Iraq Economic News and Points to Ponder Saturday AM 3-29-25
Iraq Begins Implementing New Measures To Improve The Import And Export Environment
Money and Business Economy News – Baghdad The General Authority of Customs began implementing new procedures on Friday to improve the import and export environment and ensure the entry of goods in accordance with legal standards.
In a statement received by Al-Eqtisad News, the authority stated, "As part of its efforts to strengthen the national economy and regulate trade, the General Authority of Customs has begun implementing new customs procedures aimed at improving the import and export environment and ensuring the entry of goods in accordance with approved legal standards."
He explained that "the new procedures aim to simplify customs operations through modern electronic systems that reduce delays and ensure smooth workflow. They also aim to combat customs smuggling and protect markets from substandard goods.
They also aim to achieve customs justice among traders, ensure everyone's compliance with approved laws, and stimulate domestic production by regulating imports and encouraging local factories and companies."
He pointed out that "these reforms have received significant support from economic and trade experts, as they will contribute to reducing customs corruption, increasing transparency in commercial transactions, and enhancing the state's resources, which will positively impact development projects and public services. They will also protect consumers from substandard or illegal goods that could impact the local market."
According to the statement, the authority affirmed that "these measures are part of a comprehensive reform plan aimed at facilitating legitimate trade and providing a fair economic environment that ensures the development of the commercial sector and the achievement of sustainable economic growth."
He continued, "With the continued implementation of these new systems, markets are expected to witness greater stability, which will enhance the confidence of traders and importers in the customs system and support the wheel of economic development in Iraq." https://economy-news.net/content.php?id=53886
Al-Sudani: Our Government Has Been Able To Achieve Actual Progress In Many Service Projects
Friday, March 28, 2025, | Politics Number of reads: 142 Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani stressed that his government has been able to achieve actual progress in many service projects.
Al-Sudani said in a televised interview: Services are a priority of the government program, and came according to a planned vision and the need of each governorate for service projects.
He added: We implemented services according to 3 levels: service and engineering efforts, completing stalled projects, and launching new projects.
Al-Sudani continued: We have achievements in several fields, not only in the field of solving bottlenecks, but also achievements in important projects in the oil and industrial sectors.
He pointed out that the capital, Baghdad, is the identity of Iraq and has been wronged in services for years. He said: We launched 5 strategic sewage projects on the outskirts of the capital, and work is continuing to accelerate completion.
Al-Sudani stressed that there is a qualitative shift in the health sector, especially in the field of building hospitals and health centers in Baghdad and the governorates.
He explained that a joint operation management system has been implemented in 7 hospitals to develop medical services and reduce the burden on citizens to receive treatment outside Iraq.
He stressed that Iraq has achieved a leap in localizing the pharmaceutical industry and applying the "Made in Iraq" concept according to the latest international specifications and standards.
He explained that Iraq will achieve self-sufficiency in high-octane gasoline for the first time upon the completion of the FCC project in Basra at the end of this year. He also stated that we have major projects with international companies to rehabilitate oil pipelines to preserve our oil wealth.
Al-Sudani continued: We have major investment opportunities in the petrochemical, cement and fertilizer industries, in which we have achieved self-sufficiency.
He confirmed that licenses have been granted to build one million housing units, and the government has supported the private sector with sovereign guarantees to ensure the success of housing and industrial projects.
He said that many items of the national card are secured through local production, and some materials are exported abroad due to their abundant production.
He pointed out that we have achieved 14% of non-oil revenues, and our goal is to achieve a higher percentage through the real reforms adopted by the government.
He added: We have taken important measures to reform government companies and the banking sector to increase the percentage of non-oil revenues.
Al-Sudani said that the Iraqi banking system operates transparently in accordance with international standards, and we have controlled the sale of the dollar, and financial transfers are carried out through internationally recognized processes and procedures. He indicated that contracts have been signed with reputable international companies to reform the private banking sector.
He added: We have reached the final stages of establishing the first Rafidain Bank, and developing the banking system achieves development.
Al-Sudani continued: We have taken an important step to invest in associated gas for the first time in Iraq's history, and flaring will be completely stopped by early 2028.
He explained: We are working on completing the floating platform project to complete the extension of the gas pipeline to the stations, and some countries have expressed their willingness to send ships loaded with gas for preparation.
He said: We have put in place serious solutions to the electricity crisis by addressing the transmission and distribution networks, easing bottlenecks, and implementing collection.
He explained that achieving accomplishments in various fields will restore citizens' confidence, and that we have a project aimed at a real renaissance in all fields.
He stressed that there is no external interference in the Popular Mobilization Forces, which is an official security institution.
He pointed out that the draft law of the Popular Mobilization Forces regulates the organizational structure of the Forces, its formations, and levels of its leadership, and was approved by the government after extensive study.
