The Iraqi government is implementing several reforms, including the use of sovereign guarantees, to attract foreign investment and boost trade as part of efforts to rebuild its economy.
“We have unified the tax system in Iraq and are empowering the private sector to play a more significant role in our economy,” said Mohammed Darraji, Senior Advisor to the Iraqi Prime Minister. “Recently, we have begun extending sovereign government guarantees to private sector projects in key industries and infrastructure. A critical step we’ve taken is aligning Iraq’s financial system with global standards to ensure greater transparency and encourage foreign investment.”
Darraji highlighted Iraq’s focus on large-scale development projects, emphasizing the need for foreign investment to modernize and expand ports, airports, highways, petrochemical facilities, and urban developments.
“We have managed to remain stable amid regional challenges and are now focusing on increasing investment and foreign trade,” he noted. “Our infrastructure expansion requires substantial funding, and we are seeking significant foreign investment to support projects that will enhance economic mobility.”
On a related note, UAE-Iraq trade reached $27 billion in 2024, according to Abdullah Al Saleh, Undersecretary at the UAE Ministry of Economy.
“Iraq is a key ally of the UAE, and we are committed to strengthening our partnership,” Al Saleh said. “The potential for increased trade between our nations is immense, and we aim to elevate bilateral trade to even greater levels.”
