US Business Delegation Visits Iraq
Date
6/15/2023 7:00:17 AM
(MENAFN- Iraq Business News)
By John Lee.
Iraqi Prime Minister, Mohammed Shia Al-Sudani, met with a delegation from the Iraqi-American Business Council on Wednesday, led by the council's president, Steve Lutes, Deputy Vice President of the US Chamber of Commerce for Middle East Affairs.
During the meeting, Prime Minister Al-Sudani stated that Iraq is qualified to be an attractive environment for private sector investment and foreign companies. He emphasized that the government has taken a series of decisions to simplify procedures for investors and address existing issues in this field.
According to a press release from the Prime Minister's office, the key points from Prime Minister Al-Sudani's statement are as follows:
Iraq enjoys security, political, and social stability, making it more than ever qualified to be an attractive investment and foreign company destination. Iraq has a real opportunity for success, and there is no alternative to peaceful coexistence and supporting the state and its institutions. The Iraqi experience is unique in the region in terms of local and parliamentary representation, indicating the vitality of the democratic system. The government acknowledges the heavy legacy that started since the 1980s war and caused negative effects in most sectors. Therefore, it has established five priorities in its program to achieve. Iraq cannot rely solely on oil, as the world is moving towards oil alternatives that will be ready after 2028. Countries worldwide are spending billions of dollars on oil alternatives, especially after the war in Ukraine. Oil-dependent countries need to prepare for alternatives. Iraq possesses untapped natural resources and is qualified to be an agricultural and industrial country due to its strategic location. The private sector is our true partner in realizing our vision, shortening timeframes, and finding solutions to problems. We have started investing in the natural gas sector, which costs us $4 billion annually. The TotalEnergies agreement is one of the most important gas investment and oil field development agreements, which will provide half of our gas needs. There are contracts with Chinese and Emirati companies that will supply us with half of our gas imports. We are preparing to announce the sixth gas field round, which is a first for Iraq in terms of natural gas investment. Investment in these projects will provide us with significant financial returns that can be employed in various sectors and help us avoid the climate effects resulting from gas flaring. Iraq is keen on the presence of American companies in the country. The Ministerial Economic Council includes representatives from the private sector who participate with the government in formulating decisions and procedures that facilitate the work of investors in Iraq. (Source: Media Office of the Prime Minister)
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