Iraq announces investments worth 450 billion USD

Iraqi Prime Minister Mohammed Shia’ al-Sudani, announced the launch of major investment opportunities worth $450 billion, covering more than 160 projects across the sectors of oil and gas, renewable energy, transportation, industry, housing, agriculture, health, tourism, education, as well as telecommunications and information technology. He explained that this initiative comes as part of the government’s efforts to stimulate economic growth and attract both foreign and domestic capital, during the opening of the Iraq Investment Forum in Baghdad.

Al-Sudani revealed that the government is moving toward amending the laws governing joint-stock and holding companies, adding provisions to support small and medium-sized enterprises and investment funds, in addition to boosting the digitalization of government procedures to curb bureaucracy, completing banking reforms, and raising Iraq’s credit rating to reduce interest rates and project insurance costs.

He pointed out that Iraq’s balanced foreign policy has created an ideal environment for investment, affirming that the government is proceeding with increasing the outsourcing of services to the private sector, as in the “Eduba” project for building schools. He added that the Iraq Development Fund was established to enable both local and foreign investors to benefit from the abundant opportunities in the Iraqi market, alongside reforms in the banking system, the expansion of electronic payment systems, and financial sector governance in line with international standards.

Al-Sudani noted that the government has facilitated company registration procedures and amended laws governing public-private partnerships, which helped attract investments exceeding $100 billion over the past two years. He confirmed that successful investment partnerships have been achieved with global companies in the fields of fertilizers, sulfur, phosphates, iron, construction and food industries, in addition to notable progress in the pharmaceutical sector.

The Iraq Investment Forum is being held over two days with the participation of ministries and government institutions, showcasing more than 160 investment opportunities amid growing international interest in Iraq’s economy, which aims to diversify its sources of income beyond oil and strengthen its role in the regional and global economy.