Iraq Economic News and Points To Ponder Wednesday Afternoon 9-30-26
Iraq and the United States discuss strengthening cooperation in the recovery of smuggled funds and extradition
Money and business Economy News – Baghdad The head of the Federal Integrity Commission, Dr. Mohammed Ali Al-Lami, stressed that combating corruption and protecting public money requires concerted national and international efforts, and strengthening cooperation in the prosecution of those involved in corruption and enrichment issues at the expense of public money, and the recovery of wanted persons and smuggled funds.
During his meeting with the Chargé d'Affaires of the Embassy of the United States of America in Iraq (Stephen Fagin), Al-Lami stressed the importance of activating international cooperation mechanisms and benefiting from the contents of the United Nations Convention against Corruption, in particular the provisions of Chapter V on asset recovery, describing the recovery of funds and assets obtained from corruption as a cornerstone of international efforts to combat it, while alerting to the importance of removing obstacles to recovery such as dual nationality, different legislation and allegations of political targeting.
He pointed out the importance of giving the preventive aspect a wide area in anti-corruption strategies, in line with Chapter II of the UN Convention, through the development of preventive measures, the promotion of integrity, transparency and accountability, the consolidation of functional codes of conduct, the reduction of conflicts of interest, the promotion of transparency of public money management and government procurement, as well as the expansion of community and media participation in prevention efforts and the dissemination of a culture of integrity.
He pointed out that the promotion of integrity and the fight against corruption contribute to the creation of a safe and attractive environment for investment, through the establishment of the rule of law, transparency and equal opportunities and the protection of investors and money from corrupt practices, stressing the importance of supporting government trends aimed at expanding investment opportunities and enhancing economic cooperation with foreign countries and companies.
For his part, the Chargé d'Affaires of the United States of America in Iraq (Stephen Fagin) expressed his country's desire to intensify cooperation with Iraq in various fields, especially with the development of cooperation paths between the two countries from the field of military support to the expansion of economic cooperation, as well as the areas of integrity and the fight against corruption, stressing the importance of continued coordination and exchange of experiences to serve the common interests of the two countries.
During the meeting, they discussed the prospects of cooperation between the Integrity Commission and the US side in the fields of preventing, preventing and combating corruption, exchanging experiences and enhancing coordination in files of common interest, in order to support efforts to protect public money and prosecute and recover the proceeds of corruption
https://www.economy-news.net/content.php?id=74447
Iraq Emerges As India’s Second-Largest Crude Supplier
2026-09-30 12:30 Shafaq News- Baghdad Iraq ranked second among India’s largest crude oil suppliers in September, with shipments averaging 579,000 barrels per day through September 27, up significantly from the previous month.
Iraqi crude shipments to India averaged about 163,000 barrels per day in August. The September figure therefore represented an increase of roughly 416,000 barrels per day compared with the previous month.
Russia remained India’s largest supplier at 1.742 million barrels per day. Saudi Arabia ranked third with 570,000 barrels per day, ahead of the United Arab Emirates with 483,000 barrels per day and Kuwait with 333,000 barrels per day.
India’s total crude oil imports averaged about 5.251 million barrels per day during the period, representing a 13% increase from the August average of 4.654 million barrels per day.
Iraq Is The Fourth Largest Destination For Turkish Exports In August
Money and business Economy News _ Baghdad The data of the Turkish Statistical Institute showed on Wednesday that Iraq ranked fourth among the largest Turkish export destinations during the month of August 2026, with a value of 1.079 billion dollars.
According to data seen by "Economy News", Germany topped the list of importing countries from Turkey in August, with a value of 1.760 billion dollars, followed by the United States with 1.731 billion dollars, and then the United Kingdom with 1.203 billion dollars, while Iraq came fourth with 1.079 billion dollars, and Switzerland fifth with 1.073 billion dollars.
The share of the top five countries was 29.2% of Turkey’s total exports in August 2026.
Turkey's exports in August 2026 amounted to about $ 23.467 billion, up 8.1% compared to the same month last year, while imports rose by 10.5% to $ 28.706 billion.
This led to a rise in the Turkish trade deficit by 22.3% year-on-year, to $ 5.239 billion, while the coverage of exports of imports fell to 81.7%, compared to 83.5% in August 2025. https://www.economy-news.net/content.php?id=74515
Sanad: Technology accounts for 70% compared to oil and gas and enhances Internet transit in Iraq
Money and business Economy News _ Baghdad The Ministry of Communications opened on Wednesday the fifth session of the Iraq International Exhibition and Conference on Information and Communication Technologies (ITEX), under the slogan (Iraq is moving towards digital transformation and the adoption of future technology) under the auspices of Prime Minister Ali Al-Zaidi and Minister of Communications Mustafa Jabbar Sanad.
Sanad said in a speech during the opening ceremony of the exhibition and its follow-up "Economy News", that this version of the exhibition is very distinct, especially as it coincided with the holiday of the sovereign day, as well as the volume of participation and contribution from the public and private sectors, indicating that the ministry seeks to make the exhibition's activities more practical during the coming stages.
He added that the vision of the Ministry of Communications stems from enhancing harmony and integration between the public and private sectors, pointing out that the technology sector now controls a share ranging from 60 to 70 percent compared to the oil and gas sectors, describing it as the beginning of what is coming, especially with the entry of artificial intelligence technologies that will lead to major developments in the sector.
He pointed to the absence of technical adviser and assistant in the Ministry of Communications from the conference because of their presence in the UAE to sign a contract related to the passage of the Internet to Iraq, stressing that the ministry is working to develop the telecommunications infrastructure and strengthen the position of Iraq in the field of Internet transit traffic.
The minister called for Iraq to be a safe environment for transit, explaining that the ministry signed memorandums of understanding with a number of companies such as (Al-Salam, Ooredoo and Zagel) and other American companies in this field.
He pointed out that a number of Iranian companies were absent from the exhibition due to travel procedures, stressing that the ministry will sign memorandums of understanding with other Iranian companies today.
https://www.economy-news.net/content.php?id=74514
Axios: The Failure Of Qatari Mediation Between Washington And Tehran Enhances The Possibility Of The Resumption Of Military Operations
Money and business Economy News _ Follow-up Qatari mediators’ efforts this week to achieve a diplomatic breakthrough between Washington and Tehran have failed, with no party willing to make concessions.
The site quoted its sources as saying that the negotiations had reached a dead end. The sources confirm that the absence of tangible progress may prompt the parties to resume military operations.
The website, like other US media, has suggested that U.S. President Donald Trump may order the resumption of the process after the midterm elections, scheduled for November. According to Axios sources, Qatari officials will continue their efforts to reach a diplomatic settlement, but they are disappointed with the actions of both sides.