Prime Minister Mohammed S. Al-Sudani attended a financial forum in London during his official visit to the UK, signaling a strengthened partnership between Iraq and the United Kingdom. The forum brought together leading British financial institutions, Iraqi private sector representatives, and government officials from both nations.
In his address, Al-Sudani highlighted the strategic importance of his visit, emphasizing the implementation of recent strategic agreements and memoranda of understanding through impactful projects. He positioned Iraq as a stable and attractive destination for investment, underpinned by significant economic reforms designed to empower the private sector and enhance the business environment.
Key Highlights from the Prime Minister’s Speech
1. Banking and Financial Sector Reforms
- State Bank Restructuring: Collaborating with Ernst & Young to modernize state-owned banks.
- Central Bank Partnership: Working with Oliver Wyman to enhance financial operations.
- Trusted Transactions: Strengthened cooperation with the U.S. Treasury to facilitate secure financial transactions.
2. Investment Climate Improvements
- Risk Reduction: Sovereign guarantees introduced to support productive projects.
- Private Sector Support: Launch of the Iraq Development Fund to drive economic growth.
- Investor-Friendly Laws: Iraq’s investment law, among the best in the region, ensures profit and capital transfer flexibility.
- Regional Leadership: Iraq is now a prime destination for investment, with growing international interest.
3. Sector-Specific Developments
- Banking for Growth: Bolstering the banking sector to support large-scale investments.
- Insurance Innovation: Developing the insurance sector with a focus on digital transformation and improved risk analysis.
- Knowledge Transfer: Enhancing local expertise through global investment practices.
4. Upcoming Opportunities
- Iraq Investment Forum: Scheduled for April, offering international companies a platform to explore investment prospects in Iraq.
Al-Sudani concluded by inviting global companies to engage in Iraq’s economic opportunities, citing the government’s commitment to facilitating investments across various sectors while fostering a stable environment for development.
The Prime Minister’s visit underscores Iraq’s commitment to reform and collaboration, positioning it as a key player in regional and global investment landscapes.