He stressed that it is necessary to pass laws related to the Popular Mobilization Forces, retirement, and social security, in order to guarantee the rights of members, which is a small part of their sacrifices.
He continued that no party is allowed to impose dictates on Iraq, and that the decision regarding its internal affairs is a national one.
He added: We emphasized the protection of minorities in Syria, and working to confront the terrorist ISIS, which poses a threat to the countries of the region.
He stressed that our position on Syria was expressed by Iraq in accordance with the country's supreme interests, and we have meetings with Turkey, Syria, Jordan, and Lebanon to confront ISIS. https://ninanews.com/Website/News/Details?key=1194597
Finnish Ambassador: Many Of Our Companies Operate In Iraq, Most Notably In The Telecommunications And Construction Sectors
Buratha News Agency1102025-03-28 The Ambassador of the Republic of Finland to Iraq, Anu Saarela, stated on Friday that many Finnish companies operate in Iraq. The ambassador told the official news agency, "There are many Finnish companies operating in Iraq, but the primary motivation for these companies is stability, as they seek a sustainable and safe business environment for investment in Iraq and the region in general."
She added, "Finnish companies operate in several sectors, including energy and communications, with Nokia being one of the most prominent companies operating in the mobile phone sector, along with a few companies in the construction sector, a sector that is no longer as active as it was in the 1980s."
Regarding the Samarra power plant maintenance project, the Finnish ambassador confirmed that "the matter is progressing step by step, and the Finnish company is committed to completing the project."
https://burathanews.com/arabic/misc/458139
Gold Prices Rise To An Unprecedented Record High
Money and Business Economy News - Follow-up Gold prices rose to an unprecedented high on Friday amid ongoing concerns about an escalating trade war after US President Donald Trump moved to impose tariffs on all auto imports.
Gold prices rose 0.7%, hitting a new record high of more than $3,077 per ounce, surpassing Thursday's high. The metal is on track for its fourth consecutive weekly gain, supported by growing demand for safe-haven assets.
Trump signed a proclamation on Thursday imposing a 25% tariff on auto imports, threatening the European Union and Canada with "stronger penalties" if they cooperate to harm the US economy. Markets are bracing for a new wave of tariffs on April 2, while the White House administration prepares to implement what are known as "reciprocal tariffs," although the details of these plans remain unclear.
These growing concerns about the repercussions of an escalating trade war overshadowed data showing that the US economy grew at a faster-than-expected pace in the fourth quarter, while an inflation indicator was revised lower than the previous reading.
Gold has risen by about 16% since the beginning of the year, setting at least 15 new records, driven by central bank purchases and increased appetite for safe-haven assets amid rising geopolitical and economic uncertainty.
These factors supported prices even as traders reduced their bets on the Federal Reserve cutting interest rates to just two times this year. A rate cut is a strong support factor for gold, a non-yielding asset.
Major banks have raised their gold price forecasts, with Goldman Sachs this week revising its forecast to $3,300 per ounce by the end of the year, citing stronger demand from central banks and strong inflows into gold-backed exchange-traded funds.
In contrast, silver stabilized at its highest levels since approximately 2012, also benefiting from demand for safe-haven assets, particularly amid supply shortages resulting from massive withdrawals from London to US vaults. Suzi Cooper, an analyst at Standard Chartered, noted that rising rental rates in London could push spot prices further upward.
Spot gold was trading up 0.6% at $3,076.92 per ounce at 10:27 a.m. in Singapore, heading for a weekly gain of about 1.8%.
The Bloomberg Dollar Index remained stable, while silver remained unchanged, while platinum and palladium rose slightly. https://economy-news.net/content.php?id=53875
Oil Prices Are Heading For Gains For The Third Consecutive Week
Economy | 10:22 - 03/28/2025 Mawazine News – Baghdad Oil prices are on track for a third consecutive week of gains as markets brace for a new wave of tariffs from the Trump administration, scheduled to take effect early next week.
Brent crude was trading near $74 a barrel after closing up 0.3% on Thursday, while West Texas Intermediate (WTI) crude was below $70. The reciprocal duties, along with a levy on buyers of Venezuelan crude, are set to take effect on April 2, the latest in a series of U.S. tariffs that have rattled global markets.
Oil prices have been rising since early March as investors assess the impact of potential supply disruptions caused by Trump's sanctions and tariffs, while traders rushed to buy bullish options to hedge against potential price spikes. Venezuela also increased its crude exports to China to their highest level in nearly two years.
Concerns about weak demand and rising supply have tempered the potential impact on crude flows at times, with major trading houses forecasting crude prices negatively for the rest of the year. OPEC+ is set to begin returning some of its shut-in production to the market next month as part of a series of planned increases. https://www.mawazin.net/Details.aspx?jimare=260360
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