Al-Sudani Meets with CEOs and Representatives of Major American Companies in Washington

INA- Baghdad

Media Office of the Prime Minister said in a statement obtained by the Iraqi News Agency INA that Prime Minister Mohammed S. Al-Sudani met with CEOs and representatives of major American companies in Washington D.C. on Wednesday. The meeting, hosted by the U.S. Chamber of Commerce, included a dialogue session and the Prime Minister addressed various inquiries related to Iraq’s investment environment and the facilitations provided by the government to the private sector.
 
The statement read that “During the meeting, Prime Minister Al-Sudani oversaw the signing of several Memorandums of Understanding between the Iraqi Ministries of Electricity and Oil, the Iraq Development Fund, and various American corporations. MOUs were also signed by the Iraqi private sector companies and American companies in the fields of energy and pharmaceutical manufacturing.”
 
The statement further said that “In his address, the Prime Minister highlighted the openness of Iraq's investment sector to attract reputable global companies to participate in the economic boom and infrastructure projects underway in Iraq. He also highlighted the comprehensive financial, banking, and administrative reforms initiated by the government, which has achieved significant progress within the past eighteen months.”

 
The prime minister said “The discussions with the American side concluded with a consensus on the necessity to develop bilateral relations across various sectors, including economic, social, and security, and we have agreed to enhance the relationship, invigorate the private sector, and support the activities of United States companies in Iraq.”
 
PM Al-Sudani asserted that “Despite regional challenges, our country enjoys notable stability, and we are committed to keeping it away from zones of conflict and escalation, in addition to advancing significantly in economic reforms and in executing major projects that address persistent problems, as well as introducing a Bill to Parliament that addresses the challenges facing the private sector.”

“According to the U.S. Treasury, 80% of financial transactions adhere to international standards, and we are working to achieve full compliance, that we have accomplished the implementation of a treasury single account and an integrated banking system, updated tax collection, customs reforms, and correctly redirected subsidies,” he affirmed.
 
Al-Sudani confirmed “Supporting the private sector is a strategy we continue to pursue, providing sovereign guarantees for the first time to back projects, highlighting that the Iraq Development Fund is aimed at involving the private sector, tackling bureaucracy and streamlining the processes for companies.”

 “Reforms have been made in the tax system and other administrative areas related to the registration of company branches, creating an attractive investment environment, assuring that the current trade volume between Iraq and the United States does not exceed $10 billion,” he said.
 
The prime minister affirmed that “We have established a comprehensive vision for the optimal investment of oil and gas. The sixth licensing round, focusing on natural gas fields, is being offered for the first time, as well as planning to achieve self-sufficiency in gas and end gas imports within 3-5 years.”

 
He stated “Integrated projects have been launched in 6-8 fields across provinces, following a model that develops oil, utilizes associated gas, and builds an electric station and petrochemical industry on the same site, confirming that for the first time, Iraq is moving towards creating a fixed platform for receiving liquefied natural gas, presenting an opportunity for American and other international companies.”
 
“We have signed a contract with KBR to conduct a study for the fixed platform, aimed at future gas reception and export,” Al-Sudani said.