London: An international advisor has highlighted that Iraqi Prime Minister Ali al-Zaidi’s recent visit to France and Germany to establish economic partnerships is poised to significantly benefit the Iraqi economy.

According to National Iraqi News Agency, Sadiq al-Rikabi, the Director of Economic Research at the Global Center for Development Studies in London, emphasized that these talks are crucial for increasing Iraq’s revenues, supporting the private sector, and creating job opportunities for the youth. The visit is expected to open up Iraq to European markets, turning it into a stabilizing force in the region and a catalyst for sustainable development.

Al-Rikabi explained that Prime Minister al-Zaidi’s trip comes at a challenging time for Iraq, as the country’s budget revenues have plummeted due to reduced oil export capacity through the Strait of Hormuz, dropping from 3.3 million barrels per day to 2.3 million. This situation demands a strategic approach to grow Iraq’s economy and improve its internati
onal relations. France and Germany, as key members of the European Union, present vital markets for Iraqi oil and offer significant opportunities for collaboration in sectors like energy, transport, construction, and technology.

The advisor further noted that partnerships involving French companies like Total Energy in gas projects will enhance Iraq’s revenue streams and support its electricity sector. As Iraq develops its gas fields, it could become a critical contributor to European gas exports, which would bolster its strategic influence and contribute to regional stability.

Al-Rikabi also pointed out the potential for cultural cooperation to enhance diplomatic and economic relations. He remarked on the importance of building partnerships with the European Union through France and Germany, which could protect Iraq’s economic capabilities and foster joint projects. The visit to Germany, known for its technological innovation, is particularly crucial in attracting investment and improving production capaci
ty, while also connecting Iraq to Asian markets.

In light of the ongoing Strait of Hormuz crisis, al-Rikabi stressed that Iraq must adopt an economic agenda with long-established economic powers like France and Germany. Such partnerships are expected to increase Iraq’s revenues, support its private sector, and open new job opportunities, thereby reinforcing Iraq’s role as a stabilizing regional force and promoting sustainable development.