TNT:
Tishwash: International Trade Centre: Iraq is qualified to become a regional hub for trade and investment.
The Executive Director of the International Trade Centre, Pamela Cooke Hamilton, confirmed that the Iraqi government is committed to accelerating the procedures for joining the World Trade Organization, expressing her hope that the membership requirements will be completed by 2028. While revealing a proposal to prepare a national strategy for trade and investment, she stressed that Iraq is qualified to become a regional center for trade and investment.
Hamilton said during her appearance on the “Economic Dinar” program on Al-Iraqiya News Channel, which was followed by the Iraqi News Agency: “The International Trade Centre continues to support Iraq in completing the requirements for joining the World Trade Organization, through reviewing local legislation and regulations and building the capacities of government institutions and the private sector,” indicating that “Iraq submitted its goods offer last September, and is currently working on completing its services offer.”
She added, "There is a clear governmental commitment to accelerating the accession procedures, which I sensed during my discussions with the Ministers of Foreign Affairs and Trade," noting that "the government is aware of the importance of this step and the economic, trade and investment opportunities it provides, while the time factor represents the most prominent challenge to completing the required procedures and reforms."
She explained that “membership in the World Trade Organization will contribute to enhancing the confidence of international investors in the Iraqi economy, by providing a more stable, transparent and clear business environment in legislation and economic policies,” noting that “joining will enhance Iraq’s integration into the global trading system, and send a message to the international community of its readiness to attract business and investments.”
Hamilton revealed that a proposal had been submitted to the Iraqi government to prepare a national strategy for trade and investment, based on the National Development Plan for the years 2024–2028. She explained that the strategy aims to identify promising economic sectors, develop a roadmap for their development and enhance their ability to attract investments, while supporting existing government plans and expanding job opportunities for youth, women, and the most vulnerable groups.
Regarding economic diversification, she noted that "developments related to the Strait of Hormuz have revealed the risks of over-reliance on oil revenues and demonstrated the need to build a more diversified and resilient economy," estimating the economic losses resulting from a single incident related to the strait at approximately $60 billion.
She stressed "the importance of developing the construction, tourism, information technology, agricultural and food industries sectors, as they are promising sectors that can contribute to diversifying national income sources and reducing dependence on oil."
She emphasized that “small, medium and micro enterprises represent a key driver of economic growth, and constitute about 90% of the economy, according to the percentage she cited,” indicating that “the center works to support Iraqi projects by developing their production capacities, facilitating their access to markets and financing, and training their owners on managing financial records and meeting commercial standards.”
As part of supporting the agricultural sector, Hamilton revealed the success of the (Safi) project, which was launched in Iraq in 2020, in supporting more than four thousand Iraqi farmers and achieving a 70% increase in production and exports. She explained that the project contributed to developing agricultural businesses and training young people, while efforts continue through the (Jobs) project to enhance job opportunities and build capacities.
She added that "the center's programs have contributed to the development of Iraqi agricultural and food products, including potatoes, tomatoes and poultry, and helped producers meet the required commercial standards, which allowed some of these products to reach modern sales and distribution chains, including Carrefour stores."
She pointed out that "one of the most prominent challenges facing Iraqi agricultural and food exports is the lack of accredited local laboratories to conduct the tests required for international markets, which forces producers to send samples abroad, raising costs and weakening competitiveness," stressing "the need to invest in testing laboratories and quality systems, especially to support exports of agricultural products and dates."
Regarding trade partnerships, Hamilton announced that "the Iraqi National Trade Fair achieved sales exceeding $83 million, and contributed to strengthening partnerships and attracting the interest of major international companies, including Siemens, Alcatel, Nokia and General Electric."
She explained that "the exhibition recorded the participation of more than a thousand people in its previous session, compared to about 800 participants in the current session," noting that "these events reflect the size of the commercial and investment opportunities available in the Iraqi market."
