Iraq's E-Payment Revolution: Central Bank's Big Move!

DINAR REVALUATION REPORT: Iraq's Digital Transformation PM Al-Sudani Meets with Apple Inc. Delegation in Iraq 2024, 18 SEPT

 Iraq's Digital Transformation

PM Al-Sudani Meets with Apple Inc. Delegation in Iraq 2024

On September 17, 2024, Iraqi Prime Minister Mohammed Shia al-Sudani convened with a high-level delegation from Apple Inc. This significant meeting aimed at exploring cooperation prospects and discussing Iraq's ongoing digital transformation. Al-Sudani emphasized Iraq's commitment to embracing the digital economy and becoming an attractive environment for international companies.

Iraq is undergoing a pivotal digital shift, as highlighted by the Prime Minister. 3 The High Committee for Digital Transformation, chaired by Al-Sudani, is spearheading this initiative to modernize the country's infrastructure and services. The meeting with Apple Inc. is a testament to Iraq's efforts to forge partnerships with global tech giants.

Enhancing Youth Skills

Recognizing the need for a skilled workforce, Al-Sudani underscored the importance of developing digital and technological capabilities among Iraq's youth. 3 This strategy aims to create job opportunities and support government programs aimed at achieving a fully integrated digital system for public services.

Apple's Initiatives

The Apple delegation proposed several initiatives to support Iraq's technological growth. 3 These include collaboration with universities and training programs for young developers. The delegation also suggested a mobile phone registration system to ensure competitive pricing for devices entering the country, an initiative that aligns with Iraq's digital transformation goals.

Mobile Phone Registration System

A key proposal from Apple was the implementation of a mobile phone registration system. 3 This system would help regulate the market and ensure that devices entering Iraq are offered at competitive prices. By doing so, it would foster a more stable and competitive environment for both consumers and businesses.

Visualizing Iraq's Digital Shift

To gain a clearer understanding of Iraq's digital transformation efforts, let's visualize the potential impact of the mobile phone registration system proposed by Apple Inc.

Area Chart: Potential Impact of Mobile Phone Registration System

This area chart demonstrates the projected effects of the mobile phone registration system on the Iraqi market, illustrating trends in device prices, market stability, and competitive dynamics.

Visualizing Iraq's Digital Landscape
To better understand the scope of Iraq's digital transformation and the potential impact of Apple's initiatives, let's examine a timeline of key events related to Iraq's digital development and the country's relationship with major tech companies.

31/12/2021
Iraq establishes the Higher Committee for Digital Transformation

31/5/2023
Iraq's digital transformation gains momentum

15/9/2024
Iraq hosts a delegation from Apple Inc.

15/9/2024
Iraq and Apple discuss digital initiatives

30/11/2024
Implementation of digital initiatives begins


Conclusion
The meeting between Prime Minister al-Sudani and the Apple delegation signifies a pivotal moment in Iraq's digital transformation journey. With a focus on enhancing the capabilities of the youth and expanding employment opportunities through digital means, the collaboration between Iraq and Apple holds significant potential for the country's technological and economic development.
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PM Al-Sudani meets a delegation from Apple Inc., 17 SEPT

 PM Al-Sudani meets a delegation from Apple Inc.

INA - BAGHDAD

PM Muhammed S. Al-Sudani met on Monday a delegation from Apple Inc., accompanied by the Head of the Communications and Media Commission, Ali Al-Muayyad.

During the meeting, discussions were held around shared topics of interest as the PM highlighted the ongoing digital transformation in Iraq and the work of the Higher Committee for Digital Transformation, which he heads, alongside other committees working in this field, according to a statement by the PM Media Office - received by the Iraqi News Agency - INA. 

He also mentioned Iraq’s evolving status as a 'successful investment environment', with many major companies operating in the country, which requires a rapid digital shift.

The Prime Minister emphasized the importance of enhancing the digital and technological capacities of Iraq's youth, which would expand employment opportunities and support the government’s objectives of completing all transactions through a fully integrated digital environment.

The Apple Inc. delegation proposed initiatives to help develop the skills of young people, focusing on technology developers in collaboration with universities. 

They also suggested working on registering devices that enter Iraq to "ensure competitive pricing," acknowledging the significance of Apple’s products in supporting digital transformations in the economy and financial sectors

DINARES GURUS / DINAR REVALUATION RV HIGHLIGHTS!, 17 SEPT

Summary

Iraq’s digital transformation is accelerating, with significant investment and interest from global companies like Apple, indicating a bright economic future.

