Iraq Economic News and Points to Ponder Monday Afternoon 2-24-25

Financial Advisor Confirms: The Government Has Developed An Economic Approach To Enhance Growth And Reduce Unemployment

Local | 04:25 - 02/24/2025   Mawazine News – Baghdad  The financial advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Monday, that the government has developed an economic approach to enhance growth and reduce unemployment, noting that the new industrial cities will be the cornerstone of the economic renaissance.

Salih said, in a statement to the official agency, that "the Sudanese government has developed a clear economic approach to enhance the national economy, represented by raising growth rates in the non-oil gross domestic product by no less than 5%, in addition to gradually reducing unemployment rates to stabilize at 4% in the future."

He explained that "achieving these two goals requires focusing on economic development priorities, most notably supporting the manufacturing industry, which can absorb 60% of unemployment, and contribute to diversifying sources of national income and increasing the gross domestic product rapidly."

He noted that "the government is working to achieve this through three main tracks, including supporting youth lending initiatives, which included many youth gatherings to stimulate the workforce, and establishing "Riyada Bank" as a private bank with broad government support to grant loans to small and medium-sized industrial activity,

 in addition to forming a sovereign guarantees committee to finance large industries through bank loans guaranteed by the state, in cooperation with major industrial countries such as Western Europe and Japan."

He stressed that "these efforts will focus on developing five main industrial fields, including infrastructure industries linked to the "development path" and reconstruction projects, pharmaceutical industries, in addition to petrochemical industries and petroleum derivatives, and advanced engineering industries, in addition to developing the oil sector and manufacturing natural and associated gas, with the aim of zeroing its burning and benefiting from it in the electricity sector."

He added that "the new industrial cities on the development path will be the cornerstone of the comprehensive industrial development strategy in Iraq," noting that "the industrial renaissance is based on a strategic vision based on a partnership between the state and the private sector, within the philosophy of building a social market."  https://www.mawazin.net/Details.aspx?jimare=259820

The Ministerial Council For Economy Stresses The Need To Continue The Experiment Of Using Electronic Payment Mechanisms In Transactions In The Public And Private Sectors

Monday 24 February 2025 19:55 | Economic Number of readings: 16  Baghdad / NINA / The Ministerial Council for the Economy stressed the need to continue the experiment of using electronic payment mechanisms in transactions in the public and private sectors.

The Council stated in a statement that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein chaired the sixth session of the Ministerial Council for the Economy, which was held in the Council building, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Chairman of the Securities Commission, the Deputy Chairman of the National Investment Commission, and the Prime Minister's advisors for economic and legal affairs."

The statement explained that "the Council hosted the Projects Officer at the Grand Faw Port and the Director of the Submerged Tunnel Project to discuss the progress of engineering work in the project, and provide facilities for the import of some engineering materials that enhance the properties of reinforced concrete used in concrete piece structures, and exempt them from import licenses."

The statement indicated that "the Council decided to take the opinion of the Ministry of Environment regarding some chemicals used in civil engineering works and their impact on the environment.

It continued that the Council hosted the Director General of Information Technology and Payments at the Central Bank of Iraq to evaluate the experience of using electronic payment mechanisms in transactions in the public and private sectors,"

 stressing "the need to continue this important experience and expand it to include all financial transactions and payments for all economic activities, in light of the Cabinet's decision in this regard."

The statement explained that "the Council also reviewed the strategy for the informal economy in Iraq (the shadow economy), submitted by the Anti-Money Laundering and Terrorist Financing Council, as the study included several axes that addressed the concept, structure and characteristics of the shadow economy, the reasons for its existence, its indicators, and its economic effects,

in addition to proposals to address the shadow economy and integrate it into the formal economy, and the challenges associated with those proposals." The Council decided to recommend to "the Cabinet to adopt this strategy due to its importance."

The statement indicated that "the Minister of Agriculture provided a brief explanation of the environmental and health situation of livestock in Iraq, and reviewed the epidemiological situation of foot-and-mouth disease in the affected areas,"

indicating that "the epidemic has receded significantly in the areas of Al-Fadhiliyah and Al-Nahrawan, and that agricultural health teams are continuing the detection, examination and treatment operations, while providing the necessary vaccines and treatments to control this disease," stressing that "there are no human infections resulting from the use of meat or animal products.

