Iraqi PM pushes for economic shift with hypermarket expansion
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani announced plans to expand state-backed hypermarkets and boost local production to reduce Iraq’s reliance on imports.
Al-Sudani made the remarks while inaugurating the "Taawon Hypermarket" in Al-Bayaa, Baghdad, a retail center offering food, household goods, and essential products at subsidized prices. Through a teleconference, he also launched five additional hypermarkets in Al-Hurriya, Al-Salihiya, Al-Shaab, Palestine Street, and Jamila.
In his speech, the prime minister emphasized that reducing import dependency is a national priority, stating that Iraq imports $70 billion worth of goods annually—an unsustainable figure that demands urgent review. He explained that the Ministry of Trade plays a "key role" in paving the way for the private sector to reduce this drain on foreign reserves.
He reaffirmed the ministry’s broader role, which goes beyond trade facilitation and that it must actively support domestic industry to meet market demand, adding that when it comes to food security, the state must be "fully engaged."
Al-Sudani noted, "We have controlled food prices in cooperation with the private sector, despite the impact of foreign currency exchange rates," stressing that his government has partnered with private investors to establish retail outlets that supply essential goods at controlled prices, ensuring affordability for Iraqi consumers.
He described the "Taawon Hypermarket" initiative as an expanded and modernized version of the former state-run central markets, tailored to Iraq’s evolving economic landscape, and set a goal ensuring that at least 60 percent of products sold in these hypermarkets are "locally produced or manufactured in Iraq."
Calling on Iraqi businesses to take advantage of what he described as "unprecedented government support," Al-Sudani outlined key incentives aimed at strengthening the private sector, highlighting sovereign guarantees for industrial investments, expanded financing through the Iraq Development Fund, tax and loan reforms to facilitate economic growth, and improvements in the banking sector to ease business transactions.
He stressed that there is no alternative to supporting the private sector and empowering it in every possible way, reiterating that Iraq’s economic future depends on a thriving domestic industry.