Highlights

• 🌍 Digital Revolution: Iraq is moving towards a fully digital economy.
• 📈 Economic Growth: Reports indicate unprecedented GDP growth and reduced national debt.
• 🏡 Real Estate Investment: Iraq is enhancing its real estate sector to attract global attention.
• ⚽ Tourism Promotion: Efforts are underway to market Iraq as a stable tourist destination.
• 💰 Sovereign Fund: A new Sovereign Fund is being established to manage national finances.
• 📱 E-Payments: Collaborations with international financial institutions for better payment systems.
• 🚀 Optimism: Positive outlook from experts on the future of the Iraqi Dinar and its value.

Key Insights

• 🌐 Digital Economy: Iraq’s shift to a digital economy is crucial for attracting foreign investments and enhancing financial inclusion. This modernization could lead to better economic stability and growth.
• 📊 Investor Interest: The entry of major players like Apple signals international confidence in Iraq’s potential, which could lead to significant technological advancements.
• 🏢 Real Estate Development: Investments in real estate and tourism reflect Iraq’s commitment to becoming a global player, enhancing its economic landscape and job creation.
• 🔍 Regulatory Improvements: Collaborations with the IMF and other financial entities indicate a strong push towards regulatory reforms, ensuring a stable investment environment.
• 🌟 Sovereign Fund Significance: The establishment of a Sovereign Fund is a strategic move to manage national resources effectively, potentially stabilizing the economy and enhancing public services.
• 📲 E-Payment Systems: The focus on digital payment systems is vital for modernizing Iraq’s banking infrastructure, which will facilitate smoother transactions and increase economic participation.
• 🕊️ Positive Outlook: Many experts believe that with ongoing reforms, Iraq is on the verge of an economic renaissance that could significantly increase the value of the Iraqi Dinar.

DINARES GURUS/ DINAR REVALUATION RV HIGHLIGHTS!! @DINARREVALUATION

Iraq signs agreement to revitalize agricultural sector with Austrian Erste Group Bank, 17 SEPT

 Today, Tuesday, Minister of Finance Taif Sami signed a loan financing agreement from the Austrian Erste Group  Bank to support the center pivot irrigation systems project for the Ministry of Agriculture, stressing that this comes within the strategy of bilateral cooperation between the two countries.

The ministry said in a statement received by "Mil", "Finance Minister Taif Sami signed today with the Austrian ambassador to Baghdad a loan financing agreement from the Austrian Erste Group  Bank to support the pivot irrigation systems project for the Ministry of Agriculture, with a value of (262,155,298) euros, and implemented by the Austrian Power Company." 

She explained that "signing the agreement falls within the framework of the government's efforts to enhance infrastructure and improve public services, and this funding is expected to contribute to revitalizing the agricultural sector, alleviating water scarcity, stimulating economic growth and creating more job opportunities." 

She added, "The agreement comes within the strategy of joint bilateral cooperation between the Republic of Iraq and the Republic of Austria, and in implementation of the ministerial program and General Budget Law No. (13) for the years 2023, 2024 and 2025 and Cabinet Resolution No. 24630 of 2024, which focuses on adopting a governing vision for external borrowing for the benefit of investment projects with economic feasibility." 

The Minister of Finance stressed, according to the statement, "the importance of this step in enhancing economic cooperation between Iraq and Austria, and looking forward to more joint projects in the future." 

She pointed out that "the Austrian company Power will provide technical and advisory support to the Ministry of Agriculture during all stages of the project, including design, implementation, operation and maintenance." 

She explained that "the project represents an important step towards modernizing the agricultural sector in Iraq, especially in light of the challenges facing the sector due to water scarcity and climate change, in addition to the fact that this investment will achieve significant economic returns in the long term, by increasing agricultural production and reducing dependence on imports  link

SANDY INGRAM CC NOTES HIGHLIGHTS, 17 SEPT

 Summary

Urgent news on Iraq and Russia’s new ePayment system using the Indian Rupee, potentially reshaping economic transactions.

Highlights

• 🌍 Iraq and Russia collaborate on a new payment system.
• 💱 Indian Rupee is now a key currency in transactions.
• ⚡ Move aims to enhance economic ties between nations.
• 📈 Potential benefits for trade efficiency and cost reduction.
• 🔒 Increased financial security through digital transactions.
• 🌐 Broader implications for global currency dynamics.
• 💡 Shift towards alternative currencies in international trade.

Key Insights

• 🌟 The collaboration signifies a strategic shift in economic alliances, indicating a move away from traditional powers.
• 💳 Utilizing the Indian Rupee can reduce dependency on the US dollar, impacting global financial stability.
• 🔄 Enhanced trade efficiency might lead to an increase in bilateral trade volumes, benefiting both economies.
• 🔐 The digital nature of the ePayment system may offer enhanced security features, reducing transaction fraud risks.
• 📊 This move may prompt other countries to explore similar alternatives, indicating a potential shift in global currency trends.
• 🌏 As nations explore digital currencies, this could pave the way for a new era of international trade practices.
• 📣 The development underscores the importance of technological advancements in shaping modern economic relations.