Al-Sudani Receives Delegation from the U.S.-Iraq Business Council

Baghdad-INA
Prime Minister Mohammed S. Al-Sudani, received Today, a delegation from the U.S.-Iraq Business Council headed by the Vice President of Middle East Affairs, U.S. Chamber of Commerce, Steve Lutes. 

The media office of the Prime Minister stated in a statement received by the Iraqi News Agency (INA),"During the meeting, the Prime Minister emphasized Iraq's potential as an appealing environment for the private sector and foreign companies. He highlighted the government's efforts to simplify procedures for investors and address challenges in this area. "

Here are the key points from the Prime Minister's remarks: 

Iraq’s security, political, and social stability, making it highly favorable for investment and foreign companies. 

The prospects for success in Iraq are tangible and peaceful coexistence and support for the state and its institutions are indispensable. 

The Iraqi experience in local and parliamentary electoral representation is unparalleled in the region, exemplifying the vitality of the democratic system.  Acknowledging the significant challenges inherited from past conflicts, the government has identified five key priorities in its program and is actively pursuing their realization. 

Recognizing the global shift towards oil alternatives, Iraq cannot afford to rely solely on oil revenues, particularly as alternative sources will become increasingly available by 2028. 

With nations worldwide investing substantial resources in oil alternatives, particularly following the Ukraine conflict, oil-dependent countries must proactively prepare for alternative energy solutions. 

Iraq possesses untapped natural resources and holds the potential to become an agricultural and industrial powerhouse, thanks to its strategic location. 

The private sector is our invaluable ally in realizing our vision, facilitating faster progress, and finding effective solutions to challenges. 

We have taken strides in harnessing associated gas, which currently incurs an annual cost of $4 billion. 
The Total agreement stands as a pivotal gas investment deal, enabling the development of oil fields that will meet half of our gas demands. 

Contracts with Chinese and Emirati companies are set to secure half of our gas imports, ensuring a reliable supply. 

We are preparing to announce Iraq's sixth licensing round of gas field investments, marking a significant milestone in our natural gas industry.  These investments promise significant financial returns, which will be utilized across various sectors while mitigating the climate impacts associated with gas flaring.  Iraq highly values the presence and participation of American companies within its borders. 

The Ministerial Council for the Economy includes private sector representatives who collaborate with the government in shaping decisions and streamlining procedures, ultimately fostering a conducive environment for investors in Iraq