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, noting that the memoranda of understanding with the United States reflect Iraq's commitment to attracting foreign investment.
Salih told the Iraqi News Agency (INA): "The signing of 48 agreements, memoranda of understanding, and a declaration of partnership 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, "These memoranda reflect, from an economic perspective, Iraq's desire to expand its international cooperation and attract foreign capital,this sends a positive message to investors and global markets that the Iraqi investment environment is moving 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 noted 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 speed of transition to the implementation phase and the removal of obstacles that have long hindered investment projects in Iraq."
He added that "the declaration of partnership with the public and private sectors represents a modern economic approach aimed at leveraging the capabilities of both parties in implementing development projects, The public sector possesses the land, infrastructure, and legal and institutional framework, while the private sector possesses the managerial expertise, financing capacity, innovation, and use of modern technologies,Through this model, joint projects can be implemented in the fields of energy, electricity, transportation, housing, industry, and services, according to public-private partnership models, thus reducing the financial burden on the state and increasing the efficiency of project management and accelerating their completion."
Saleh pointed out that “these partnerships are expected to open new horizons for economic and financial cooperation, whether through direct investment, joint financing, the establishment of investment funds and the financing of infrastructure projects, as well as strengthening cooperation between banks and financial institutions to provide credit facilities and investment guarantees,” stressing that “in the medium and long term, these partnerships can contribute to raising the contribution of the private sector to the gross domestic product, stimulating economic growth, increasing non-oil revenues, and enhancing the competitiveness of the Iraqi economy.”
He stated that "achieving these results requires the continuation of economic reforms, the development of legal frameworks regulating partnerships, and ensuring transparency and governance in project implementation, so that agreements and memoranda of understanding are transformed into tangible economic achievements that positively impact development and economic stability in Iraq."
