Baghdad - INA
Prime Minister's Advisor Mazhar Muhammad Salih affirmed on Saturday that the 48 agreements with Washington represent a step towards enhancing economic openness. He also indicated that the memoranda of understanding with the United States reflect Iraq's drive to attract foreign investment.
Salih told the Iraqi News Agency (INA): "The signing of 48 agreements, memoranda of understanding, and a partnership declaration between Iraq and the United States represents an important step in the path of economic openness and strengthening investment relations. However, the true impact of these agreements will depend on the extent to which they are transformed from documents of understanding into practical, implementable projects."
He added, "From an economic perspective, these memoranda reflect Iraq's desire to expand its base of international cooperation and attract foreign capital. This sends positive messages to investors and global markets that the Iraqi investment environment is witnessing a movement towards greater stability and openness."
Saleh explained that "the entry of international companies into the Iraqi market will contribute to the transfer of technology and administrative and technical expertise, raise the efficiency of productive sectors, create job opportunities, and support efforts to diversify the economy and reduce dependence on oil revenues through investment in the energy, industry, infrastructure, communications, and services sectors." He added that "these memoranda represent an indicator of growing international confidence in Iraq's economic potential. However, this confidence will only be solidified if it is accompanied by genuine reforms in the investment environment, including simplifying administrative procedures, enhancing transparency, guaranteeing investor protection, and providing legislative and security stability."
Saleh pointed out that "foreign investors do not only consider the size of the signed agreements, but also the state's ability to fulfill its commitments and provide a stable business environment capable of generating rewarding returns. The success of these memoranda will depend on the swift transition to the implementation phase and the removal of obstacles that have long hindered investment projects in Iraq."