Salalah: Prime Minister, Mohammed Shia Al-Sudani affirmed that Iraq and the Sultanate of Oman possess wide-ranging investment opportunities that can enhance economic partnership between businessmen from both countries.

According to National Iraqi News Agency, a statement from Al-Sudani’s media office said that he took part on Thursday in the Iraqi-Omani Business Forum held in the city of Salalah. He praised the organizers of the forum, describing it as a genuine starting point for fruitful cooperation between Baghdad and Muscat.

Al-Sudani noted that the visit witnessed the signing of 24 memoranda of understanding and two agreements covering various fields, forming a clear roadmap for state institutions to implement what has been agreed upon. He pointed out that Iraq offers promising opportunities for Omani companies, while Iraqi businessmen can likewise benefit from Oman’s investment environment.

The Prime Minister stressed that seizing these opportunities, amid the fast-paced global economic competition, requires an active role for the private sector in both countries. He underlined the government’s support for investment through favorable legislation and legal frameworks, as well as measures to address bureaucracy.

Al-Sudani revealed that the government provides sovereign guarantees covering up to 85% of investment project values, in addition to improving the overall investment climate. He emphasized that Iraq still has vast untapped natural resources, most notably sulfur and phosphates, while the country moves forward with economic reforms. He also pointed out that Iraq’s annual imports amount to around $70 billion, highlighting the urgent need to boost domestic production.