Prime Minister Mohammed S. Al-Sudani participated this week in a financial forum held in London during his official visit to the United Kingdom. The event brought together major British financial institutions, representatives of the Iraqi private sector, and government officials from both nations.
In his remarks, Prime Minister Al-Sudani emphasized the strategic significance of his visit, marking a new phase in Iraq-UK relations. He underscored the importance of implementing the recently signed strategic agreements and memoranda of understanding through actionable and impactful projects.
The Prime Minister presented Iraq as a stable and promising destination for investment and development, highlighting the government’s commitment to empowering the private sector through genuine economic reforms and improved business conditions.
Key Highlights from Prime Minister Al-Sudani’s Address:
- Banking and Financial Reforms
- Restructuring state-owned banks in collaboration with Ernst & Young (EY).
- Central Bank of Iraq‘s partnership with Oliver Wyman to modernize financial operations.
- Enhanced cooperation with the U.S. Treasury to ensure financial transactions through trusted correspondent banks.
- Investment Climate Enhancements
- Sovereign guarantees offered to reduce risks in productive projects.
- The Iraq Development Fund launched to support private sector empowerment.
- Iraq’s investment law recognized as one of the region’s best, allowing profit and capital transfers.
- Iraq is positioned as one of the most attractive investment destinations in the region, with significant international interest in expanding operations.
- Sector-Specific Initiatives
- Strengthening the banking sector to support large-scale investment activities.
- Developing the insurance sector to incorporate digital innovation and improve risk analysis.
- Enhancing local expertise through knowledge transfer in global investment practices.
- Upcoming Investment Opportunities
- Announced the Iraq Investment Forum in April, inviting international companies to explore opportunities.
Prime Minister Al-Sudani concluded by encouraging international companies to visit Iraq, citing its stable environment, abundant opportunities, and the government’s determination to facilitate investments across various sectors.
Full statement from the Iraqi Prime Minister’s Office:
Prime Minister Mohammed S. Al-Sudani participated today, Wednesday, in a financial forum held in London on the sidelines of his official visit to the United Kingdom. The event was attended by major British financial companies, representatives from the Iraqi private sector, and several government officials from both countries.
During the forum, the Prime Minister emphasized the significance of the visit, which marks a new phase in the bilateral relationship between Iraq and the UK. He highlighted the signing of a strategic agreement with the UK, in addition to various agreements and memoranda of understanding between ministries, relevant bodies, and private sector entities. He underscored the importance of translating these agreements into practical, fruitful, and actionable projects.
Prime Minister Al-Sudani discussed Iraq’s stable environment, positioning it as a promising destination for development, investments, and operations across various sectors. He pointed out that genuine reforms have been implemented, with a primary focus on empowering the private sector. He noted that many of the economic reforms were proposed by the private sector to facilitate business operations and create a more conducive investment climate.
Key highlights from Prime Minister Al-Sudani’s remarks during the forum include:
- Financial and banking sector reforms were prioritized.
- Significant steps have been taken to restructure state-owned banks through contracts with Ernst & Young, and the Central Bank of Iraq’s partnership with Oliver Wyman.
- Iraq is cooperating with the U.S. Treasury, ensuring that all financial transactions are now conducted through trusted correspondent banks.
- Sovereign guarantees were offered to the private sector to reduce risks in productive projects within the country.
- The Iraq Development Fund represents a new state vision aimed at supporting and empowering the private sector.
- Iraq’s investment law is among the best in the region, granting investors the freedom to transfer profits and capital.
- Iraq offers the most investment opportunities in the region and has become one of the most attractive destinations for investment over the past two years.
- There is a strong interest from international companies in expanding their investments and launching new projects in Iraq.
- Iraq needs a robust banking sector-both local and foreign-to accommodate investment activities and facilitate financial transactions.
- The insurance sector in Iraq requires development, particularly in fostering innovation, expanding digital insurance, and enhancing risk analysis.
- Efforts are underway to transfer expertise and knowledge to Iraqi personnel and strengthen their capabilities in global investment practices.
- Iraq Investment Forum will be held in April, and companies are encouraged to visit Iraq and explore the abundant investment opportunities.
(Source: PMO)
