Iraq's PM urges Egyptian companies to join residential development in Iraq

Shafaq News/Iraq's Prime Minister, Mohammed Shia al-Sudani, extended an invitation to Egyptian companies on Wednesday to invest in residential complexes in Iraq.

During a meeting with a delegation of Egyptian private sector actors, Prime Minister emphasized the importance of fostering partnerships with the Iraqi private sector and continuing to support financial and banking reforms to improve the investment climate and streamline processes.

Acknowledging the expertise of Egyptian companies in housing, real estate development, and various industries, Al-Sudani highlighted the prospects for them to enter Iraq's pharmaceutical sector. He explained the government's concentration on industrial and agricultural growth, referring to ongoing activities that have stimulated the industrial sector, including approving around 40 requests to build local pharmaceutical factories.

Furthermore, they discussed the expansion of residential cities in Iraq; the Prime Minister stressed the need for construction material factories and the importance of completing projects like the Basmaya residential city. These endeavors present promising opportunities for Egyptian companies renowned for their global expertise in this field.

In response, Egyptian businessmen expressed “keen interest in entering the Iraqi market, collaborating with the local private sector, and engaging in investment and infrastructure projects.” They noted that Iraq has emerged as “an appealing destination for investment and business opportunities, paving the way for broader cooperation and mutual development between the two countries.”