Iraq targets $7B investment for 2025, focuses on tourism
Shafaq News/ The Iraq Development Fund is playing a key role in facilitating planned investment projects worth up to $7 billion, said the fund's executive director, Mohammed Al-Najjar, on Friday.
Founded in 2023, the fund aims to create a conducive investment environment and foster private sector growth.
A French business delegation representing 30 companies met with various Iraqi government bodies, as Al-Najjar, also serving as Investment Advisor to Iraqi Prime Minister Mohammed Shia Al-Sudani, mentioned in an interview with Al-Sharq TV. The visit is reportedly expected to yield projects with investments totaling up to $4 billion across various untapped sectors where the French have expertise, including healthcare, environment, public transportation, and smart agriculture.
"The fund's mission is to stimulate both local and foreign private sector involvement in projects within the country," Al-Najjar added, noting significant interest from local investors and expressing hope for similar results internationally.
Regarding the tourism sector, the Development Fund launched the Hadara (Civilization) initiative several months ago, aimed at creating an investment company in partnership with both Iraqi and foreign investors to develop tourist resorts at the country's archaeological sites, according to the official. “Iraq is home to around 12,500 UNESCO-listed sites that remain underutilized.”
“The fund is expected to attract up to $1 billion in investments to Iraq's tourism sector in 2025,” he continued. “The sector has immense potential, but it requires billions to fully activate.”
As part of its efforts to diversify the economy and reduce dependence on oil, Iraq is planning 21 tourism projects to align with Baghdad's selection as the Arab Tourism Capital for 2025 by the Arab Tourism Organization.
