PM's Advisor: The Government measures place Iraq at the Forefront of Foreign Investment

 

Baghdad-INA

Prime Minister's Financial Advisor, Mazhar Mohammed Saleh, revealed on Tuesday, that the governmental measures that have positioned Iraq at the forefront of countries in foreign investment. He also noted that The Development Road and the Faw Port have enhanced the government's vision in encouraging foreign investments.
 
Saleh told the Iraqi News Agency (INA): "The Iraqi economy is characterized by two fundamental advantages that help grant it priority in foreign investment. The first is the cash flows in foreign currency reflected by the current account of the balance of payments as a percentage of GDP, estimated by international and national economic centers at a surplus of about (+ 7%), and Iraq ranks second in OPEC oil production and fifth globally in that production."

 He added: "The second advantage is the wide array of available investment opportunities provided by activities in transportation, digital communications, housing, and reconstruction, culminating in the encouragement of partnerships between the state and the private sector in various industrial and technological fields. The latest of which was adopting facilitative instructions by the Cabinet in its recent meeting that encourage existing partnerships between the state and the private sector based on the principle of mutual benefit, serving as an attractive signal for foreign direct investment."
 
He continued, "The Investment Law frames the provision of an attractive investment environment for investors, especially the economic surplus trends of regional countries, directing profitable investments in Iraq in industrial, agricultural, and other sectors, giving a positive signal to international investment in general to attract towards Iraq and to explore promising opportunities therein."
 
He affirmed that "the Development Road project, as a developmental strategy based on the concept of leading development projects, has been the central invitation for international companies to participate, starting from the Faw Port and ending at the Turkish border for economic linkage with Europe, meaning that the state's economic vision focuses on encouraging direct foreign investments in development activities in Iraq, which has abundant natural resources underground."
He explained that "Iraq ranks ninth globally in natural resources underground, and first in reserves per square kilometer of investable natural resources such as (phosphate, sulfur, and other important reserves).
It’s worth mentioning that in a survey conducted by FDI Intelligence, specializing in foreign direct investment affairs, Iraq has ranked fourth among ten countries in the latest classification, and this classification was evaluated based on several criteria, including GDP growth, inflation rate, growth in capital expenditure in foreign direct investment, and growth rate in foreign direct investment projects."
 
The survey indicated that "the GDP growth rate for Iraq reached 2.9%, while the inflation rate reached 3.6%, and the growth rate in capital expenditure in foreign direct investment witnessed an increase of 371%, and the growth rate in foreign direct investment projects reached 95%", stating that "these figures reflect the significant improvement in the investment climate in Iraq and the efforts exerted to enhance the economic sector and attract more foreign direct investments."