Regarding the construction sector, she affirmed that "the International Trade Centre is working to develop the sector by introducing green building and energy efficiency standards, and implementing programs to train Iraqi youth on modern building technologies, solar panel installation, and the development of climate-smart buildings," indicating that "these efforts aim to support sustainable reconstruction and enhance the competitiveness and attractiveness of the construction sector for investment."
She added that "Iraq possesses great historical, civilizational and cultural assets that qualify it to transform tourism into an industry capable of generating billions of dollars in revenue," stressing "the importance of investing in developing the skills of young people in the fields of hospitality, tourism services and digital technologies, which would allow for the investment of untapped tourism potential and the provision of new job opportunities."
She pointed out that “digital transformation and information and communication technology represent one of the most promising sectors in the Iraqi economy, given the opportunities that digital platforms provide for local companies to access global markets and expand their exports,” stressing “the importance of developing digital skills and artificial intelligence applications, especially in the tourism, services and trade sectors.”
She revealed the "continuation of the implementation of the (Masar) project to qualify Iraqi youth for the labor market, through technical and vocational training in the construction, tourism and hospitality sectors, in accordance with market needs and local conditions," noting that "building human capacities and providing practical training constitute an important basis for creating job opportunities and supporting economic development."
Hamilton concluded by emphasizing that "Iraq has great economic and human potential that qualifies it to become a distinguished regional center for trade and investment," noting that "the International Trade Centre supports the Iraqi government's vision to build a strong and diversified economy, enhance the role of the private sector, empower youth and women, and expand partnerships between Iraqi companies and international investors." link
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Tishwash: MP reveals when the draft budget will reach the Finance Committee
Member of Parliament Mohammed al-Ziyadi revealed on Tuesday the latest developments regarding the draft federal budget law, confirming that the draft is currently with the Cabinet for official approval before being sent to Parliament for legislative and ratification procedures.
Al-Ziyadi told the Information Agency that "available information confirms the completion of the initial draft of the law and its submission for final review by the government in preparation for a vote." He explained that "the anticipated government step will be followed by a direct and swift referral of the budget tables and texts to Parliament to begin the constitutional and oversight process."
Al-Ziyadi added that "the draft law is likely to reach the Parliamentary Finance Committee within the next week or, at the latest, within ten days." He noted that "the committee will hold a series of intensive meetings to discuss expenditure items, the deficit, and allocations, and prepare a detailed and comprehensive report to be presented to the Speaker and members of Parliament."
He indicated that "Parliament is determined to proceed with the first and second readings immediately upon receiving the parliamentary report, leading to a final vote and the passage of the law in a manner that meets the country's developmental and service needs. link
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Tishwash: The Popular Mobilization Forces and oil and gas are at the top of the legislative priorities.
The priorities of the sixth session of the House of Representatives are to proceed with a package of laws that affect the lives of citizens and the rights of broad segments, with efforts to complete them before the end of the legislative session. At the forefront of these legislations is the Popular Mobilization Forces Law, which was voted on by the Council of Ministers last September, along with the Oil and Gas Law and the Teachers Protection Law, amid parliamentary demands to expedite their completion.
MP Sakr al-Muhammadawi told Al-Sabah newspaper, "The Popular Mobilization Forces (PMF) law is one of the laws awaited by the majority of members of Parliament, and we demand that the PMF law be expedited." He added, "The Council of Ministers voted on the draft law in its 21st regular session, held on September 29th, and decided to refer it to Parliament for a vote, based on the provisions of the Constitution, specifically Article 80/Second, and Articles (32) and (9/Ninth) of the Parliament's internal regulations." Deputies.
Al-Muhammadi explained that "the project has not yet been presented to the council, despite its direct connection to the rights of members of the Popular Mobilization Forces and the families of martyrs and wounded," demanding that it be "swiftly sent to the council and included in the agenda." His works.
For his part, MP Ahmed al-Moussawi told Al-Sabah newspaper, "A number of laws are being worked on and will be passed in the near future, most notably the long-awaited Popular Mobilization Forces (PMF) law," expressing his hope that "it will soon reach the parliament to complete the procedures for its approval." He added, "There are other important laws that are expected to be addressed, including the oil and gas law, as well as legislation that directly impacts the lives of citizens."
