Iraq Economic News and Points To Ponder Thursday Afternoon 10-2-25
Iraq Economic News and Points To Ponder Thursday Afternoon 10-2-25
Al-Sudani Affirms The Government's Commitment To Supporting The Gold Industry And Developing The Business Environment
Money and Business Economy News - Baghdad Prime Minister Mohammed Shia al-Sudani received a number of goldsmiths representing gold and jewelry traders in Iraq on Thursday. He noted the government's continued monitoring of this important economic sector and its ongoing development, expansion, and growth, both domestically and internationally.
Al-Sudani outlined the most significant challenges facing the private sector, both investors and manufacturers, in this field. He noted that the significant growth in the volume of gold trade prompted the government to issue a package of decisions regulating gold import activities, developing market mechanisms, and protecting consumers. This, he said, will help bolster national gold reserves, which have become a key pillar of financial stability and confidence in the Iraqi economy.
The Prime Minister noted that the approval of the "Global Gold City" project, with its headquarters in Baghdad, represents a strategic step toward localizing the industry, regulating the gold and jewelry trade in accordance with international standards, and creating a modern environment that supports manufacturing industries, provides job opportunities, and supports diversification of sources of income.
He explained that the government understands the challenges facing those working in this sector, whether related to administrative procedures, oversight and quality, or the need for more flexible legislation. He emphasized the need to address these challenges and adopt practical proposals from within the market itself, ensuring a balance between protecting the national economy and supporting the vitality of the private sector.
Al-Sudani stressed the importance of adhering to official standards, combating fraud and counterfeiting, and enhancing confidence in Iraqi products. He also emphasized the government's commitment to providing support through legislation, banking facilities, and protecting the rights of traders and investors. He added that the government, along with its private sector partners, will continue to do so. https://economy-news.net/content.php?id=60656
Al-Sudani Stresses The Importance Of Adhering To Official Standards In The Gold Industry And Enhancing Confidence In Iraqi Products.
Thursday, October 2, 2025, | Economics Number of readings: 114 Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani stressed the importance of adhering to official standards in the gold industry, combating fraud and counterfeiting, and enhancing confidence in the Iraqi product.
He indicated the government's commitment to providing support through legislation, banking facilities, and protecting the rights of traders and investors.
Al-Sudani said, during his meeting on Thursday with a number of goldsmiths representing gold and jewelry traders in Iraq: "The government is following this important economic sector and the development, expansion, and growth it is witnessing locally and internationally."
The Prime Minister indicated, according to a statement by his media office, that the approval of the "Global Gold City" project, with its headquarters in Baghdad, represents a strategic step to localize the industry and regulate the gold and jewelry trade in accordance with international standards, create a modern environment that supports manufacturing industries, provides job opportunities, and supports the diversification of sources of income.
He explained: "The government understands the challenges facing workers in this sector, whether related to administrative procedures, oversight and quality, or the need for more flexible legislation," stressing the need to work to address these challenges and adopt practical proposals from within the market itself, ensuring a balance between protecting the national economy and supporting the vitality of the private sector.
He stressed the importance of adhering to official standards, combating fraud and counterfeiting, and enhancing confidence in the Iraqi product, with the government committed to providing support through legislation, banking facilities, and protecting the rights of traders and investors, and that the government is moving forward with its partners from the private sector.
During the meeting, the Prime Minister was briefed on the most prominent challenges facing the private sector, investors, and manufacturers in this field.
He pointed out: "The significant growth in the volume of gold trade prompted the government to issue a package of decisions regulating gold import activities, developing market mechanisms, and protecting consumers, in a way that works to strengthen national gold reserves, which have become an important pillar of financial stability and confidence in the Iraqi economy." /End
https://ninanews.com/Website/News/Details?key=1254973
Russia's $20 Billion Oil Investment In Iraq
energy Economy News – Baghdad Russian Ambassador to Iraq, Elbrus Kotrashev, confirmed on Thursday that his country's oil investments in Iraq have exceeded $20 billion and are open to expansion. He also indicated that his country is considering opening a Russian cultural center in Iraq.
"Relations with Iraq are advanced in all areas, and there are no restrictions imposed on them by any party. Rather, there is a mutual desire to develop and advance them towards new horizons," Kotrashev said, noting that "there is an ongoing and strong political dialogue, in addition to advanced economic cooperation despite the sanctions imposed on Russia," according to the official agency.
He added, "Cooperation with Iraq in the military, technical, and security fields is historic, and we face common challenges." He noted that "there has been ongoing cultural cooperation with Iraq for decades, and channels for further cultural cooperation will be opened." He noted that "Moscow is considering opening a Russian cultural center in Iraq."
He explained, "Our investments exceed $20 billion and are significantly expandable, with the cooperation and willingness of our Iraqi partners." https://economy-news.net/content.php?id=60641
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