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Visiting Washington...a new era of economic diplomacy
Economical 04/22/2024
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The visit of Prime Minister Muhammad Shia al-Sudani to the United States represented an important turning point in the economic relations between Baghdad and Washington, especially after the Iraqi delegation signed dozens of memorandums of understanding and joint agreements that were distributed between health, education, technology, oil and gas, as well as energy, as Iraq signed an agreement with General Electric Company to enhance the capacity of the electrical system and to maintain and rehabilitate 70 turbines. These are agreements and understandings that specialists believe will constitute a developmental breakthrough in various economic fields, as well as being a starting point towards more investment and commercial cooperation that could reflect positively on increasing development rates and eliminating unemployment. And transfer of advanced technology.
The official visit, which witnessed the participation of the private sector, was met with a wide parliamentary welcome, according to the media department, stressing its support for government efforts that seek to achieve the interests, sovereignty and prosperity of the people, while the Finance Committee in the House of Representatives, through the words of its Chairman Atwan Al-Atwani, expressed “its full support for the positive understandings.” Which resulted from the visit to Washington, and within the framework of the shift in the relationship between the two countries from the security and military aspects to the areas of development, reconstruction, economy and investment.”
In the midst of this, financial affairs specialists suggested that the official visit to the United States would result in the easing or cancellation of sanctions imposed on a number of Iraqi banks by the US Federal Reserve, especially after the Treasury’s assurances to the Prime Minister that 80% of transfers are proceeding in accordance with international standards, indicating The results of the discussions will lead to attracting dozens of companies wishing to work in Iraq, based on the Prime Minister’s announcement of the existence of investment opportunities, certified by international organizations, worth $400 billion. According to the Prime Minister’s Media Office, the visit witnessed the signing of dozens of economic memorandums of understanding, which included:
1. Memorandum of understanding between the Ministry of Electricity and General Electric Company (GE) in the field of developing the energy sector. 2. A memorandum of understanding between the Ministry of Oil and Hanwell Company, to conclude a partnership in the field of developing strategic plans for oil fields and associated gas. 3. Memorandum of understanding between the Ministry of Oil and General Electric in the field of developing oil fields and associated gas.4. A memorandum of understanding between the Iraq Fund for Development and the American company MACK for engines and equipment, in the field of manufacturing specialized vehicles.
Representatives of the private sector participating with the official delegation also signed a number of memorandums of understanding with American companies in various fields, including: 1. A memorandum of understanding with Baxter International Company for cooperation in the field of dialysis supplies. 2. Memorandum of understanding with the American company KBR to develop oil fields. 3. Memorandum of understanding with KBR in the field of processing primary gas and converting it into liquid and associated gas. 4. Memorandum of understanding between the National Bank of Iraq (NBI) and the American International Financial Development Corporation. 5. Agreement with Trans Atlantic Petroleum Company in the field of developing and managing oil fields. 6. Memorandum of understanding with the American company Hanwell in the field of developing associated gas fields and stopping its burning. 7. Memorandum of understanding with the American company Hanwell for development, automation, and remote control and control services. 8. Memorandum of understanding with the American company Baker Hughes in the field of using smart solutions. To stop burning gas and develop and maintain oil fields. 9. Memorandum of understanding with Emerson Company in the field of technology and automation in oil fields. 10. Memorandum of understanding with GE in the field of supporting the oil industry. 11. Memorandum of understanding with Ark Energy Company in the field of manufacturing associated gas. 12. Memorandum of understanding with Emerson Company in the field of energy development and equipment provision. 13. Memorandum of understanding with GE in the field of providing equipment for treating associated gas in electric power generation. 14. An agreement with Hanwell Company in the field of developing and maintaining oil fields and stopping gas burning. According to the government vision expressed by the Prime Minister during his meeting with a number of members of the community in the United States, “Iraq today is embarking on the field of reconstruction, development, and completion of infrastructure. This is an image that may not fully reach the outside world, in addition to the economic and social renaissance that the country is witnessing.” Meanwhile, during his meeting with the Baker Institute for Energy Studies and Research, affiliated with Rice University, he referred to “the government’s plans to work on expanding the petrochemical industry through several projects, and to develop a plan to convert 40% of the exported oil into oil derivatives,” stressing “Iraq’s aspiration to increase And develop its oil exports in a way that achieves balance and preserves the interests of producers and consumers.” These government economic visions, according to the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, during his speech to Al-Sabah, represent an effective positive signal that Iraq has begun to enter a new era of international cooperation that will link the country’s comprehensive development strategy to implementation capabilities and technical development with first-world companies. Pointing out that the practical results achieved in the visit through the signing of memorandums of understanding and agreements with major international companies, especially in the fields of technology, energy, renewable energy and other axes of joint cooperation, constitute an advanced strategic economic era that Iraq will enter in dealing with another climate of international economic relations.
Saleh explained, “The economic isolation that Iraq has experienced since the 1980s should be brought to light, which means that our country and the economic opportunities available in it will be covered positively by the international investment climate indicated by the new page of the Strategic Framework Agreement signed between Iraq and the United States since The year 2008.
The government advisor pointed out that “the partnership between Iraq and the United States has witnessed a development and a transition from focusing on military cooperation to activating chapters of the agreement that directly affect economic aspects, and are related to the openness and development of sectors of the national economy related to sustainable development,” stressing that “those transformations will establish a new generation.” From economic diplomacy, Iraq’s interests and progress are taken as a first priority in relations with brotherly and friendly nations, so that Iraq becomes an oasis of stability, progress, and positive interaction with the aspects of the global economy.”
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