Shafaq News- Baghdad

Investment in Iraq exceeded $100 billion, with the Iraqi private sector contributing more than $37 billion, a senior official told Shafaq News on Thursday.

During the launch of the International Business Forum alongside the 49th edition of the Baghdad International Fair, the head of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, added that the services sector has recorded notable growth, employing more than 10 million workers across hotels, construction, restaurants, and banking.

Speaking to our agency, Ali Razzouqi Al-Lami, deputy head of the caretaker Prime Minister’s Office, told Shafaq News that the forum represents a strategic platform to support the investment environment and expand economic partnerships between Iraq and other countries “through direct meetings between foreign companies and government entities, which enhances investor confidence in the Iraqi market and supports long-term investment decisions.”

Meanwhile, the head of the National Investment Commission, Haidar Makkiya, pointed out, during the forum, that 65 investment opportunities have been announced on the commission’s official website, alongside a number of projects already implemented.

Makkiya also reviewed the submarine cable project, highlighting Iraq’s potential to benefit from its strategic geographic location to host international cable routes, as well as a range of strategic initiatives aimed at generating non-oil revenues, noting that “foreign investors and companies have shown growing interest in operating in the country.”

Several investment opportunities and the $17B Development Road linking the Persian Gulf to Europe are underway, he added, noting that the Al-Tayeb Economic City is expected to become one of the region’s largest industrial cities, aiming to meet the equipment and machinery needs of Iraqi ministries and state institutions, with surplus production later.

Read more: Iraq's ambitious Development Road Project: Concerns and challenges

He also announced coordination with Syria and Lebanon, noting that preliminary approvals have been reached to establish a new oil transfer system to transport Iraqi crude through Syrian and Lebanese territory, using Iraqi funds held in Lebanon. The project aims to open new export routes for Iraqi oil to European markets.

Ziyad Riyadh Salem, a representative of the Oil Ministry’s Oil Contracts and Licensing Directorate, outlined investment opportunities within western Iraq’s gas sector. He identified 12 promising blocks suitable for drilling, noting that these projects aim to attract both local and international investors and bolster energy self-sufficiency.