Al-Sudani: Iraq Is Currently Going Through A Period Of Stability And Recovery Unprecedented Since 2003

Prime Minister, Mohammed Shia Al-Sudani stressed that Iraq is currently going through an unprecedented stage of stability and recovery since 2003, which is an opportunity to support the transition from a stage of wars and conflicts to a stage of development and stability.. A statement from his media office said that Prime Minister Mohammed Shia Al-Sudani participated in New York, after midnight on Wednesday, in a dialogue session held by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council. During the session, Al-Sudani pointed to the new reality of Iraq, which is witnessing an economic and developmental renaissance in all its sectors, and to Iraq's great steps in the field of energy investment and associated gas, which had been wasted for years and cost the country losses estimated at billions of dollars, due to the import of gas and oil derivatives. He stressed that the government has embarked on a series of rapid projects, including the important agreement with Total, which will contribute to increasing oil production and investment in associated gas by about (600) million standard cubic feet, in addition to offering the fifth and sixth rounds, and entering into contracts to produce oil and invest in gas, indicating that after 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as rehabilitating Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and its production capacity is 150 thousand barrels per day. He said: When I assumed my duties as prime minister, the investment in associated gas was less than 40 %, and now the percentage has risen to about 70 %. He added: We have finished importing oil derivatives, and we will stop importing gasoline at the beginning of next year, aft er completing the FCC project in Basra. He stressed the readiness to enter into a partnership with American companies in the oil industry sector. Al-Sudani explained that our vision is to convert 40% of exported oil into transformation industries, which will give us more benefits than selling crude oil. He continued: Our policy is based on diversifying the contracting parties that invest in our oil and gas fields without specific conditions. He stressed that the licensing round procedures are clear and transparent and do not favor one company over another. He said: Development cannot be achieved without a solid banking sector that operates according to approved international standards, and 95% of financial transfers in Iraqi trade are conducted through reliable banks. He added: The currency sale window will be closed at the end of this year, indicating that the money laundering office in the Central Bank is working effectively. He pointed out that the government contracted with Ernst and Young to ref orm the government banking sector, and we have strengthened citizens' confidence in banks and expanded financial inclusion. He said that a stable Iraq in a sensitive region is beneficial to the world, which is what we have seen since October 7, as Iraq has maintained balance and calm to a great extent, and we have kept Iraq away from the arena of conflict. He stressed that our security forces have reached an advanced stage of capability and efficiency, and we have started an armament program to enhance their capabilities, and ISIS today does not represent a threat to our security. He said: We need American medium and small companies to form partnerships with Iraqi companies. He added: We are working to create job opportunities for young people by activating the private sector or supporting their private projects, through several programs, including the (Riyada) initiative. He explained that the size of the projects granted for investment will provide a large number of jobs, and the necessity for companie s operating in Iraq to open training centers to develop the capabilities of young people. He continued: We have confirmed to companies operating in the electricity sector the establishment of centers for station maintenance in order to speed up completion and reduce costs. Al-Sudani said: The government has a clear direction to support the agricultural sector, and farmers are in a transitional phase to use modern irrigation technologies that we have supported by 30%. He added: We have provided loans to workers in the food industries sector of various kinds, and part of them are covered by sovereign guarantees. He said: The Central Bank of Iraq has independence and exercises its powers with complete professionalism, and we intend to establish a new bank that adopts the latest technologies. Al-Sudani called on all companies working in the field of electronic payment to work in Iraq and we will provide them with all facilities. He said: We have developed a plan to develop the infrastructure, with allocatio ns reaching 83 billion dollars. Source: National Iraqi News Agency