Iraq Economic News and Points to Ponder Friday Afternoon 9-22-23
Iraq Economic News and Points to Ponder Friday Afternoon 9-22-23
Tlm724 Administrator Bondlady’s Corner
Al-Sudani: The Relationship Between Iraq And The United States Cannot Remain Limited To The Security Aspect / Expanded
Friday 22, September 2023 11:09 | Economical Number of readings: 413 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that the relationship between Iraq and the United States cannot remain limited to the security aspect.
Al-Sudani said in a speech during a meeting with members of the American Chamber of Commerce, in the presence of a number of businessmen, investors and representatives of major American companies: “The Ministry of Commerce, through the Commercial Attaché in Washington and with the US Trade Representative Office, is working to hold meetings for the third session of the Trade and Investment Framework Agreement.” , in the first quarter of 2024.
He explained during the meeting that took place yesterday evening, Thursday (Baghdad time), according to a statement from his media office, that “the function of this agreement is to identify the challenges facing trade and investment relations between Iraq and the United States,” calling on all American companies to present what they have. Among the challenges facing its presence and work in Iraq: To develop solutions for it.
Al-Sudani appreciated the efforts of the Vice President of the American Chamber of Commerce, Steve Lutes, in arranging this meeting to inform investors about the business environment in Iraq.
He stated, “Iraq is a fertile land for investment in many important sectors, and there are natural resources that have not been invested yet, and the time has come to invest them.” In a way that achieves prosperity for the Iraqi people and contributes to strengthening the strategic relationship with the United States.”
He added: “Our government invests revenues correctly to activate important economic sectors other than oil, as it is not possible to continue to rely on oil to strengthen the budget and cover obligations, as was the case throughout the period.” He
stressed that the wrong path of wasting burned gas will stop within 2-3 years, after the completion of the gas projects that began with Total and the Emirati and Chinese companies in the fifth round.
He said: “We announced 11 fields and exploration blocks in the governorates of Anbar, Nineveh, and Najaf, which include natural gas that will be invested for the first time in the history of Iraq, adding that economic reform is a priority, and it cannot be implemented without the presence of an effective and capable private sector that is a partner with the government.”
As he said, “We focused on providing a favorable business environment for foreign companies in general, and American companies in particular, by virtue of the capabilities they possess, and also within the path of the vision for the partnership between Iraq and the United States.” He continued: “The business environment in Iraq requires a great effort to
reduce From bureaucracy, we have the decision and the will to stop corruption through legal procedures, and companies cannot be made vulnerable to blackmail or red tape. Every project and file related to a company will be cared for and followed up by us personally, and we will work to overcome all obstacles it faces.”
draft The economic reform law addresses gaps in several laws, adding that we have a draft system to regulate electronic commerce. The government is also committed to protecting intellectual property, and we approved a draft law that was sent to the House of Representatives to vote on.”
He continued, “We are working diligently on the draft electronic payment law, and we have made great strides in financial and banking reform, through our relationship with the Federal Reserve and the US Treasury, and today we have clear and transparent trade that is subject to global compliance standards in financial transfers.”
He stated, “We supported the private sector in the budget law, through the Iraq Fund for Development, which has a capital of 750 million dollars during 2023, and in 2024 we will add an additional amount, and we are currently making understandings with Arab and international investment funds, specifically with the Saudi Investment Bank, where we have partnership in this aspect.
He pointed out that the government will provide sovereign guarantees in the budget law to establish industrial and agricultural projects in Iraq, adding that we have understandings with the German Hermes Foundation and the Italian Sochet Foundation, and they are prepared to provide production lines for important laboratories and factories in the industrial sector in exchange for 15% of Iraqi businessmen and 85 percent. % provided by the government as a sovereign guarantee.
He also pointed out that a delegation of Iraqi businessmen toured Germany and Italy and identified factories, and is currently in the process of reaching understandings to implement these projects that were chosen according to market requirements.
He stressed: We want to achieve a real shift in health services, and we have a health insurance law, and we have a new philosophy that represents a transitional stage for implementing this law, through joint operation with companies specialized in providing health services, adding and presenting 6 hospitals and we hope for the presence of American companies specialized in providing medical and therapeutic services in Operating these hospitals.”
He stated that the size of the pharmaceutical market in Iraq amounts to approximately 3 billion dollars annually, with national production representing only 10%, and the rest is imported, indicating that the Council of Ministers issued a package of decisions to support drug producers, and today there are more than 245 requests. To create production lines for the pharmaceutical industry.
