Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of moving to a bilateral relationship with Washington governed by the Strategic Framework Agreement, stressing the importance of the partnership between Iraq and the United States. The office of Prime Minister Muhammad Shia Al-Sudani said, received by Mawazine News, that “he received a member of the Foreign Relations Committee in the US Congress, Senator Christopher Coons. Al-
Sudani explained” the importance of the partnership between Iraq and the United States, stressing the transition to a bilateral relationship governed by the strategic framework agreement between the two countries, after… Completing the tasks of the international coalition, according to a specific timetable.
He stressed “the necessity of stopping the war in Gaza and ending the genocidal war committed by the occupation forces, especially with the advent of the holy month of Ramadan.”
For his part, Senator Coons confirmed that his tour in the region and his meeting with the Prime Minister came at the request of President Joe Biden, noting that The depth of the partnership between the United States of America and Iraq, and the necessity of expanding it to include economic, cultural, and health aspects, in addition to the security aspects that take place in accordance with the meetings of the Supreme Military Committee. He also stressed the necessity of achieving stability and peace in the Middle East and a ceasefire in Gaza and the Palestinian territories.
Member: Do we need the stock market to collapse to get the RV?
MZ: No, The RV is not dependent on the collapse of the stock market. But, many of us believe the collapse of the stock market will force the RV.
MZ: One of the articles I like the most from Iraq: “ITC hosts Iraq National trade forum” With support from Iraq’s national Trade center and the government , and a joint agency of the UN and the World Trade Organization. The entire goal of this is to foster International trade, and import and export opportunities in business on the international stage.
MZ: “Iraq sees significant increase in port traffic” Millions of dollars were made and exceeding 74.9 Billion in Iraqi dinar just in January.This is a massive boost ot Iraqi trade.
Deepening Ties: Iraqi Prime Minister and Lukoil Founder Plot Future of Oil Field Development
In the heart of Baghdad, a meeting that could decisively influence the future of Iraq's energy sector unfolded. Iraqi Prime Minister Mohammed Shiaa Al-Sudani and Vagit Alekperov, the esteemed chairman of the Russian Union of Manufacturers and Businessmen and founder of Lukoil, convened to chart a course for Russian involvement in Iraq. This assembly wasn't just about oil—it was a testament to an evolving partnership, set against the backdrop of previous engagements, including Al-Sudani's notable visit to Moscow last year.
Unlocking Potential: The West Qurna II and Eridu Fields
The crux of their discussion centered on the West Qurna II and Eridu (Block 10) oil fields, jewels in Iraq's vast energy crown currently under Lukoil's operation. These fields are not just sources of black gold; they represent potential pathways to prosperity for Iraq, offering the promise of employment, development, and an enhanced energy infrastructure. Al-Sudani and Alekperov delved into strategies to surmount operational challenges that have, until now, restrained their full potential.
Expanding Horizons: Beyond Extraction
But the dialogue extended beyond the immediate horizons of oil extraction. The leaders explored Lukoil's role in integrated energy projects and its participation in upcoming licensing rounds. This discussion marks a significant pivot towards diversifying Iraq's energy sector, signaling a future where sustainable practices and renewable energies might play a pivotal role. Lukoil's involvement could catalyze a shift towards more holistic energy solutions, marrying the immediacy of oil with the foresight of integrated energy projects.
Challenges and Opportunities: A Balanced Perspective
Yet, the path forward is strewn with challenges. Operational hurdles, geopolitical tensions, and the global push towards renewable energy sources pose significant obstacles. However, within these challenges lie opportunities—opportunities for technological innovation, for economic diversification, and for strengthening the bilateral ties between Iraq and Russia. The dialogue between Al-Sudani and Alekperov underscores a mutual commitment to navigating these complexities together, leveraging their unique strengths for mutual benefit.
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In the realm of global energy politics, meetings like these are more than mere discussions; they are the bedrock upon which future collaborations are built. As Iraq and Lukoil move forward, the world watches, keen to see how this partnership evolves in the face of shifting energy paradigms. The outcomes of this collaboration could very well redefine the energy landscape of the Middle East and beyond, marking a new chapter in the annals of international energy cooperation.
