Al-Zaidi Urges American Financial Institutions for Investment Partnership in Iraq's New Economy

Prime Minister Ali Faleh Al-Zaidi on Friday urged American banks and financial institutions to actively participate in building a new economic future for Iraq, emphasizing that the country is undergoing a broad financial and banking transformation and reform. This call came during a round table hosted by Iraq's Permanent Mission to the United Nations in New York, held on Thursday, Baghdad time. The meeting, sponsored and attended by the Prime Minister, brought together representatives from various American banks and financial institutions, along with economic and financial officials and representatives of Iraqi banks. In his address, Al-Zaidi affirmed that Iraq is witnessing a new phase of economic transformation and financial and banking reform. He noted that the weakness of the Iraqi banking system in past years was partly linked to its limited openness and connection with the international banking system, especially American banks. Al-Zaidi invited American banks and financial institutions to contribute to building a new economic future for Iraq. He stressed that the entry of American banks into the Iraqi market would represent a qualitative leap in developing the banking sector, strengthening its ties with the global financial system, and enhancing the efficiency of financial and investment transactions. He further explained that Iraq now faces a new economic era, currently producing approximately 4.5 million barrels of oil per day. The government's policy aims to increase production levels to 10 million barrels per day, as part of a vision to maximize resources and deploy them for development and economic diversification. The Prime Minister affirmed Iraq's openness to American and global companies and banks, and the government's efforts to provide an attractive investment environment and necessary facilities for investors. He highlighted that American banks have wide opportunities to participate in the Iraqi economy and finance projects and investments across various sectors. He also noted the government's aspiration for an active partnership with American financial institutions and banks, which would contribute to developing the Iraqi banking sector and linking the Iraqi economy more effectively with the global financial and economic system. Al-Zaidi clarified that the government has established a clear starting line for economic, financial, and banking reform, initiating a comprehensive reform plan for state-owned banks. This plan aims to enhance their efficiency, raise governance and compliance standards, and establish a banking sector capable of meeting the demands of a modern economy. He concluded by emphasizing that anti-corruption measures and the protection of public funds are progressing in the right direction, with the government working to strengthen systems and procedures that ensure the safeguarding of state assets and enhance transparency and governance.