Baghdad: Prime Minister’s Advisor Mazhar Muhammad Salih affirmed on Saturday that the 48 agreements with Washington represent a step towards enhancing economic openness, noting that the memoranda of understanding with the United States reflect Iraq’s commitment to attracting foreign investment.
According to Iraqi News Agency, Salih stated that the signing of these agreements, memoranda of understanding, and a declaration of partnership between Iraq and the United States marks a significant move towards economic openness and strengthening investment ties. However, he emphasized that the true impact of these agreements will depend on their transformation from mere documents into practical, implementable projects.
Salih elaborated that, from an economic perspective, these memoranda signal Iraq’s intention to broaden its international cooperation and attract foreign capital. This development sends a positive message to investors and global markets that Iraq’s investment environment is progressing towards greater stability and openness.
He further explained that the entry of international companies into the Iraqi market will facilitate the transfer of technology and administrative expertise, enhance productive sectors, create job opportunities, and support efforts to diversify the economy. This diversification aims to reduce reliance on oil revenues through investments in energy, industry, infrastructure, communications, and services sectors. Salih noted that these memoranda indicate growing international confidence in Iraq’s economic potential. However, solidifying this confidence requires genuine reforms in the investment environment, such as simplifying administrative procedures, enhancing transparency, guaranteeing investor protection, and providing legislative and security stability.
Salih highlighted that foreign investors consider not only the size of signed agreements but also the state’s ability to fulfill commitments and provide a stable business environment. The success of these memoranda will depend on how swiftly they transition to the implementation phase and the removal of obstacles that have historically hindered investment projects in Iraq.
He added that the declaration of partnership between the public and private sectors represents a modern economic approach aimed at leveraging capabilities from both parties in development projects. While the public sector provides land, infrastructure, and a legal framework, the private sector contributes managerial expertise, financing capacity, innovation, and modern technology use. Through this model, joint projects can be executed in areas like energy, transportation, housing, and services, following public-private partnership models. This approach reduces the financial burden on the state while increasing project management efficiency and accelerating completion.
Salih pointed out that these partnerships are expected to open new avenues for economic and financial cooperation, whether through direct investment, joint financing, investment fund establishment, or infrastructure project financing. They also aim to strengthen cooperation between banks and financial institutions to provide credit facilities and investment guarantees. In the medium and long term, these partnerships can raise the private sector’s contribution to the gross domestic product, stimulate economic growth, increase non-oil revenues, and enhance the competitiveness of the Iraqi economy.
He concluded by stating that achieving these results requires ongoing economic reforms, the development of legal frameworks regulating partnerships, and ensuring transparency and governance in project implementation. This will help transform agreements and memoranda of understanding into tangible economic achievements that positively impact development and economic stability in Iraq.