Read here again you’ll see the answer about the pilot test 😄
Hong Kong Central Bank Announcement:
"On Tuesday, the Hong Kong Monetary Authority (HKMA) released an 11-page circular outlining its guidelines for tokenization and digital asset custody for institutions authorized in the region.
The recent guidance from the Hong Kong Monetary Authority (HKMA) supplements the licensing framework introduced last year, providing crypto exchanges with a clear pathway to operate under regulation."
Hong Kong has just recently been given the green light to move forward with their crypto and stablecoin regulations.
Do you remember the pilot program they were on to standardize and move forward with the digital versions of our foreign currency in their sandbox?
It will be important for us to watch as they advance forward with their new guidelines as it will pertain to monetary shifts in prices on the Forex Market.
Baghdad's Rebirth: A New Horizon in Infrastructure and Development Amid Challenges
Baghdad is embarking on a transformative journey to revitalize its infrastructure and create half a million public sector jobs under the leadership of Prime Minister Mohamed Shia al Sudani. The government is actively combating bureaucracy and corruption, investing in critical projects, and diversifying the economy to reduce reliance on oil revenue. The Development Road project and partnerships with global stakeholders are examples of Iraq's commitment to international cooperation for mutual prosperity and sustainable development.
In the heart of the Middle East, a city with a storied past is charting a course towards a promising future. Baghdad, once a center of learning and culture, now stands at the threshold of a new era, driven by ambition and the spirit of rejuvenation. Prime Minister Mohamed Shia al Sudani spearheads this transformative journey, aiming to rehabilitate Baghdad’s infrastructure with projects like the 1,001 Nights Park complex and a luxury hotel and residential complex. This initiative is not just about buildings; it's about laying the groundwork for socioeconomic advancements and positioning Iraq as a beacon of progress in a region all too familiar with adversity.
Breaking New Ground: Investments and Challenges
The Baghdad skyline is changing, but the path to transformation is fraught with obstacles. Bureaucracy and corruption, longstanding deterrents to progress, remain significant challenges. Yet, under al Sudani's leadership, there's a palpable shift. The government is not just acknowledging these barriers; it is actively combating them. With a record-breaking budget of 198.9 trillion Iraqi dinars ($153 billion) for 2023-2025, the commitment to infrastructure development is clear. This budget, unprecedented in its scope, earmarks substantial funds for critical projects, underscoring infrastructure's role as a strategic imperative for Iraq's future. The aim? To modernize and repair the nation’s backbone, fostering economic growth and social progress in anticipation of the projected population boom.
A Vision for the Future: Economic Growth and Diversification
Prime Minister al Sudani's vision extends beyond immediate infrastructural enhancements. With the introduction of half a million public sector jobs and a robust fight against corruption, the administration is tackling unemployment head-on while creating an environment conducive to foreign investment. Diversification and sustainable growth are at the forefront of Iraq’s agenda. The Development Road project, for instance, seeks to improve connectivity and reduce the nation's reliance on oil revenue. Furthermore, partnerships with global stakeholders, notably China, epitomize Iraq's dedication to fostering international cooperation for mutual prosperity and sustainable development. These efforts are not isolated initiatives but parts of a comprehensive strategy to reposition Iraq on the global stage.
Regional Renaissance: The Central Babylon Governorate Initiative
Parallel to Baghdad’s resurgence, the central Babylon Governorate is witnessing its own revival. Over 500 billion Iraqi dinars (approximately $385 million) have been allocated for the development of electricity and water projects, marking a significant milestone in the region's post-war reconstruction efforts. With a substantial portion of these projects already awarded to Iraqi companies, and plans to award the remaining ones imminently, the initiative is a testament to Iraq's broader commitment to rebuilding and growth. According to Ali Mureb, the Governor's adviser, these projects, including the construction of power sub-stations and the enhancement of water irrigation systems, are vital for bolstering infrastructure in Babylon, addressing long-standing needs, and supporting the region's recovery and growth post-conflict.
As Iraq embarks on this ambitious journey of renewal and development, the challenges it faces are significant, yet not insurmountable. With strategic investments, a strong stance against corruption, and a vision for a diversified, sustainable future, Iraq is not just rebuilding its cities. It's reimagining its place in the world, aiming to transform the narrative of a nation from one of conflict to one of resilience, progress, and hope for the future.