" The Council supported "the Ministry of Agriculture's measures in this regard," reassuring "the Iraqi street that this disease is not transmitted to humans." /End https://ninanews.com/Website/News/Details?key=1188565

Promising Investment Projects In Iraq.. Annual Revenues Exceeding $150 Billion

Economy | 07:23 - 02/24/2025    Mawazine News – Economy  The National Investment Commission revealed, on Monday, new projects that generate revenues exceeding $150 billion annually, while indicating that it has attracted foreign capital estimated at $63 billion.

The official spokesperson for the National Investment Commission, Hanan Jassim, said in a statement to the official agency: "The National Investment Commission has been able, over the past year and a half, to attract foreign capital estimated at $63 billion, whether through direct investment or by granting investment licenses,

in addition to local investments amounting to $27 billion," noting that "this number has not been achieved in the economic arena in Iraq for nearly 20 years, nor has it been achieved in the Commission since its establishment until 2022."

She added, "This represents a roadmap for the projects that will be implemented during the year 2025 and the coming years, and it also serves the investment objectives of attracting foreign capital, as the Authority is currently working on a number of investment files that are hoped to be implemented during the year 2025, which represent important axes for the Authority's plans, most notably:

1. The waste treatment and electricity generation unit project, for which the investment license was granted to the Chinese Shanghai Company with a daily capacity of 3,000 tons of solid waste and securing 100 megawatts of electricity, and it is hoped to start completing the second phase of it in the Abu Ghraib area soon.

2. Completion of the economic feasibility study for the electronic development road project, the optical cable and the first data center of its kind, which in its first phase could support the state budget by an estimated $12 billion annually in partnership with investors who bear the largest cost in parallel with building a new oil export system and opening a new sea outlet to export Iraqi oil across the Mediterranean Sea and to both Syria and Lebanon,

where the approvals of previous governments were obtained for the two projects, as the expected revenue from the new Iraqi oil pipeline system is estimated at $25 billion annually, all of them Obtaining approvals and discussions with neighboring countries, it is a geopolitical project par excellence for Iraq, and the global trade in optical cables is around 10 trillion dollars.

3. It is hoped to complete the feasibility study for investing in silica sand in Iraq with high purity of 98% and used in the semiconductor industry, and it is possible to support the general budget with large amounts of up to 100 billion dollars annually, as the global trade in semiconductors including pure silica sand is around 202 billion dollars distributed among six countries (America, Russia, China, Japan, North Korea, Taiwan).

4. Within the Authority's plan, the feasibility study for the first wind energy project in Iraq with a capacity of 500 megawatts is completed.

5. We are heading towards some patents that can be completed inside Iraq and are capable of transforming desert lands into green lands, which contributes to food and environmental security efforts.   https://www.mawazin.net/Details.aspx?jimare=259830

Oil Confirms Its Commitment To The OPEC+ Agreement And Compensating For The Surplus In Production

Energy  Economy News – Baghdad  The Ministry of Oil confirmed, on Monday, its full commitment to the OPEC+ agreement and the additional agreed-upon cuts, in addition to compensating for accumulated quantities.

The ministry indicated, in a statement received by "Al-Eqtisad News", that it will take all necessary measures to ensure the implementation of these agreements, including submitting an updated plan to compensate for the surplus production during the previous period.

The statement explained that this came in a joint phone call between Deputy Prime Minister for Energy Affairs Hayan Abdulghani Abdul Zahra, Saudi Minister of Energy Abdulaziz bin Salman Al Saud, Deputy Prime Minister of the Russian Federation Alexander Novak, in addition to OPEC Secretary General Haitham Al Ghais.

According to data from OPEC-approved secondary sources, Iraq's crude oil production in January 2025 amounted to 3.999 million barrels per day, a positive indicator that reflects Iraq's commitment to the specified production levels.

The ministry stressed that it will continue its efforts to compensate for the accumulated surplus, taking into account the recent developments related to the federal government receiving oil produced in the Kurdistan Region and resuming exports through the Iraqi-Turkish pipeline, while adhering to Iraq's share stipulated in OPEC agreements for voluntary reduction and the required compensation quantities.

In conclusion, the Ministry of Oil stressed the pivotal role of these agreements in achieving stability in global oil markets, noting the importance of the contribution of OPEC+ member states in supporting this stability.   https://economy-news.net/content.php?id=52951

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/