Al-Sudani Meets American Chamber of Commerce in New York

INA-  Baghdad


Media Office of the Prime Minister stated in a statement received by the Iraqi News Agency INA that “Prime Minister Mohammed S. Al-Sudani met with the American Chamber of Commerce, alongside prominent businessmen, investors, and representatives from major U.S. companies.”
 
The statement said that “PM Al-Sudani expressed his gratitude to Mr. Steve Lutes, Vice President of Middle East Affairs at the U.S. Chamber of Commerce, for organizing this meeting to update investors on Iraq's business environment.”
 
The statement added that “Prime Minister Al-Sudani emphasized Iraq's potential for investment across vital sectors, highlighting untapped natural resources that should be utilized to benefit the Iraqi people and enhance the strategic relationship with the United States.”

The Prime Minister confirmed during the meeting that “Our government directs revenue towards diversifying crucial economic sectors beyond oil, recognizing the need to reduce dependence on oil for budget stability and meeting financial obligations, a departure from past practices, affirming that “ The wasteful practice of discarding associated gas will cease in 2-3 years, with the anticipated completion of gas projects initiated in collaboration with Total, Emirati, and Chinese companies during the fifth licensing round.”
 
 Al-Sudani pointed out that “We have unveiled 11 fields and exploration blocks in Anbar, Nineveh, and Najaf governorates, housing natural gas resources that will see their first-ever investment in Iraq's history, stressing that “Economic reform stands as a top priority, contingent on a vibrant and capable private sector collaborating closely with the government.”

He said that “Our emphasis lies in creating a conducive business environment for foreign enterprises, with a specific focus on American companies due to their unique capabilities. This aligns with the vision for the partnership between Iraq and the United States, pointing out that “The relationship between Iraq and the United States cannot remain limited to the security aspect.”
 
Al-Sudani affirmed that “Improving Iraq's business environment is imperative, with a strong commitment to reducing bureaucracy and combatting corruption through legal means. Companies should not be subjected to extortion or excessive red tape, stressing that “We will personally oversee and champion every project and file associated with companies, resolving all obstacles in the process.”

The prime minister confirmed that “We are actively reforming both the tax and customs systems, with ongoing preparations for an economic reform bill aimed at addressing gaps in multiple laws, stressing that “We have drafted a bill to regulate e-commerce, with a firm commitment to protecting intellectual property. A bill has been approved and submitted to the Council of Representatives for endorsement.”
 
PM Al-Sudani pointed out that “We are making substantial progress on the electronic payment bill, and our financial and banking reform efforts have advanced significantly, bolstered by our collaboration with the Federal Reserve and the US Treasury, affirming that “Today, our trade practices adhere to clear and transparent standards in money transfers that align with global norms.”

Al-Sudani detailed “The Ministry of Trade, in collaboration with the Commercial Attaché in Washington and the US Trade Representative Office, is actively coordinating for the third session of the Trade and Investment Framework Agreement, scheduled for the first quarter of 2024, clarifying that “The objective of this agreement is to identify and address the challenges that affect trade and investment relations between Iraq and the United States.”
 
He affirmed that “We encourage all American companies operating in Iraq to communicate the challenges they encounter to help find effective solutions, stressing that “ In the federal budget law, we have bolstered support for the private sector through the Iraq Fund for Development, which boasts a capital of $750 million in 2023, with plans to increase this amount further in 2024.

Al-Sudani said that “We have established agreements with German and Italian institutions, who are prepared to supply production lines to vital laboratories and factories in Iraq's industrial sector. This arrangement involves 15% contribution from Iraqi businessmen, with the government providing the remaining 85% as a sovereign guarantee, explaining that “ An Iraqi business delegation conducted a visit to Germany and Italy, identifying suitable factories. Currently, negotiations are underway to finalize agreements for the implementation of these projects, selected based on market demands.”

He affirmed that “We are committed to achieving a significant transformation in healthcare services. We've introduced a health insurance law and are presenting a new approach that represents a transitional phase, collaborating with specialized companies to implement this law and enhance healthcare delivery, detailing that “We have proposed six hospital projects and look forward to the participation of specialized American companies in the operation of these hospitals, providing medical and healthcare services.”
 
He added that “The pharmaceutical market in Iraq is valued at approximately $3 billion annually, but national production accounts for only 10% of this total, with the majority being imported, assuring that “The Council of Ministers has issued a set of measures to bolster pharmaceutical producers, resulting in over 245 requests for the establishment of pharmaceutical production lines.”

He added that “The pharmaceutical market in Iraq is valued at approximately $3 billion annually, but national production accounts for only 10% of this total, with the majority being imported, assuring that “The Council of Ministers has issued a set of measures to bolster pharmaceutical producers, resulting in over 245 requests for the establishment of pharmaceutical production lines.”
 
PM Al-Sudani said that “To combat water scarcity, we are vigorously adopting modern irrigation methods. There are fertile lands and a conducive environment, but they require advanced technologies and specialized companies to optimize this sector's potential, detailing that “ We have successfully entered into contracts with Emirati, Chinese, and Iraqi companies to establish solar energy stations. Additionally, we've signed an agreement with Total to generate 1,000 megawatts of solar energy.”