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Iraqi Finance Minister Baqir Jabr Al-Zubeidi Urges Investment Organizations in Provinces to Work in Light of London Conference Outcomes

Iraqi Finance Minister Baqir Jabr Al-Zubeidi

Iraqi Finance Minister Baqir Jabr Al-Zubeidi

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Iraqi Finance Minister Baqir Jabr Al-Zubeidi and National Investment Commission President Sami Al-Araji discussed measures for facilitating investment in Iraq and attracting firms and capital capable of providing projects in the interests of the Iraqi citizens. The government is actively pursuing this objective, particularly in the area of investment, which according to Al-Zubeidi represents an important source for the Iraqi economy.

This came during Al-Zubeidi’s meeting with the Investment Commission president to review results of the London Conference on investment, according to a statement issued by the Ministry of Finance on Wednesday, May 6.

Al-Araji confirmed that this conference’s outcomes were positive, with 300 international companies and investors expressing willingness to invest in Iraq, reflecting the good situation on security and economic levels as well as international firms’ desire to enter the promising Iraqi market. This was confirmed by international media’s attention to the conference, which offered a positive impression of Iraq’s economic status and the role it can play at the global level.

The statement quoted the finance minister as stressing the importance of advancing the investment situation in all Iraqi provinces on a large scale supporting building and construction plans. He said the national budget alone could not achieve sought after construction of Iraq, which has endured decades-long neglect and destruction.

Al-Zubeidi also pointed to Iraq’s need for more than two million housing units throughout the provinces as well as to revitalize the tourism sector, especially its religious aspect, as the land of Iraq is the ‘cradle of civilizations’ and the ‘heavenly revelations’, with evidence of civilization and culture that place it at the forefront of nations in this regard.

At the same time, Al-Zubaidi emphasized the importance of activating the investment sector, working to attract labor to Iraq, providing employment, and eradicating unemployment. He said that bolstering the Iraqi private sector would support these aims, enabling it to assume an active role in the development and construction process.

The statement concluded with Al-Zubeidi’s assertion of the importance of activating investment organizations in the provinces, enabling them to assume their responsibilities and take an active role in the major construction process the government and its divisions are striving to achieve. He also alluded to the importance of activating the role of these bodies in the provinces and giving them powers, in coordination with the provincial councils and governors, to set down priorities for investment projects.