Iraq Economic News and Points to Ponder Sunday Afternoon 1-26-25

Al-Sudani: Economic Reforms Have Raised The Level Of Foreign Investments In Iraq

Political |  01/26/2025   Mawazine News – Baghdad  Prime Minister Mohammed Shia'a confirmed, on Sunday, that the government has made significant progress in various aspects of economic reform and digital commercial and banking transformation, noting that economic reforms have been able to raise the level of foreign investment in Iraq.

The Prime Minister's media office said in a statement received by "Mawazine News": "Prime Minister Mohammed Shia'a al-Sudani received the Chairman of the US-Iraq Business Council, Vice President of the US Chamber of Commerce Steve Lotus."

He added, "The meeting witnessed a review of trade and cooperation relations between Iraq and the United States, and efforts to prepare for the US Companies Representatives Forum, which will be held in Iraq during this year, as well as following up on the implementation of 18 agreements and memoranda of understanding, which were signed during His Excellency's visit to the United States last year.

" Al-Sudani praised - according to the statement - "Lotus's efforts in sponsoring and holding forums and meetings, especially with the Iraqi private sector," stressing that "the government has made significant progress in various aspects of economic reform and digital commercial and banking transformation," pointing to the continuation of efforts to legislate the intellectual property law and introduce this concept into school curricula; In order to keep pace with global trade development.

Al-Sudani explained that “economic reforms have raised the level of foreign investment in Iraq, and that American companies are invited to participate in the development renaissance that Iraq is witnessing, and the attractive and business-friendly investment environment.”

For his part, Lotus praised - according to the statement - “the efforts of the Iraqi government in the field of reform, stressing the desire of many American companies to enter the Iraqi market, and to establish promising partnerships with the Iraqi private sector, and to contribute to development and expand the scope of commercial and investment activities.”  https://www.mawazin.net/Details.aspx?jimare=259048

 Governor Of The Central Bank: We Provide The Necessary Support To International Companies Wishing To Invest In Iraq, Including American Companies And Banks.

Sunday 26 January 2025 | Economic Number of readings: 332   Baghdad / NINA / The Governor of the Central Bank, Ali Al-Alaq, confirmed that the Central Bank provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks.

The Central Bank of Iraq stated in a statement: "The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met today with the Vice President of the American Chamber of Commerce, Steve Lutes, and the President of the American-Iraqi Business Council and his accompanying delegation in Baghdad."

He pointed out that "the meeting discussed the banking and economic relations between the two countries and the upcoming visit of the Central Bank of Iraq delegation to Washington and their meeting with the American Chamber of Commerce and American companies next April."

He continued that "the meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq. The two parties also discussed the mechanisms of international trade and the process of Iraq's transition to fully operating in external transfers through correspondent banks."

During the meeting, the governor stressed that "the Central Bank of Iraq supports the economic growth process in Iraq and provides the necessary support to international companies wishing to invest in Iraq, including American companies and banks," noting "the importance of diversification in investment sectors." /End     https://ninanews.com/Website/News/Details?key=1182121

Minister Of Trade Calls For Holding A "Made In America" ​​Exhibition In Iraq And The Presence Of American Companies In The Baghdad Exhibition Sessions

Sunday 26 January 2025| Economic Number of readings: 158   Baghdad/ NINA / Minister of Trade Athir Dawood Al-Ghariri discussed with the US Chargé d'Affaires in Baghdad, Ambassador Daniel Rubinstein, Vice President of the US Chamber of Commerce and Chairman of the Iraqi-American Business Council Steve Lutes, and the accompanying delegation, ways to enhance economic and trade relations between Iraq and the United States.

The Ministry of Trade said in a statement, "The Minister stressed during the meeting Iraq's keenness to strengthen its economic relations with the United States within the framework of the government's orientations towards approving and implementing economic reforms to improve the business and investment environment.

Al-Ghariri pointed out, according to the statement, the exceptional efforts made by the Ministry in coordination with government agencies to hold the third round of negotiations for Iraq's accession to the World Trade Organization after a 16-year hiatus, as Iraq submitted files for goods and services and reviewed economic reforms, including the legislation of the Intellectual Property Law.

The Minister explained: "Iraq seeks to simplify the procedures for the work of American companies inside the country to support trade and investment between the two countries," referring to self-sufficiency in local wheat during the past two years, with the continuation of work on the memoranda of understanding signed with the American side related to the country's needs.

He called on American companies to hold a "Made in America" ​​exhibition inside Iraq and organize a forum between the Iraqi and American private sectors to review investment opportunities and available projects, and hoped that American companies would be present in the sessions of the Baghdad International Fair.

For his part, Ambassador Rubinstein expressed his aspiration for more cooperation and openness between the two countries, referring to the economic reforms that Iraq is witnessing to improve the business and investment environment. He also announced preparations for a visit by a delegation of American businessmen to Iraq next April.

In turn, Steve Lutes thanked the Ministry of Commerce for its support for the work of American companies, praising the Iraqi efforts to improve the business environment and encourage investments.

The statement added: "The two parties agreed to enhance cooperation to expand the business base and strengthen economic and trade relations in a way that serves the common interests of the two countries." / End   https://ninanews.com/Website/News/Details?key=1182141

The Competencies And Tasks Of The Directorate
 
January 23, 2025      The competencies and tasks of the directorate 
 
    - Licensing non-banking financial institutions
 
All licensing applications are carefully examined according to the principle of equality between all requests, in order to ensure the availability of conditions that allow
 
     competition in the Iraqi market and
     keep pace with rapid developments in the global and local financial sectors, while
     achieving the utmost efficiency and transparency.
 
    Supervising and controlling non-bank financial institutions.
 
        This directorate works as a supervisory authority, as it adopts a flexible and contemporary monitoring approach that enables it to supervise and monitor to ensure success in the Iraqi financial sector.   https://cbi.iq/news/view/2766    

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