He stated that we are moving strongly towards using modern irrigation techniques to confront water scarcity, and there are areas suitable for agriculture and an attractive environment, but they need specialized technologies and companies to develop this sector.
with Emirati, Chinese, and Iraqi companies to establish solar energy stations, and we have concluded a contract with a company.” Total to generate 1,000 megawatts of solar energy.”/End2
Al-Sudani Talks About Projects That “Will Change The Shape Of Iraq” With A New And Diversified Economic Face
Money and business Economy News – Baghdad Prime Minister Muhammad Shiaa Al-Sudani confirmed that the needs of the Iraqis are increasing with their population growth and that oil revenues cannot cover them. While he indicated that his government has a vision for economic reform, he considered that the development road project, Al-Faw port and the rest of the projects associated with it “will change the shape of Iraq with a new and diversified economic face.” ".
Below are the highlights of Al-Sudani’s speech during the dialogue session he held at the US Council on Foreign Relations, on the sidelines of his visit to New York, according to a statement from his media office:
Reforming the economic reality is one of the important challenges that requires diversifying the economy and not adopting economic unilateralism
The needs of Iraqis are increasing with their population growth and cannot be covered by oil revenues
We have a vision for economic reform through which we work to invest wasted resources and direct them to vital sectors, such as agriculture, industry, trade and tourism.
-The development road project, Al-Faw port, and other related projects will change the shape of Iraq with a new and diversified economic face
The importance of investing in associated gas is to address our environmental problems as well, and we have signed agreements to produce electricity from solar energy up to (2500) megawatts.
-The theft of the century involved leaders from the highest decision-making centers in Iraq, and senior officials from the previous government were involved, and arrest warrants were issued against them.
-Some of those accused of stealing the century are in the United States and hold American and British citizenship, and we are awaiting the assistance of these countries in retrieving them.
-The Iraqis are establishing their relations with countries based on their response in handing over those wanted for the theft of the century, and our government will continue to pursue them and subject them to justice, regardless of their positions.
-More than 3 trillion dinars were stolen in full view of the previous government, with its security services at the highest levels, and the largest percentage of this money went to banks outside Iraq, and we are working to recover the remainder inside Iraq.
-Iraq has many religious and historical tourist sites, and many delegations began to come to Iraq after the Pope’s visit, and the tourism sector falls within the government’s interests.
We explained to representatives of American companies that we provide all the requirements for a safe environment for investment in Iraq
There is no political crisis between Baghdad and the Iraqi Kurdistan region, but rather financial legal problems that have been overcome through dialogue and understanding, and the region is a key actor in the political process, and an important part of our economic projects that benefit the Iraqis.
We are currently studying a strategic water management project, the first of its kind in the history of Iraq, for optimal use of it
The water issue represents an existential challenge in Iraq, and the crisis coincided with the projects of upstream countries that affected our water shares, and there is intense diplomatic work with neighboring countries.
-We are working on a Gulf water desalination project to provide water to Basra and the rest of the southern governorates Views 64 09/22/2023 - https://economy-news.net/content.php?id=36547
Oil Is Heading For Its First Weekly Loss In About A Month
Energy Economy News – Baghdad Oil prices are heading to record a weekly decline for the first time in about a month, despite the rise in prices in the last trading sessions, Friday, as fears that a Russian embargo on fuel exports could lead to a reduction in global oil supplies outweighed concerns that another possible increase in... US interest rates may negatively affect fuel demand.
Brent crude futures rose 21 cents, or 0.2 percent, to $93.51 per barrel by 15:16 GMT, while US West Texas Intermediate crude futures increased by 0.60 percent to $90.24.
For the first time in four weeks, the two benchmark crude oil prices are heading for a slight weekly decline after rising by more than ten percent over the previous three weeks, amid concerns about a shortage of global supplies as the Organization of the Petroleum Exporting Countries and its allies in the alliance known as OPEC+ continue production cuts.
Views 32 09/22/2023 - https://economy-news.net/content.php?id=36548
Iraq Ranks Fourth In The Arab World In Gold Reserves
Money and business Economy News – Baghdad The World Gold Council's report for the month of September showed that the gold reserves of the Arab countries amounted to 1,515.1 tons, while the gold reserves of the countries of the world combined reached 35,664.5 tons.
According to the report, which shows what central banks own in gold, 5 Arab countries account for the lion’s share (about 69%) of the total Arab countries’ reserves of the yellow metal.
According to the report, the countries are: Saudi Arabia (323.1 tons), Lebanon (286.8 tons), Algeria (173.6 tons), Iraq (132.6 tons), and Egypt (125.9 tons).
Globally, the United States (8133.5 tons) topped the world with gold reserves, followed in second place by Germany (3352.6 tons), then Italy (2451.8 tons), then France (2436.9 tons), followed by Russia with reserves amounting to 2329.6 tons.
The past years have witnessed a desire by central banks around the world to buy the precious metal in light of economic fluctuations and high inflation rates.
201 views Added 09/21/2023 https://economy-news.net/content.php?id=36544
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