The Iraqi Parliamentary Investment and Development Committee confirmed today, Tuesday, that Iraq will become a competitive landscape for foreign companies seeking various investments in the coming period, despite an economic expert refuting this belief. Committee member Muhammad Al-Ziyadi stated to "Baghdad Today" that "Iraq has many large investment opportunities across different sectors and various Iraqi provinces, especially in the industrial, agricultural, and diverse energy sectors. The recent visit of Prime Minister Muhammad Shia’ al-Sudani to Washington will significantly open the door for these companies to operate."
He noted that "the investment field in Iraq is not restricted to a particular company but is open to all foreign and Arab companies. In the next phase, Iraq will become a competitive arena for foreign companies in various investments, which will undoubtedly yield significant economic benefits for Iraq and develop the sectors. There may even be joint opportunities between foreign and governmental sectors or foreign and Iraqi private sectors."
During his visit to Washington, the Iraqi delegation, led by Muhammad Shia’ al-Sudani, signed 18 memoranda of understanding in various sectors, particularly in pharmaceuticals, oil, and industry.
In the same context, economic expert Nabil Al-Marsoumi refuted the prevailing belief that Iraq has become an attractive investment environment, stating that there are dozens of American companies interested in investing in Iraq and that 4 trillion dollars are waiting to enter Iraq for investment. He said: "Such proposals lack scientific, professional, and proficient assessment because investment in Iraq remains highly risky for individuals and funds, particularly with the spread of weapons and the absence of a prudent state that subjects everyone to its authorities, in addition to the high level of corruption, bureaucracy, and routine, as well as the poor state of the banking system and infrastructure, notably electricity."
He added: "It is well-known that investment relates to expectations, and investors cannot make long-term forecasts in a turbulent environment, especially since global foreign capital available for investment is scarce, and various countries are competing to offer packages of advantages, including granting investment licenses in just one day, while it takes several months in Iraq. These reasons explain the existence of about 100 billion dollars invested by Iraqi businessmen in various countries, primarily in Jordan, the UAE, and Turkey."
