- Today 10:03
The Council of Ministers, Muhammad Shiaa Al-Sudani, confirmed today, Friday, during his meeting with the American Chamber of Commerce, that the wrong path in wasting combusted gas will stop within 2-3 years, indicating that the size of the pharmaceutical market in Iraq amounts to approximately 3 billion dollars annually, representing national production only. 10%, and the rest is imported.
The Prime Minister’s Media Office stated in a statement received by Al-Maalouma, that the latter “held a meeting this 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, to inform investors about the work environment in Iraq.” .
Al-Sudani stated, "Iraq is a fertile land for investment in many important sectors. There are natural resources that have not been invested yet, and the time has come to invest them in a way that brings prosperity to the Iraqi people and contributes to strengthening the strategic relationship with the United States."
He added: "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."
Al-Sudani pointed out that "the wrong path in wasting 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."
He continued: "We announced 11 fields and exploration blocks in the governorates of Anbar, Nineveh, and Najaf, which include natural gas that will be invested for the first time in the history of Iraq."
He stressed that "economic reform is a priority, and it cannot be implemented without the presence of an active and capable private sector that is a partner with the government."
He added: “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.” Ended / 25 R.
Al-Sudani stated, "The relationship between Iraq and the United States cannot remain limited to the security aspect."
He pointed out that "the business environment in Iraq requires a great effort to reduce bureaucracy, and we have the decision and will to stop corruption through legal measures, and companies cannot be made vulnerable to blackmail or red tape."
He stressed that "every project and file related to a company will be personally sponsored and followed up by us, and we will work to overcome all obstacles it faces."
He added: "We are working on reforming the tax system and the customs system. 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 for a vote on it."
He stated, "We are working diligently on the draft electronic payment law, and we have come a long way 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."
He pointed out that "the Ministry of Commerce, through the Commercial Attaché in Washington and with the US Trade Representative Office, is working to hold meetings for the third session of the Trade and Investment Framework Agreement, in the first quarter of 2024, and the function of this agreement is to identify the challenges facing trade and investment relations between Iraq and the United States." ".
Al-Sudani called on “all American companies to present the challenges they have facing the process of their presence and work in Iraq, in order to develop solutions for them, and we supported the private sector in the budget law, through the Iraq Fund for Development, which has a capital of 750 million dollars during 2023, and in 2024 we will add an amount.” "Additionally."
He stated, "We are currently making understandings with Arab and international investment funds, specifically with the Saudi Investment Bank, where we have a partnership in this aspect, and the government will provide sovereign guarantees in the budget law to establish industrial and agricultural projects in Iraq."
He continued: "We have understandings with the German Hermes Foundation and the Italian Sochet Foundation, and they are prepared to provide production lines for important laboratories and factories in the industrial sector in exchange for 15% from Iraqi businessmen and 85% provided by the government as a sovereign guarantee."
The statement added, "A delegation of Iraqi businessmen toured Germany and Italy and identified factories, and is currently in the process of reaching understandings to implement these projects that were chosen according to market requirements."
Al-Sudani stressed: “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,” noting, “We offered 6 hospitals and hope that American companies specialized in providing them will be present.” Medical and therapeutic services in operating these hospitals.”
He explained, "The size of the pharmaceutical market in Iraq is approximately $3 billion annually. National production represents only 10%, and the rest is imported. 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."
Al-Sudani concluded by saying: “We are moving strongly towards using modern irrigation techniques to confront water scarcity. There are arable areas and an attractive environment, but they need specialized technologies and companies to develop this sector. We have concluded contracts with Emirati, Chinese and Iraqi companies to establish solar energy stations, and we have concluded a contract with Total to generate 1000 Megawatts of solar energy. Ended/25 SAR
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