Economic Developments – Baghdad
Haider Muhammad Makiya, the head of the National Investment Authority, reaffirmed on Tuesday that the establishment of economic cities is set to play a significant role in generating job opportunities and advancing industries that support energy production.
The Investment Authority issued a statement indicating that Makiya led a preparatory meeting focused on the specialized economic cities initiative designed for energy services. This meeting included key attendees, such as the Director General of the one-window department, investor services, and the director general of the Economic Department, along with the Authority’s advisor for economic affairs and representatives from the Ministry of Oil.
Makiya stated that the discussions during the meeting, which featured Vice-Chairman Salar Amin, centered on the urgent need for such economic cities, drawing on examples from several countries globally and within the region. The meeting addressed both challenges and opportunities linked to this initiative, such as investment incentives, supporting legislation, and the overarching development goals necessary for establishing energy service cities.
According to Makiya, these cities are expected to play a crucial role in bolstering the oil, gas, and sustainable energy industries. He emphasized that the initiative positions Iraq as an attractive hub for both global and local companies within the energy services sector. This will be facilitated by the development of a comprehensive infrastructure that includes specialized industrial and economic zones alongside advanced research centers.
He further noted that the establishment of these cities will not only create new job opportunities but also foster the growth of energy-supporting industries without relying on foreign imports. The aim is to localize technology, thereby making these cities pivotal in attracting both foreign and local investment. These cities represent a practical embodiment of the developmental strategy aimed at strengthening the private sector’s role in economic diversification and building robust partnerships.
The Economic Cities Initiative aligns with the national strategy to diversify the economy and enhance foreign investment in the energy sector. It seeks to establish integrated economic cities that provide an improved investment environment for companies engaged in oil, gas, sustainable energy, and the transmission of contemporary knowledge and technology.
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