Iraq has embarked on a new phase characterized by an economic and urban resurgence. This transformation, led by the Iraqi government, has manifested itself through the increasing Arab and international interest in the country as the second largest oil producer within the Organization of the Petroleum Exporting Countries. Simultaneously, notable progress has been made on the domestic front, highlighted by the approval of the draft federal budget law for the fiscal years 2023, 2024, and 2025 by the Iraqi Council of Ministers. In addition to the recent corporation between the Iraq’s federal government in Baghdad and the Kurdistan Regional Government as well as the implementation of a comprehensive long-term economic plan.
The Iraqi government anticipates generating $103.4 billion in revenue from oil sales in 2023, based on projected exports of 3.5 million barrels per day at an average price of $70 per barrel. However, this revenue is mitigated by a budget deficit of $48 billion, which presents Iraq with the challenge of diversifying its sources of income. It necessitates the development of non-oil sectors, improvements in the investment and business environment, attraction of private investment and foreign capital, the advancement of capital markets, and the elimination of various obstacles that hinder economic progress. These efforts are crucial for transforming Iraq into a major investment destination in the region and ushering in a new era of growth and prosperity.
In this context, Al-Iktissad Wal-Aamal Group and the Investment Authority in Iraq, in cooperation with the Central Bank of Iraq, are organizing the “Iraq’s Resurgence Forum: The Future Business and Investment Destination” on 17 February, 2024, at the Al-Rasheed Hotel in Baghdad.
The forum, under the auspices of His Excellency the Prime Minister, Mohammed Shia’ Al Sudani focuses on the recently launched Iraq 2050 plan for construction, reconstruction, and the development of services. It addresses the reform and development program as well as investment opportunities in various sectors, including oil, gas, alternative energy, housing, real estate development, infrastructure, banking, and financial services. Additionally, the forum will delve into the investment and business climate, along with the role of Arab funds and international development finance institutions in supporting recovery and fostering economic resurgence.
The forum will be a unique gathering, bringing together a multitude of Iraqi and Arab government leaders, along with a distinguished group of CEOs from Arab and foreign companies and banks, as well as investors from numerous Arab and foreign countries.