London: Prime Minister Mohammed Shia Al-Sudani emphasized Iraq’s openness to a range of investment and development activities, identifying Britain as a strategic partner during a meeting in London. The meeting included representatives from 24 major British companies across various sectors, as well as several businessmen and British government officials. This engagement occurred on the sidelines of Al-Sudani’s official visit to the UK capital.
According to National Iraqi News Agency, Al-Sudani highlighted the attractive investment environment in Iraq, noting that the meetings and agreements established with the British need to be translated into concrete actions, with companies playing a pivotal role. He detailed the real reforms undertaken in Iraq, including support facilities and procedures for the private sector, reforms in tax and customs, company registration, and investment opportunity approvals.
Al-Sudani further explained that, for the first time, Iraq is providing sovereign guarantees to the private sector for project implementation. A significant step was taken with the signing involving the UK Export Finance (UKEF), aiming to create a national industrial base where British companies can collaborate with the Iraqi private sector to generate real opportunities.
The Prime Minister also highlighted efforts to reform the banking and financial sectors, emphasizing that financial transactions are conducted through a direct transfer system with international intermediary banks, subject to audits by specialized firms. He noted Iraq’s three-year budget allocation (2023-2025), with $100 billion designated for investment in ministries and governorates.
Al-Sudani emphasized Iraq’s partnership with Britain, citing $1.5 billion in real projects during 2024 across public and private sectors. He called for British companies to aid in Iraq’s rebuilding efforts, referencing the substantial Arab and foreign investments amounting to $63 billion over two years. He also mentioned a significant project with Vodafone, with the company’s delegation receiving insights into Iraq’s current landscape.
Ongoing efforts include the strategic development road project and the Faw Port, dubbed the newest and largest economic city in the Middle East. Al-Sudani noted existing gas projects and opportunities in the petrochemical industry, alongside a government-funded fixed platform project for gas imports and a liquefied gas export platforms initiative.
He highlighted opportunities in new residential cities, with investment licenses issued for one million new housing units, and underscored the demand for factories in the construction materials sector, given that 30% of imports cater to construction and building materials due to urban development.