Baghdad: Prime Minister Mohammed Shia al-Sudani has issued directives aimed at developing electronic payment systems and promoting digital transactions, marking a significant step towards administrative and financial reforms in Iraq.

According to National Iraqi News Agency, the Prime Minister’s media office released a statement highlighting the government’s commitment to facilitating administrative and banking procedures. This initiative is part of the government’s broader agenda to enhance the business environment and support economic growth, particularly for small and medium-sized enterprises. The directives include a comprehensive plan to simplify company registration processes and promote the use of electronic payments across government departments.

The directives assign key roles to the Baghdad Chamber of Commerce, the Federation of Chambers of Commerce, and the Iraqi Federation of Industries. These bodies are tasked with working alongside relevant authorities to implement business automation and digital transformation projects within a six-month timeframe. The goal is to accelerate company registration procedures and enhance electronic payment systems.

Additionally, the Prime Minister’s directives include streamlining the ratification of company contracts and exploring the establishment of a notary public office within the Baghdad Chamber of Commerce. This initiative aims to facilitate the endorsement of company establishment contracts and ensure smooth registration processes.

A crucial aspect of the directive is the requirement for company owners to open bank accounts in authorized Iraqi banks as a prerequisite for completing registration procedures. This move is designed to integrate digital payment systems into the business environment, with the Central Bank of Iraq playing a pivotal role in coordinating with banks to facilitate account openings and provide financial incentives.

The directives also emphasize the need for a media campaign to raise awareness about the new procedures and advantages of digital transformation. A specialized committee will be formed to oversee the implementation of these measures and produce regular progress reports.