Baghdad: The British Ambassador to Iraq, Stephen Hitchen, confirmed that British companies are very willing to invest in the Iraqi market.

According to National Iraqi News Agency, Hitchen stated that diversifying the Iraqi economy and sources of national income has become necessary to face the challenges of the decline in global oil and gas prices, and to strengthen the revenue cycle that Iraq relies on within the year 2040.

He added that during the recent visit of Prime Minister Mohammed Shia al-Sudani to London, agreements were signed for major projects worth 12 billion pounds, which do not include investments by BP. This is a major advance in the readiness and willingness of British companies to work in Iraq, and the Gulf countries are also well prepared to invest in Iraq. One of the agreements signed by the governments of Iraq and Britain relates to a British energy technology company linking the Iraqi national grid with the Saudi electricity grid.

He explained that BP, a private company not affiliated with the government, has decided to invest again and expand its operations in Iraq. This is evidence that British companies in general are more willing to invest in the Iraqi market, which reflects investors’ confidence in the future of the country.