Iraqi Prime Minister Mohammed Shia’ Al Sudani announced the launch of the largest housing project in the region, comprising one million housing units distributed across 60 new cities throughout Iraq. He confirmed that this project will bring a qualitative leap in the housing sector and provide hundreds of thousands of job opportunities.

During the Iraq Investment Forum held in Baghdad, Al Sudani announced investment opportunities worth $450 billion across various sectors, expressing gratitude to the National Investment Commission, the Iraqi Economic Council, and all supporting and participating entities.

He pointed out the government’s direction to amend company laws, support small and medium enterprises, increase the digitization of government procedures to reduce bureaucracy, complete banking reforms, and raise Iraq’s credit rating to reduce interest rates and insurance on projects in Iraq.

Al Sudani emphasized that the government’s balanced foreign relations policies have created an ideal environment for investment, noting increased procurement of services from the private sector and reforming the banking system to meet international standards. He also mentioned the establishment of the Iraq Development Fund to empower local, Arab, and foreign private sectors to invest in the abundant opportunities in the Iraqi market.

He announced a special conference to showcase investment opportunities related to the Development Road project, the largest in the region, confirming facilitation of company registration and amendment of laws for partnerships between foreign and national private sectors.

Al Sudani highlighted the ‘Riyada’ initiative, involving more than 500,000 young men and women, which trained 92,000 and produced 12,000 new projects and 20,000 job opportunities. The government activated the Industrial Coordination Council with private sector participation to complete strategic projects and invest in key sectors.

He revealed Iraq’s success in pharmaceutical manufacturing with 54 Iraqi factories exporting their products to regional and global markets. The government launched the largest housing projects in the region, which attract direct and indirect investments and provide hundreds of thousands of jobs.

Al Sudani stressed that the government has referred over one million housing units in 7 cities, with 3 more cities under referral, out of 60 new housing cities across Iraq. Plans are underway to establish a permanent council of Arab and foreign investors linked to the Prime Minister’s office to provide consultations and information to develop investment in Iraq.

Iraqi Economic Council Chairman Ibrahim Al-Baghdadi confirmed government support and orientation towards strategic and medium-sized projects. He said the forum presented more than 160 investment opportunities through 20 workshops and 14 sessions involving ministries and government agencies, including meetings between Iraqi, Arab, and foreign businessmen and ministers.

Al-Baghdadi explained that investment opportunities would be detailed in workshops to allow investors to inquire about geographical locations or specific investment details. He added that significant economic, financial, and service achievements were made over the past three years, with weekly groundbreaking ceremonies for new factories and projects across various sectors, driven by strong government focus and will.