Iraq entering NY, Singapore agreement, a leap to attract money to the local market

INA - BAGHDAD

The Commissioner of the National Investment Commission, Haider Muhammed Makiya, confirmed on Monday that a high-ranking Egyptian economic delegation in Baghdad represents a real common desire to raise economic and commodity exchange between the two countries, noting that the entry of Iraq with the New York and Singapore agreements, achieving a noticeable leap in attracting money to the Iraqi market.

Makiya received a delegation from the Arab Republic of Egypt headed by the Deputy PM and Minister of Transport and Industry, Kamil Al-Wazir, and his accompanying delegation, in the presence of the Vice-President of the Commission Salar Muhammed, in addition to Secretary and general managers in the commission, the Egyptian ambassador to Baghdad, Ahmed Samir, the second secretary, Muhammed Shehat, and the Foreign Ministry advisor to Labib Al-Khudari, said the Commissioner of the National Investment Commission, Haider Muhammad in a statement - received by the Iraqi News Agency - INA.

Makiya stressed that "A high-ranking Egyptian economic delegation in Baghdad represents a real common desire to raise economic and commodity exchange between the two countries, and an actual translation of the visit of PM Muhammed S. Al-Sudani to the Arab Republic of Egypt recently, which expressed a common desire to come up with effective partnerships between the two countries.  The Commission is concerned with drawing the investment policy of Iraq, by the Investment Law No. (13) of 2006 and its last amendment in the year 2015."

"The Commission seeks to settle many industries in various economic sectors, including projects that support solar energy, food security, and renewable energies; blue and green ammonia; along with projects in different sectors. Entering Iraq with the New York agreement is a recognition of foreign provisions in addition to the mediation agreement before the arbitration Singapore Agreement. It would achieve a noticeable transfer in attracting money to the Iraqi market," he added.

Makiya welcomed the heads and representatives of Egyptian companies of various specialties, calling for "creating a state of economic integration and effective qualification between the two countries", and at the same time, calling on Egyptian companies and investors to attend the Iraq Investment Forum, which is hoped to be held in early October, this year.

In turn, the head of the Egyptian delegation explained that "the type of partnership that we aspire to is an Iraqi-Egyptian investment that is not in the interest of a specific party, but rather represents an integrated and effective model," stressing that "the recovery and stability of the Iraqi economy represents an addition and support for the Egyptian economy and the economies of the region."

He highlighted the experiences of the Egyptian economy in the field of industrial and investment areas, in addition to electricity, cables, wires, qualification of factories, sanitation, ports, and others.

The Egyptian minister expressed "his country's desire to participate and attend the international Development Road project, which represents Iraq and Turkey in which authentic parties are alongside the countries of Qatar and the UAE, as Egypt is the fifth partner who contributes to the establishment of this vital road that draws the future of the region's economies for the next stage."