Iraq Reveals 90 Industrial Partnership Opportunities: A Step Towards Economic Diversification, 2 DEC

 Iraq Reveals 90 Industrial Partnership Opportunities: A Step Towards Economic Diversification

In a significant move to bolster the Iraqi industrial sector, Khaled Battal, the Iraqi Minister of Industry and Minerals, has announced 90 opportunities for collaboration between Ministry companies and the private sector. The announcement was made during the first-ever Industrial Partnerships Forum held in Basra.

Strengthening Public-Private Partnerships

The Minister emphasized the government’s unwavering support for these partnerships. He highlighted the protection and assistance accorded to these collaborations, underlining the government’s commitment to fostering private-public relationships. This initiative forms a part of the broader efforts to strengthen and diversify the Iraqi industrial sector.

Industrial Growth and Economic Development

The announcement underscores the commitment to engage more deeply with the private sector to drive industrial growth and economic development in Iraq. These collaborative opportunities present a significant step towards achieving this goal.

Joining EBRD and Master Meter Partnership

In a parallel move, Iraq has become a shareholder of the European Bank for Reconstruction and Development (EBRD). This membership underscores a wider focus on sustainable finance and economic transformation. Additionally, Master Meter has partnered with Correct Equipment for distribution in the Pacific Northwest. This partnership aims to offer a complete line of water meters and AMR/AMI products, enhancing the availability of water measurement solutions in the region.

These developments send a clear message about Iraq’s intent to diversify its economy away from fossil fuels and towards a more sustainable future. The government’s commitment to fostering partnerships and collaborations is a promising sign for the future of Iraq’s industrial and economic growth.

https://bnn.network/world/iraq/iraq-reveals-90-industrial-partnership-opportunities-a-step-towards-economic-diversification/

Early Christmas!?!💣Monetary Sovereignty = RV/RI?!🤔Iraq Dinar RV Updates ...

"RV UPDATE" BY MARKZ, 2 DEC

 MarkZ   

[via PDK]  The group chatter has been amazing as they are waiting for release of funds… sitting at the edge of their seats.   Redemption contacts who are “on call”  have not been called in…yet.  But we are stinking, painfully close…

 Yes it's Dec 1st …and yes we were hoping we would have gone by now...but the Redemption center folks will be on call this weekend. They are very hopeful for the next few days... We can feel this is so close which makes it much tougher to wait.

   Very little out of Iraq overnight. But everything coming out of Iraq this week has been overwhelmingly positive. 

I know this is tough…I know we have been sitting at the edge of our seats for entirely too long…But, it’s hard to nail down a world-wide historic, once in a millennium event…But we know its coming.

Al-Sudani From Basra: The Government Has Placed Reform Of The Economy Among Its Five Priorities, 2 DEC

 Al-Sudani From Basra: The Government Has Placed Reform Of The Economy Among Its Five Priorities

Politics |Baghdad today – Basra  Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Saturday (December 2, 2023), that the government has placed among its five priorities reforming the country’s economy.

Al-Sudani said in his speech during the Industrial Partnerships Forum in Basra Governorate, followed by “Baghdad Today”: “We welcome investment companies to the Industrial Partnerships Forum,” indicating that “the government has placed among its five priorities reforming the economy.”

He added, "The economy cannot be reformed except by supporting industry, agriculture, tourism, and trade," pointing out that "the natural resources we have enable us to establish an advanced Iraqi industry that meets our local needs and from which we can export."

Al-Sudani pointed out that "we cannot remain spectators while Iraq remains a consumer market."

In a separate matter, the Prime Minister explained that “the state cannot employ all the huge numbers of graduates,” stressing that “it is time for the Iraqi economy to be linked to the global economic cycle.”

Earlier today, Prime Minister Muhammad Shiaa Al-Sudani arrived in Basra Governorate.  LINK 

The Central Bank Delivers A Devastating Blow To “Sailors”, 2 DEC

 The Central Bank Delivers A Devastating Blow To “Sailors”

ATM   Drains    The Central Bank of Iraq decided to deal a severe blow to people who use bank cards outside Iraq, in order to smuggle dollars.

The Iraqis called “sailors” to these people who reside in Dubai and use ATMs and points of sale.

An informed source told Al-Iqtisad News that the Central Bank obligated electronic payment companies to set the limits on cards for withdrawal and purchase outside Iraq, in order to limit people’s use of bank cards to smuggle dollars outside official controls.

The source, who preferred to remain anonymous, confirmed that these people were smuggling hundreds of bank cards from Iraq towards Dubai, and a group of people called “sailors” used them to withdraw from ATMs, in addition to agreements with shop owners to withdraw from POS machines under the pretext of purchasing goods in the country. Dubai.

The source indicated that this measure will lead to a rise in the exchange rate of the dollar in the parallel market, and the features of this rise will appear during the next two days, adding that the measure will contribute to forcing all people to deal with banks and make financial transfers at an exchange rate of 1,320 dinars.

The Central Bank set the ceiling as follows:

1. Ceilings for cards in US dollars outside Iraq

   - Monthly limit: $3780

Its equivalent in Iraqi dinars is 5,000,000 dinars

2. Daily cash withdrawal limits from automated teller machines (ATM) outside Iraq

   - Daily limit: 110 US dollars, or the equivalent of 150,000 Iraqi dinars

3. Monthly cash withdrawal limits from automated teller machines (ATM) outside Iraq

   - Monthly limit: 1,130 US dollars, or the equivalent of 1,500,000 Iraqi dinars.

4. Limits on the daily use of cards in electronic stores, online shopping, POS, and electronic payment outside Iraq

   - Daily limit: 370 US dollars, or the equivalent of 500,000 Iraqi dinars

5. Limits on the monthly use of cards in electronic stores and online shopping (POS and electronic payment) outside Iraq

   - Monthly limit: 3780 US dollars or the equivalent of 5,000,000 Iraqi dinars - https://economy-news.net/content.php?id=38040

Iraqi Dinar🔥Finally No More Restrictions On IQD🔥Ready To Go🔥iraqi dinar ...

"RV UPDATE" BY FRANK26, 2 DEC

 Frank26

  Question:  Article VIII, WTO do these matter?

  Yes without a doubt.  WTO you notice they have not been ascended into it.  Doesn't matter.  Whenever they do it they'll do it but what's really important is in order to join the WTO you have to be Article VIII...All they have to do is raise the value of their currency, that's it.

 Question:  'Do you think the rate might come out more than 1 to 1 or higher?'

  It is possible they might be looking at $1.18...1 to 1 is a good start no doubt but it's been 20 years and I think $1.18 is fair enough to start the float at against the dollar.  The goal is to go past the dollar.

 Why are all these countries, why are all these companies saying such great and wonderful things about Iraq and Sudani when they never did before? 

 Why is it that parliament is saying beautiful things about reforms and the success of it that Sudani has had?  There is a change in your [Iraqi citizens] monetary policy.  Your monetary sovereignty is coming to you before '24.