” with Iraqi government leaders and the Central Bank of Iraq.

“Progress on international anti-money laundering and banking reform will help combat corruption and support international investment in Iraq,” ambassador Alina Romanowski said on X, formerly known as Twitter.

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Iraq says it has moved Kurdish dissident groups away from Iran border

Washington has been pressing Iraq since last year to stop the flow of the dollar through the foreign currency auction run by the Central Bank of Iraq to countries under US sanctions, including Iran, Syria and Lebanon.

The Federal Reserve Bank of New York has applied strict measures on requests for international transactions from Iraq, rejecting many and delaying others.

It has also blacklisted several Iraqi banks suspected of money laundering and of carrying out suspicious transactions.

The latest was in July when it barred 14 private Iraqi banks from conducting dollar transactions.

This has led to an increase in demand for the US dollar on the black market in Iraq, leaving the Iraqi dinar trembling against the greenback.

Given the high trading volume between Iraq and Iran, Tehran has asked Baghdad to deal with the Euro, Yuan, Dirham, Iraqi Dinar or Iranian Rial, Iraqi Prime Minister Mohammed Shia Al Sudani told local media outlets on Monday.

"Now, the Central Bank of Iraq and the Central Bank of Iran are working on a mechanism to set a plan to organise this trade," Mr Al Sudani said.

At an annual forum organised in March by the Institute of Regional and International Studies at the American University of Iraq, Sulaymaniyah, CBI governor Ali Al Alaq described the efforts to achieve balance between maintaining a favourable exchange rate for Iraqis and compliance with international standards to stop money laundering as complicated.

"We had seen, unfortunately, a growing number of suspicious transactions, large amounts of transfers leaving the country on a fraudulent basis,” said David Burger, deputy US chief of mission at the US embassy in Baghdad during the same conference.

While the official exchange rate is fixed at 1,300 dinars against the dollar, the currency was trading at about 1,560 to the dollar on the black market on Wednesday.

In an attempt to control the exchange rate at the parallel market, the CBI has been introducing a series of measures to make the hard currency available at the official rate to traders and ordinary Iraqis wanting to travel abroad.

On the other hand, the Interior Ministry has barred traders from dealing in US dollars and asked them to sign an agreement to sell goods only in dinar. Offenders face a fine or jail sentence.

But these measures have failed to control the exchange rate and have only exacerbated the crisis.

BY DINAR IRAQ & DONG VIETNAM