Baghdad:Iraq is reportedly undergoing a significant positive shift in its economic trajectory, as stated by Khaled Hanafy, Secretary-General of the Union of Arab Chambers. He highlighted the facilities provided to attract investors as a key indicator of this transformation. Hanafy emphasized that the Iraqi economy is moving in the right direction, underscoring the importance of the “Development Road” project as a strategic step to align with rapid changes in global trade.

According to Iraqi News Agency, Hanafy, during his appearance on the Al-Iraqiya News channel’s program “Dinar,” asserted that Iraq possesses the necessary human and intellectual capital to achieve an economic and industrial renaissance. He stressed the importance of establishing modern industrial cities to accommodate Iraqi talent and attract international companies, contributing to economic diversification and job creation.

The Iraqi government’s interest in developing the private sector was also noted by Hanafy, who described governmental support as essential for enhancing economic activity and achieving sustainable development. He advocated for clear and concise economic legislation to reduce ambiguity and provide a stable environment for investors.

Hanafy further elaborated that Iraq’s “Development Road” project is a critical strategic initiative aimed at adapting to shifts in global trade. This project is seen as vital in response to geopolitical changes that are prompting nations and major corporations to seek more efficient, secure, and stable supply chains.