Iraqi PM Promotes Investment Opportunities to British Businesses

By John Lee.

Prime Minister Mohammed S. Al-Sudani met with representatives of 24 major British companies and business leaders in London, emphasizing Iraq's openness to investment and development opportunities.

During the meeting, held as part of his official visit, Al-Sudani highlighted Iraq's improving investment climate and urged British firms to turn discussions and agreements into actionable projects. He expressed confidence in the potential for collaboration and underscored the shared responsibility to advance mutual economic interests.

The gathering aimed to strengthen ties and encourage British investment across various sectors, showcasing Iraq as a promising destination for international business.

Full statement from the Iraqi Prime Minister's Office:

Prime Minister Mohammed S. Al-Sudani Meets with British Companies in London, Emphasizing Iraq's Openness to Investment and Development Opportunities

Prime Minister Mohammed S. Al-Sudani met yesterday evening with representatives of 24 major British companies operating across various sectors and industries, along with several business leaders, in the presence of British government officials. The meeting was held on the sidelines of his official visit to the British capital, London.

At the start of the meeting, the Prime Minister extended a warm welcome to the participation of British companies in Iraq, emphasizing that the country's investment climate and business environment have become open and attractive to a diverse range of investment and development activities.

He highlighted the importance of translating the meetings and agreements reached with the British side into concrete actions and practical steps, emphasizing that a considerable responsibility now rests with the companies to take actionable steps forward.

Key highlights from the Prime Minister's speech to the representatives of British companies and business leaders:

• We have implemented real reforms in Iraq, introducing significant facilitation measures and tangible support for the private sector.
• Reforms have been carried out in the taxation and customs systems, company registration processes, and all approvals related to investment opportunities.
• For the first time, we have provided sovereign guarantees to the private sector to execute projects, and today, we signed an agreement with UKEF as part of this initiative.
• Our steps aim to establish a national industrial base, and the presence of British companies alongside the private sector will create genuine opportunities.
• We have prioritized reforms in the banking and financial sectors, ensuring all financial transactions are conducted through direct transfer systems via intermediary global banks, subjected to auditing by specialized firms.
• Iraq has adopted a three-year budget (2023-2024-2025), with $100 billion allocated to the investment budget for ministries and governorates.
• The relationship between Iraq and the United Kingdom has witnessed tangible projects worth $1.5 billion in 2024 alone, in both the public and private sectors.
• The United Kingdom is a strategic partner for Iraq, and we invite British companies to actively contribute to Iraq's reconstruction and the achievement of its development goals.
• Foreign and Arab investments in Iraq have reached $63 billion over the past two years.
• We have a significant project with Vodafone, and the company's delegation has explored the reality on the ground across various regions of Iraq.
• Moving forward on the Strategic Development Road project, with Al-Faw Port transforming into the most advanced and largest economic city in the Middle East.
• Associated gas projects are active across most oil fields, offering substantial investment opportunities in the petrochemical sector.
• We are advancing a government-funded fixed platform project for gas imports, along with a project to establish platforms for exporting liquefied natural gas.
• Genuine opportunities are available in new residential cities, with investment licenses issued for the construction of one million new housing units.
• There is substantial demand for factories in the construction materials sector, as 30% of imports are allocated to construction and building materials, fueled by Iraq's ongoing wave of urban development.

(Source: PMO)