Iraq Economic News and Points to Ponder Tuesday Afternoon 4-8-25
Government Advisor: Iraq Will Face Two Shocks As A Result Of Trump's Decisions.
April 6, 18:53 nformation / Baghdad.. The Prime Minister's advisor for economic affairs, Mazhar Mohammed Salih, revealed on Sunday that Iraq will face two economic shocks as a result of US President Donald Trump's decisions, noting that the US is a secondary trading partner for Iraq.
"Iraq is immune to the impact of tariffs on its exports to the US, as the latter is a secondary trading partner. Iraqi oil exports to the US do not exceed $5 billion annually, while Iraq imports electronic goods and cars from the US at a similar value," Saleh said in a statement followed by Al-Maalouma Agency.
Saleh pointed out that "the new tariffs could lead to higher costs for global supply chains, causing cross-border economic inflation, as well as a decline in the oil asset cycle resulting from the protectionist trade policies pursued by the US through its control of the world's largest trading regions."
He explained that "Iraq will face two major shocks: the first is a relative disruption in the prices of some materials within the supply chains, and the second is a gradual decline in the oil asset cycle, which could lead to oil prices falling during the summer season to below their stable market values." End 25
https://almaalomah.me/news/95315/economy/مستشار-حكومي:-العراق-سيواجه-صدمتين-جراء-قرارات-ترامب
The Turkish Wealth Fund And The Iraq Development Fund Sign A Memorandum Of Understanding For Joint Cooperation.
Tuesday, April 8, 2025 11:52 | Economic Number of readings: 310 Baghdad / NINA / The Director General of the Turkish Wealth Fund, Arda Armut, and the Executive Director of the Iraq Development Fund, Mohammed Al-Najjar, signed a memorandum of understanding for joint strategic cooperation.
"Relations between Türkiye and Iraq have always held a special place as two countries with a long history, a shared geography, and strong fraternal ties," Ermut said at a press conference held today in Baghdad with the executive director of the Iraq Development Fund. He added that
this centuries-old friendship between the two countries has been strengthened over time by mutual trust and solidarity, transforming into a brotherhood that is not limited to neighborliness but rather united around common goals. He pointed out that
"this memorandum of understanding is a major step that will enhance cooperation between Türkiye and Iraq, not only at the regional level but also at the global level." He explained that the
Turkish Wealth Fund will cooperate extensively with the Iraq Development Fund in developing, financing, and implementing projects, noting that
the signed memorandum of understanding clearly embodies the determination to work together, particularly in specific strategic sectors. He said,
"We aim to cooperate in a wide range of areas, from renewable and green energy to information and communications technology, from infrastructure and superstructure investments to transportation and logistics services, from automobiles to agricultural technologies and food production, and from financial services to fintech applications."
He added, "In addition to investments, we will also cooperate closely on issues such as information exchange, technology transfer, and the joint use of resources.
This will ensure that our joint projects have a broader and more sustainable impact."
The head of the Turkish Wealth Fund expressed his belief that this memorandum will support comprehensive and sustainable development in both Türkiye and Iraq, and that
this cooperation will enhance regional economic stability and further strengthen the friendship between the two countries. He pointed out that the
Turkish Sovereign Wealth Fund places great importance on establishing long-term relationships based not only on economic relations, but also on trust and shared values, as embodied in the memorandum of understanding between the two sides.
For his part, Mohammed Al-Najjar said:
This is a very important step not only for the "Development Road" project, but also for all other projects, partnerships, and relationships. Al-Najjar added, "For the first time, we are signing long-term strategic projects between Iraq and Turkey that go beyond trade relations."
He pointed out that the signed memorandum of understanding also forms the basis for future joint projects. It's worth noting that the "Development Road" project is a land and railway route extending from Iraq to Turkey and its ports.
It spans 1,200 kilometers within Iraq and aims to transport goods between Europe and the Gulf states.
On April 22 of last year, Turkey, Iraq, Qatar, and the UAE signed a quadripartite memorandum of understanding in Baghdad for cooperation on the "Development Road" project, under the auspices of Turkish President Recep Tayyip Erdoğan and Prime Minister Mohammed Shia al-Sudani.
Under the terms of the memorandum of understanding signed today in Baghdad, the two sides will work together under a structured cooperation mechanism to develop, finance, and implement projects. The first tangible results of this joint effort are expected to appear by next month.
The memorandum also includes joint commitments on innovation-focused investments in some key sectors of strategic importance.
These sectors include renewable energy and green energy technologies, information and communications technology, infrastructure and superstructure investments, transportation and logistics, automotive, agricultural technology and food production, and financial services and fintech.
Cooperation outside these investment areas includes the exchange of knowledge and expertise, technology transfer, and the allocation and mobilization of strategic resources.
This cooperation is expected to support comprehensive and sustainable economic development in Türkiye and Iraq, enhance regional economic stability and growth, and deepen the long-standing strategic relations between the two countries. /End https://ninanews.com/Website/News/Details?key=1196340
Tomorrow... Iraqi And American Chambers Of Commerce Sign Contract To Regulate Private Sector Operations
Economy Today, 21:59 Baghdad – INA The head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq al-Zuhairi, announced today, Tuesday, the signing of an agreement with the American Chambers of Commerce to regulate the work of the private sector tomorrow, Wednesday. He explained that the government has included regulating the work of the private sector in its program.
In a statement to Al-Iraqiya News, followed by the Iraqi News Agency (INA), al-Zuhairi said,
"Tomorrow will witness the signing of an agreement with the American Chambers of Commerce to regulate the work of the private sector." He explained that "American companies are characterized by greater flexibility and capabilities, and they have extensive experience working with countries around the world.
In addition, the Americans have everything they need to work in Iraq, especially in the field of industry." He pointed out that "the banking base in Iraq has become large and global, and it is possible for us to work with it."
He explained that "the agreement signed yesterday, in addition to the agreement to be signed tomorrow, includes regulating work in the Iraqi and American private sectors."
He emphasized that the government has included in its program the regulation of the private sector and supports many areas, especially loans and the purchase of machinery and equipment," noting that "despite the difficult circumstances we faced, the results were positive on the ground."
Al-Zuhairi also referred to "addressing taxes, customs, the companies law, and the agency law," indicating that "there is a package that the government sent to Parliament for a vote, which is the most important package." He explained that "the work of the private sector requires continuous updating, as there are new systems, laws, and new programs that change from time to time.
Land acquisition was previously under the agrarian reform law, as was the energy issue, and many other issues have been finalized." He explained that
"what the government has done over the past period has been exceptional," expressing his hope that
"support for the private sector will continue in order to attract the largest number of international companies and employ the workforce." https://www.ina.iq/231651--.html
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