Iraq is intensifying efforts to strengthen its economic and investment landscape, spearheaded by the National Investment Commission (NIC) under the leadership of Chairman Haider Muhammad Makiya.
The NIC has announced ambitious plans to attract USD 250 billion in investments over the next two years, covering sectors such as renewable energy, industry, agriculture, construction, education, communications, tourism, and entertainment.
President of the Iraqi Economic Council Ibrahim Al-Masoudi Al-Baghdadi, a prominent figure in Iraq’s economic development, recently visited Lebanon to bolster regional economic ties. During his visit, Al-Baghdadi announced the Iraq Investment Forum which took place in Baghdad on 2-3 November, 2024.
The announcement, made at the office of Lebanon’s Minister of Economy and Trade Amin Salam, also included the delivery of the forum’s first official invitation to Minister Salam.
Minister Salam expressed his gratitude for the trust placed in Lebanon as the launchpad for this announcement.
He reaffirmed Lebanon’s commitment to participating in the forum with a high-level economic delegation and highlighted the strategic importance of enhancing collaboration between Lebanon and Iraq.
“This forum represents a pivotal moment to enhance cooperation between the private and public sectors of our two nations and underscores Lebanon’s strategic role as an influential partner in regional and global markets,” says Minister Salam.
NIC Chairman Haider Muhammad Makiya says that there are 103 projects underway, totalling USD 250 billion in funding to accelerate Iraq’s economic growth.
Makiya emphasised the importance of collaboration between private enterprises and governmental bodies to ensure the success of this initiative.
The Iraq Investment Forum presented 100 diverse investment opportunities and included robust logistical support from the Iraqi government to attract major investors and business leaders.
“With ongoing improvements in Iraq’s security and economic stability, the forum was a vital step in positioning Iraq as a hub for foreign direct investment,” says Makiya.
Simultaneously, Iraq is leveraging its agricultural potential through the Iraq International Investment Forum, which took place on 2 November at the Baghdad International Fairgrounds.
This initiative, led by Administrative Undersecretary of the Ministry of Agriculture, Mahdi Sahar Al-Jubouri, will target key agricultural opportunities, including processing industries such as date production, livestock development, and the cultivation of arable land.
According to Under Secretary Al-Jubouri, Iraq’s extensive renewable groundwater resources, vast consumer market, and established infrastructure are key factors in making the country an attractive destination for agricultural investment.
“This forum will play a significant role in Iraq’s transition to a private-sector-driven economy, reducing state intervention and ensuring stable returns for investors,” says Under Secretary Al-Jubouri .
He also emphasised the need for investment mapping to identify strategic opportunities and effectively compete with other countries in the region for foreign direct investment.
