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Prime Minister Muhammad Shiaa Al-Sudani held a meeting with members of the American Chamber of Commerce, in the presence of a number of businessmen, investors, and representatives of major American companies.
The Prime Minister’s media office stated in a statement, “The Prime Minister held a meeting yesterday evening, Thursday (Baghdad time), with members of the American Chamber of Commerce, in the presence of a number of businessmen, investors, and representatives of major American companies,” noting that “Al-Sudani appreciated the efforts of the Vice President of the Chamber of Commerce.” American Steve Lutz arranged this meeting to inform investors about the work environment in Iraq.
The statement added that the Prime Minister stated that “Iraq is a fertile land for investment in many important sectors, and there are natural resources that have not been invested yet, and the time has come to invest them in a way that achieves prosperity for the Iraqi people and contributes to strengthening the strategic relationship with the United States.”
The Prime Minister said, according to the statement, in his speech during the meeting: “Our government invests revenues correctly to activate important economic sectors other than oil, as it is not possible to continue to rely on oil to strengthen the budget and cover obligations, as was the case throughout the previous stage,” stressing that “it is the wrong path.” The waste of burned gas will stop within 2-3 years, after the completion of the gas projects that began with Total and the Emirati and Chinese companies in the fifth round. Al-
Sudani added: “We announced 11 fields and exploration blocks in the governorates of: Anbar, Nineveh, and Najaf, and they include natural gas that will be invested for the first time.” In the history of Iraq,” he pointed out that “economic reform is a priority, and it cannot be implemented without the presence of an effective and capable private sector that is a partner with the government.”
He continued: “We focused on providing a favorable business environment for foreign companies in general, and American companies in particular, by virtue of the capabilities they possess, and also within the path of the vision for the partnership between Iraq and the United States,” indicating that “the relationship between Iraq and the United States cannot remain limited to "Security aspect."
He explained, “The business environment in Iraq requires a great effort to reduce bureaucracy, and we have the decision and will to stop corruption through legal procedures, and companies cannot be made vulnerable to blackmail or red tape,” adding: “Every project and file related to a company will have our personal care and follow-up.” We will work to overcome all obstacles you face.”
Al-Sudani pointed out that “we are working on reforming the tax system and the customs system, and we are currently preparing a draft economic reform law that addresses gaps in several laws. We have a draft system for regulating e-commerce. The government is also committed to protecting intellectual property, and we have adopted a draft law that was sent to the House of Representatives to vote on.” ".
He pointed out: “We are working diligently on the draft electronic payment law, and we have made great strides in financial and banking reform, through our relationship with the Federal Reserve and the US Treasury, and today we have clear and transparent trade that is subject to global compliance standards in financial transfers,” noting that “the Ministry of Commerce, through... The Commercial Mission in Washington and the US Trade Representative Office are working to hold meetings for the third session of the Trade and Investment Framework Agreement in the first quarter of 2024.
He stated that "the function of this agreement is to identify the challenges facing trade and investment relations between Iraq and the United States, and we call on all American companies to present the challenges they have facing the process of their presence and work in Iraq, to develop solutions for them."
The Prime Minister stressed: “We supported the private sector in the budget law, through the Iraq Fund for Development, whose capital reaches $750 million during 2023, and in 2024 we will add an additional amount, and we are currently making understandings with Arab and international investment funds, specifically with the Saudi Investment Bank, We have a partnership in this aspect.”
He stated that "the government will provide sovereign guarantees in the budget law to establish industrial and agricultural projects in Iraq," pointing out: "We have understandings with the German Hermes Foundation and the Italian Sochet Foundation, and they are prepared to provide production lines to important laboratories and factories in the industrial sector in exchange for 15% of Iraqi businessmen." 85% is provided by the government as a sovereign guarantee.”
He stated: “A delegation of Iraqi businessmen conducted a tour in Germany and Italy and identified factories, and are currently in the process of understandings to implement these projects that were chosen according to market requirements. We want to achieve a real shift in health services, and we have a health insurance law, and we have a new philosophy that represents a transitional stage for implementing This law, through joint operation with companies specialized in providing health services.”
He explained: "We offered 6 hospitals and we hope that there will be American companies specialized in providing medical and therapeutic services in operating these hospitals," stressing that "the size of the pharmaceutical market in Iraq is approximately 3 billion dollars annually, and national production represents only 10%, and the rest is imported."
He pointed out that “the Council of Ministers issued a package of decisions to support pharmaceutical producers, and today there are more than 245 requests to establish production lines for the pharmaceutical industry,” indicating: “We are moving strongly towards using modern irrigation techniques to confront water scarcity, and there are areas suitable for agriculture and an attractive environment, but they need Specialized technologies and companies develop this sector.”
Al-Sudani added: “We have concluded contracts with Emirati, Chinese and Iraqi companies to establish solar power stations, and we have concluded a contract with Total to generate 1,000 megawatts of solar energy.”
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