By John Lee.
Prime Minister Mohammed Shia Al-Sudani on Saturday inaugurated the Iraq Investment Forum (IIF) in Baghdad, unveiling investment opportunities worth $450 billion [IQD 587 trillion] across more than 160 projects in various sectors.
In his speech, Al-Sudani welcomed participants, praising the National Investment Commission (NIC), the Iraqi Economic Council (IEC), and supporting bodies. He emphasised the government’s direction towards amending company laws to support small and medium enterprises, advancing digitalisation to reduce bureaucracy, completing banking reforms, and raising Iraq’s credit rating to lower borrowing costs and insurance premiums.
Key points highlighted by the Prime Minister included:
Balanced foreign policy and improved security creating a stable investment environment.
Plans to expand private sector service provision, as demonstrated by the Idoba school construction project.
Banking reforms to align with international standards and expansion of electronic payment systems.
Establishment of the Iraq Development Fund to attract local, regional, and international investors.
Preparation for a dedicated conference on the “Development Road” project, described as the largest in the region.
Successful partnerships with international firms in fertilisers, sulphur, phosphates, steel, construction, food, and pharmaceuticals.
Ongoing housing initiatives, including more than one million units across 60 new cities nationwide.
The launch of the “Riyada” initiative, engaging over 500,000 young people, training 92,000, generating 12,000 new projects and 20,000 jobs.
54 Iraqi factories now exporting to regional and global markets.
Al-Sudani also announced plans to establish a permanent council of Arab and foreign investors, linked to the Prime Minister’s Office, to provide advice and data supporting investment growth in Iraq.
Full statement from the Prime Minister’s Office:
Prime Minister Mohammed S. Al-Sudani today, Saturday, attended the Iraq Investment Forum, held over two days in the capital Baghdad, which showcases more than 160 promising investment opportunities across multiple sectors.
In his speech, the Prime Minister welcomed the participants and their presence in Baghdad at a time when Iraq is witnessing development and construction. He announced investment opportunities valued at $450 billion across different sectors, expressing his gratitude to the organizers of the forum, led by the National Investment Commission, the Iraqi Economic Council, and all supporting and participating entities.
The Prime Minister affirmed the government’s direction toward amending the Joint-Stock Companies Law and the Holding Companies Law, adding provisions to support small and medium-sized enterprises and private funds. He also stressed accelerating the digitization of government procedures to reduce bureaucracy, completing banking reforms, and raising Iraq’s credit rating to lower interest rates and insurance costs for projects established in the country.
Key highlights of the Prime Minister’s speech:
The government’s balanced foreign policies, prioritizing Iraq’s interests, have created an ideal environment for investment.
We are moving to increase service procurement from the private sector, as demonstrated in the Eduba school construction project.
We have reformed the banking system to meet international standards.
Iraq has recorded higher indicators of integration into the global economy, with the expansion of electronic payment systems and financial sector governance.
The establishment of the Iraq Development Fund has enabled local, Arab, and foreign private sectors to invest in the abundance of opportunities in the Iraqi market.
Efforts to consolidate security and stability have laid the groundwork for a promising and secure investment climate that reassures partners.
A dedicated conference will be held to present investment opportunities within the Development Road Project, the largest of its kind in the region.
We have facilitated company registration for market entry and amended legal frameworks for partnerships between foreign and national private sectors.
Total investments have surpassed $100 billion, confirming the soundness of our decisions to diversify Iraq’s investment environment.
We launched the “Riyada” initiative, engaging over 500,000 young men and women, training 92,000 of them, which has resulted in 12,000 new projects funded through loans and 20,000 job opportunities.
We are committed to expanding job opportunities beyond government employment, integrating them across all sectors.
We activated the Industrial Coordination Council, with private sector participation, to implement strategic projects and invest in key sectors.
Partnerships with international companies have advanced investment in fertilizers, sulfur, phosphate, steel, construction, and food industries.
Iraq has achieved unprecedented success in pharmaceutical manufacturing, marking a historic milestone in the country’s industrial development.
Today, 54 Iraqi factories have already begun exporting their products to regional and global markets.
The government has launched the largest housing projects in the region, attracting both direct and indirect investments and creating hundreds of thousands of jobs.
We are advancing more than one million housing units across seven cities already awarded and three others under award, out of a total of 60 new housing cities planned across Iraq.
We plan to establish a permanent council of Arab and foreign investors to provide advice and information supporting investment development in Iraq, directly linked to the Prime Minister’s Office.
(Source: Prime Minister’s Office)
