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Iraq is the axis and meeting point of East and West
The first 03/17/2024
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Experts and specialists in financial and economic affairs called for the implementation of a new strategy based on a different, modern economic philosophy pursued by developed countries in the process of diversifying and maximizing state revenues, attracting foreign investments, and achieving development, by restoring Iraq’s historical pioneering role as a hub, fulcrum, and meeting point between East and West, and a vital corridor for trade. Global, experts also called for increasing intra-trade with neighboring countries as it is one of the pillars of the successful Iraqi economic strategy.
The Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, stated in an interview with “Al-Sabah” that “Iraq is the point of communication between the European continent and the Gulf and Asian markets.”
He pointed out that "before the country entered into trade restrictions more than fifty years ago, which included wars, conflicts, and a decline in infrastructure, Iraq was one of the best vital economic areas in the world that charts the international trade corridors that travel through it by land from the heart of Europe to neighboring markets and Asia by sea." Across the Gulf and vice versa.
He explained, "The Iraqi commercial corridors represent an ideal commercial attraction through which transit fees are collected, in addition to marketing technical and logistical services to trucks crossing Iraq's roads and ports."
Saleh added, "Maximizing intra-trade through (transit) trade will undoubtedly achieve continuous financial returns and provide an added business cycle that increases growth opportunities in the gross domestic product, and in linking Iraq to the global trading system as a major economic player in the region and the world."
For his part, political analyst Omar Al-Nasser pointed out, in an interview with Al-Sabah, that “diversification of economic resources is an important philosophy that the countries of the developed world have begun to adopt, and the experience of the European Union is the best evidence of that, especially those that suffer from weak possession of natural resources.”
He stated that “sustainable development and economic prosperity begin from the gate of reducing spending, maximizing revenues, and multiplying sources of income,” and explained that “with a realistic look at the state of development, intra-Arab trade rates are still relatively modest and reach only 13.8%, and they still need more efforts to overcome Unfavorable procedures and effects of customs measures and standards that account for more than 50% of Arab trade exchange, other than the Asian partner, which constitutes 54% of Arab countries’ exports.”
Al-Nasser stressed that "Iraq must have new ways in this field, and think tanks and research must be sought and their role in providing advice and giving a high dose of support must be sought by drawing up model policies that support this joint with regional neighboring countries at the very least, in order to strengthen Investments, creating job opportunities, and raising trade cooperation and international relations to high levels.”
He added, "Iraq's invitation and adoption of a regional conference to stimulate intra-trade and remove the obstacles that stand in the way of this joint will increase its standing among the countries of the region and create a real desire to establish clear-cut economic partnerships that will remove the spark of political differences and transform the Middle East region into a real international center of attraction and a mine for energy production." humanity, economy, and the kiss of the entire world.”
He explained that "Iraq's move to sponsor research, which has a major role in developing different strategies in the field of economic growth and prosperity, will contribute to raising the profile of sustainable development, strengthening international relations, and raising the level of opportunities for cooperation and trade exchange between the countries of the region."
Edited by: Muhammad Al-Ansari
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