Prime Minister: Foreign investments in Iraq reached $62 billion

Baghdad - INA

Prime Minister Mohammed Shia al-Sudani confirmed today, Thursday, that foreign investments in Iraq are around $62 billion, indicating that around $100 billion has been allocated over 3 years.

The Prime Minister's Media Office said in a statement received by the Iraqi News Agency (INA): "Prime Minister Mohammed Shia al-Sudani attended, today, Thursday, in Madrid, the Iraqi-Spanish Economic Forum, which was held by the Spanish Chamber of Commerce, in the presence of an elite group of businessmen from both countries."
He added that "al-Sudani participated in the opening session, which included a discussion seminar dedicated to economic relations and bilateral partnerships between Iraq and Spain in all fields, and discussing mechanisms for enhancing the volume of trade exchange between the two countries."

The Prime Minister expressed his appreciation for "the organization of the forum," stressing that "his visit came in response to the invitation of the Spanish Prime Minister, and he was accompanied by a delegation of the Ministers of Foreign Affairs, Interior, Trade, and Transport, the Governor of Wasit, as well as advisors, the Secretary-General of the Ministry of Defense, undersecretaries of a number of ministries, an elite group of businessmen in the private sector, and heads of the Federation of Chambers of Commerce, the Federation of Iraqi Industries, and the Tourism Authority."

Al-Sudani stated in his speech during the forum that "the large Iraqi delegation represents a serious message of interest in close cooperation with Spain, with which we have important positions, especially its noble and humanitarian political position towards the Palestinian cause," noting "the government's desire to benefit from the expertise of Spanish companies and successful experiences in various sectors."

He stressed "moving towards a comprehensive strategic partnership in all sectors, which was confirmed with the Spanish Prime Minister," noting that "our government came two years ago to present a new vision for the advancement of the Iraqi economy." He stressed
that "Iraq produces 4 million barrels of oil per day and is the third-largest producing country within (OPEC Plus), and we have a large reserve of oil and gas, awaiting optimal investment," noting that "we have proceeded with reforming the financial and banking sector, and we apply banking standards in cooperation with international financial institutions."

He stated, "We have begun supporting the Iraqi private sector, and we have supported the establishment of the (Iraq Development Fund), which attracts foreign investments and provides opportunities," noting that "the Iraq Development Fund represents an incubator for all foreign companies to enter the Iraqi market, and cooperates with important funds in the world."

"We have put in place sovereign guarantees to support the private sector in implementing projects," he continued, noting that "there is a specialized committee in a series of cooperation meetings with international financing institutions (German Hermes, Italian Sasha, and Spanish Pista), as well as with Japan and France."

He stressed that "we have provided the relationship between international financial financing institutions and the Iraqi private sector, through the Trade Bank of Iraq, and the priority is for construction industries because we are about to build 1 million housing units," indicating that "we have put the food and pharmaceutical industries among the priorities, and we have about 3 billion dollars annually from pharmaceutical needs."

He pointed out that "Iraq has a safe environment that attracts investment, and foreign investments have reached about 62 billion dollars," noting that "we have proceeded with the development road project, which represents the least expensive corridor between the East and the West, and it establishes economic cities in Iraq."

He stated that "around $100 billion has been allocated over 3 years to implement infrastructure projects, which is a suitable ground for the participation of Spanish companies," stressing "the agreement on a railway project between Basra and Iran with a Spanish company of around $250 million, in addition to the coalition negotiating the (Karbala-Najaf) train, which includes Spanish companies."