For his part, MP Haider al-Faily, a member of the Education Committee, explained that "the Teachers' Protection Law has been finalized by the committee." He told Al-Sabah newspaper that "it underwent its first reading in the previous session and is scheduled to be presented for its second reading, in preparation for voting on it and moving forward." He added that "the law includes provisions for protecting this important segment of society, as well as allocating land for teachers." to them". link
Tishwash: Head of the Board of Advisors: Iraq adopts an economic strategy to move from crises to prosperity
The head of the advisors' board at the Prime Minister's office, Youssef Khalaf Youssef, affirmed that the Iraqi government is adopting a comprehensive economic and reform vision based on three main paths to enhance stability, build a productive economy, and diversify sources of income. He also indicated that economic and developmental reforms are proceeding with the aim of moving from a crisis economy to sustainable prosperity, and enhancing Iraq's position and role in regional and international economic integration, through the implementation of comprehensive reforms to build a productive economy and enhance Iraq's regional standing.
Youssef said, in a speech during his participation in a dialogue session held by the International Institute for Strategic Studies in Bahrain and followed by the Iraqi News Agency (INA): “At the beginning, I thank the Kingdom of Bahrain for hosting us in this important dialogue, and the International Institute for Strategic Studies for these fruitful discussions that address and demonstrate the importance of the challenges and how to confront them and ways to get rid of the suffocation that our region is going through under these circumstances.”
He added: “I am pleased to participate with you today in this important session that discusses one of the most prominent issues facing our governments at the present stage, which is how to move from dealing with the effects of wars and crises and rebuilding what has been damaged to establishing productive and resilient economies capable of achieving sustainable prosperity.”
He continued: “I would like to address this topic from the perspective of the Iraqi experience, and in light of the economic and reform vision of the new Iraqi government, which stems from a fundamental conviction that political and security stability, economic reform, human development and regional integration are not separate paths, but rather interconnected elements in the project of building a modern state.”
Youssef pointed out that "the geopolitical revolutions that our region has witnessed, especially the recent wars and conflicts, have proven that the effects of conflicts are no longer limited to the borders of the countries experiencing them, but extend to energy markets, supply chains, international trade, food security, investment flows and financial stability."
He added that "these crises have shown the fragility of some economic models that rely on a single source of revenue, a single trade route, or supply systems that lack flexibility and alternatives."
He explained that "for Iraq, these challenges are doubly important because it is a country with a pivotal geographical location, an economy that depends heavily on oil revenues, as well as the accumulated challenges resulting from decades of wars, terrorism and instability."
He continued: “Therefore, the real challenge we face is not just rebuilding infrastructure, but rebuilding the capacity of the state, the economy and society to respond to shocks, reduce dependence on external conditions and transform stability into sustainable development opportunities.”
He stressed that "reconstruction, however important it may be, cannot be an end in itself, but should be a starting point towards a new economic model."
Youssef said: "The new Iraqi government has launched its ministerial program for the next four years based on a clear vision that rests on three fundamental pillars: a stable state, a productive economy, and balanced partnerships."
He added that "the government has translated this vision into a comprehensive government program covering fourteen key sectors, in an attempt to move from addressing problems in a sectoral and separate manner, to adopting interconnected reforms that target the roots of the challenges."
He explained that "this vision is based on three integrated paths. The first path is strengthening the state's sovereignty and stability, unifying security decision-making, and consolidating the rule of law in a way that provides the necessary environment for economic activity and investment. The second path is economic and financial reform through diversifying sources of income, reforming the banking system, raising the efficiency of public spending, strengthening the role of the private sector, and rebuilding confidence in the national economy. As for the third path, it is social building and human development through improving basic services, developing education and health, empowering youth and women, and strengthening social protection and justice in the distribution of development opportunities."
