Economy News – Baghdad
On Sunday, Prime Minister Mohamed Shi’a Al-Sudani emphasized the government’s significant strides in various economic reforms and the transformation of trade and banking sectors. He noted that these economic reforms have effectively increased the level of foreign investments in Iraq.
The Prime Minister’s office released a statement indicating that Al-Sudani met with Steve Lots, the head of the Iraqi-American Business Council and Vice-President of the American Chamber of Commerce. The meeting provided an opportunity to review trade and cooperation ties between Iraq and the United States, as well as to prepare for a forthcoming gathering of American company representatives in Iraq later this year. The discussion also covered the progress made on 18 agreements and a memorandum of understanding initiated during Al-Sudani’s visit to the United States last year.
Al-Sudani praised Lots for his role in fostering forums and meetings, particularly with the Iraqi private sector. He highlighted the government’s substantial progress in economic reform and the transformation of both commercial and banking sectors. Part of this reform effort includes advancements in legislating intellectual property laws and incorporating this concept into educational curricula, aiming to align with global trade developments.
The Prime Minister asserted that these economic reforms have successfully elevated foreign investment levels in Iraq and invited American companies to engage in the country’s developmental renaissance, pointing to an attractive and welcoming investment environment.
In response, Lots commended the Iraqi government’s dedication to reforms, expressing that there is significant interest among American companies in entering the Iraqi market. He noted the potential for forming promising partnerships with the Iraqi private sector, contributing to development and expanding the scope of trade and investment activities.
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