Advisor to the Prime Minister: Iraq is moving to strengthen partnership with foreign companies

INA-  Baghdad


The representative of the Prime Minister, technical adviser and head of the sovereign loan initiative, Mohammed Sahib Al-Daraji, said on Thursday that the private sector is a key pillar in the government's new economic plan, pointing to the government's efforts to reduce the transfer of foreign currency and support national projects.

  Al-Daraji conveyed, in a speech during the first Iraq Economic Forum, and attended by the reporter of the Iraqi News Agency (INA): "The greetings of Prime Minister Muhammad Shia Al-Sudani and his support for this conference," explaining that "the Iraqi government has begun real steps to support the Iraqi economy, as it changed the philosophy of the economy, which suffered from the lack of clarity of the economic vision for more than twenty years."

"The government pays special support to the investment and business sectors, as it seeks to separate direct investment and provide a suitable environment for the private sector to participate in projects, and encourages the government to partner with foreign companies to show developments in the customs and tax system, such as unifying tax and customs tariffs across regions, and exempting foreign companies from some special taxes," he said. 

 He pointed out that "Iraq has embarked on guaranteeing the private sector in front of international financial institutions through the sovereign guarantees initiative, and has moved towards establishing an international market for carbon bonds to support project financing." 

 He pointed to "the three priorities of the Iraqi economy: the localization of industries, integration with international financial institutions, and the development of competencies for the public and private sectors," adding that "the Iraqi market is open to international companies, especially in the construction and clean energy sectors, and that there is a trend to support the private sector through new legislation such as intellectual property protection laws and partnership between the public and private sectors."

"The government supports an economy based on partnership with the private sector, with a focus on reducing the transfer of hard currency abroad. 

 He expressed his "hope that these conferences will result in outputs that support the directions of the current government, which is the most listening to the private sector and the most involved in decisions," pointing to "the presence of representatives from the private sector in the Board of Directors of the Development Fund and within the official delegations of the Prime Minister as a message to support businessmen."