Germany: Iraq's economy is showing signs of improvement

Baghdad - INA

Director of the German Agency for International Cooperation (GIZ) offices in Iraq, Christoph Feldkötter, confirmed  today, Thursday, that Iraq is making good progress towards economic stability, stressing the importance of updating tax laws in Iraq.

"Iraq is making good progress towards stability, as economic stability is an essential part of this progress," Feldkötter told the Iraqi News Agency (INA), noting that "economic reforms include developing the private sector."

"There are many new sectors that have emerged in Iraq, such as transportation, the shift to the e-economy, renewable energy, and other fields that did not exist twenty years ago," Feldkötter explained.

He stressed that "this development requires updating tax laws, as it is not possible to apply tax instructions or laws that are twenty or thirty years old."

He pointed out that "the existence of stable institutions is part of stability, which is what the German Agency is working to support through joint cooperation between experts from the Iraqi government and experts from the German government."

Feldkötter expressed the German government's "pride in this achievement, and its happiness with the partnership and mutual trust with the Iraqi government."