Baghdad: The Ministry of Trade announced today that the Ministerial Council for Economy has approved the establishment of the International Gold City in Baghdad.

According to National Iraqi News Agency, the Ministry’s media office stated that the council accepted a proposal for this project, which aims to localize the gold and jewelry industry within Iraq. This initiative is part of the government program focused on supporting industrial development and creating job opportunities.

The Ministry highlighted that the project will signify a crucial development in national industries. The planned city will feature a comprehensive system with specialized industrial units and advanced training centers for goldsmithing, adhering to international standards. Additionally, it will include modern markets and a stock exchange dedicated to gold and jewelry.

Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, explained that the project is designed to bolster the private sector and increase its role in the national economy. The Gold City will be part of the Integrated Economic City in Baghdad, aiming to establish the capital as a regional hub for the gold industry and trade.

Al-Hashemi further mentioned that the Ministry of Commerce has started collaborating with the National Investment Commission. This partnership is focused on fulfilling the requirements for land allocation and the issuance of investment licenses, which are essential steps towards the project’s realization.