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Despite Tariffs, US brings largest Trade Delegation to Iraq
Prime Minister Mohammed S. Al-Sudani received a delegation from the U.S. Chamber of Commerce on Wednesday, including American investors and corporate executives, accompanied by the U.S. Chargé d'Affaires in Iraq.
The meeting focused on strengthening economic ties and promoting Iraq as an attractive destination for foreign investment.
The Prime Minister outlined steps taken by the Iraqi government to facilitate business entry, noting the country's broad and diverse market, legal reforms, and investment incentives. He emphasised Iraq's stability, skilled labour force, and ongoing development across various sectors.
According to a statement from the US Embassy, almost 60 U.S. companies are part of the delegation, aiming to. "strengthen U.S.-Iraq private sector ties and foster fair and balanced trade between the U.S. and Iraq."
The U.S. Chamber and the Federation of Iraqi Chambers of Commerce earlier signed a memorandum of understanding (MoU) to "strengthen ties between the US and Iraqi private sectors." It added: "This partnership will foster long-term economic collaboration."
Last week, the US imposed additional tariffs of 39 percent on imports from Iraq (excluding oil).Last week, the US imposed additional tariffs of 39 percent on imports from Iraq (excluding oil).
Full statement from the Media Office of the Prime Minister:
Prime Minister Mohammed S. Al-Sudani Welcomes a Delegation from the U.S. Chamber of Commerce
Prime Minister Mohammed S. Al-Sudani welcomed today, Wednesday, a large delegation from the U.S. Chamber of Commerce, which included a number of corporate executives and American investors, in the presence of the U.S. Chargé d'Affaires in Iraq.
The Prime Minister reviewed the facilitations and measures taken by the government to support the entry of businesspeople and companies into the Iraqi market, which now holds numerous promising opportunities. He noted that Iraq offers a broad and diversified market for various goods, products, and services.
Prime Minister Al-Sudani emphasized that the Iraqi people have made significant achievements in defeating terrorism and laying the foundations for national development. He stressed the importance of maintaining and strengthening bilateral relations with the United States, particularly since Iraq today stands as a distinguished democratic model in the region.
Key highlights from the Prime Minister's remarks:
Due to the war in the 1980s, the sanctions in the 1990s, and the fight against terrorism over the past two decades, development in Iraq has been delayed across all sectors.
Iraq is a fertile ground for investment opportunities in all fields.
The country today enjoys political, security, societal, and economic stability, and is witnessing an unprecedented development boom.
Iraq has a skilled labor force and promising expertise across various fields.
The government has worked to improve the business environment and made serious efforts to reform laws to facilitate company registration and operations.
Iraq's investment law offers numerous incentives to investors, and the government is working on a legislative package to further encourage foreign investment.
Iraq's trade balance is not in deficit, but structural reforms are needed to reduce reliance on oil.
Iraq is an industrial and agricultural nation and represents the shortest commercial route between East and West, connecting to Europe through Türkiye.
The Development Road Project will become the shortest and most cost-effective economic corridor linking Asia and Europe.
Iraq possesses untapped mineral wealth and ranks first globally in sulfur reserves and second in phosphate reserves.
Iraq produces 4 million barrels of oil per day, but flares associated gas while simultaneously importing gas to power electricity stations.
The government has set a vision for strategic projects and signed contracts with international companies to stop gas flaring by early 2028.
Iraq ranks among the top ten countries in the world in natural gas reserves.
Some portray a negative image of Iraq, which is not only unfair but also inaccurate.
Iraq has welcomed numerous investment companies to carry out projects in energy, housing, industry, and agriculture, with the total value of investment licenses reaching $88 billion.
Sovereign guarantees have been granted to the private sector to support the implementation of projects in various sectors. link
English (US) ·