He continued: "We view these three paths as a single system. Sustainable economic growth cannot be achieved without stability, and long-term stability cannot be guaranteed without equitable development that provides opportunities for citizens."
The head of the advisory board stressed that "diversifying the Iraqi economy is one of the most important strategic challenges that the government has placed at the forefront of its priorities."
He noted that "despite Iraq possessing significant natural resources, its high dependence on oil makes public finances vulnerable to global price fluctuations, geopolitical turmoil, and challenges related to energy export routes."
He explained that "the government is adopting an approach based on restructuring the economy and strengthening the productive sectors, especially industry, agriculture, services, technology and transportation."
He added that "this approach includes reforming the banking sector, developing the financial compliance system, enhancing non-oil revenues, restructuring public spending, and improving the efficiency of resource management."
He pointed out that "the government places the empowerment of the private sector at the heart of the economic transformation process, based on the fact that the state cannot remain the largest operator, financier and investor in all sectors, but rather it should gradually transform into a state that regulates and stimulates economic activity, sets policies, protects competition, ensures fairness and transparency, and enables the private sector to lead growth and generate job opportunities."
He continued: "The message we want to convey here is clear: the future of the Iraqi economy should not be measured solely by the amount of oil it produces, but by the amount of added value it can produce, the job opportunities it creates, and its ability to compete and integrate into the regional and global economies."
Youssef stressed that "one of the most important lessons revealed by the recent crises is that infrastructure is no longer just roads, bridges, ports and power stations, but has become a fundamental element in national and regional economic security."
He added that "countries that do not have multiple transport networks, diverse energy sources and advanced digital infrastructure are better able to cope with economic and geopolitical turmoil."
He explained that "Iraq has a strategic opportunity in this context to move from being a market and a geographical corridor to a regional center for trade, transportation, energy and data."
He pointed out that "the Development Road project stands out as one of the most important strategic projects that can reshape Iraq's role in regional and international trade, by linking Iraqi ports with transport networks extending towards Turkey and Europe, and also by linking through energy corridors and a strategic pipeline project that Iraq is working on with partners to be a corridor from southern Iraq through Syria and Jordan and even Türkiye to Europe."
He stressed that "the real importance of this project is not limited to the transport of goods, but includes what can arise from its expansion in terms of industrial zones, logistics centers, commercial services, investment and employment opportunities."
He added: “In parallel, the government seeks to develop energy infrastructure, enhance electricity and gas interconnection with neighboring countries, expand oil export outlets, and develop ports and industrial value chains.”
Youssef said: "Ladies and gentlemen, it is important to emphasize that the economic challenges facing countries are not always related to the scarcity of resources, but may also be related to the efficiency of institutions and their ability to manage these resources."
He added, “Institutional reform and comprehensive digital transformation represent a key focus of the Iraqi government program. The government is moving towards launching a comprehensive national strategy for digital transformation, developing communications infrastructure and government data centers, automating procedures and services, and strengthening the cybersecurity and artificial intelligence system.”
The head of the advisory board stressed that "Iraq's experience, with the great challenges it has faced over the past decades, confirms that building peace and stability is not completed simply by ending conflicts, but rather requires building effective institutions, a productive economy, and a society that has confidence in the future."
He added, "It may be relatively easy to rebuild a bridge, road, or facility damaged by war, but the greater challenge lies in rebuilding institutions, restoring trust, reforming the economy, and providing opportunities for future generations."
He continued: "We believe that Iraq, with its resources, geographical location and human capabilities, is capable of transforming from a country that has been affected for decades by conflicts and crises into an active regional and international partner in development and stability."
The Chairman of the Board of Advisors concluded his remarks by saying, "I would like to conclude with a message that I believe summarizes the essence of this session: Reconstruction rebuilds what crises have destroyed, development builds the capabilities of the state and society, and prosperity is achieved when these capabilities become sustainable and are transformed into opportunities, economic security, and a better life for citizens."
He stressed that "this is the transformation that Iraq seeks to achieve in the next phase." link