Iraq Economic News and Points to Ponder Thursday Evening 1-2-25
Government Advisor: Iraq Is The World's First In The Concentration Of Natural Resources Per Square Kilometer
Politics | - 01/02/2025 Mawazine News – Baghdad The financial advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Thursday, that Iraq ranks first in the world in the concentration of natural resources per square kilometer, while indicating that the natural resources renaissance project will come in parallel with the development path strategy.
Salih told the official agency, followed by "Mawazine News", that "since Iraq ranks ninth in the world in the value of its natural resources reserves, which exceed $16 trillion in current market value, at a time when it ranks first in the world in the concentration of natural resources per square kilometer,"
noting that "the features of the country's future in a comprehensive renaissance will depend on transforming these natural sovereign resources into productive capital assets employed in the movement of diversifying the national economy."
He added, "This requires an economic model in managing and investing in diverse resources (except for oil and gas)," noting that "the closest to mind is the manufacture of natural resources that can be manufactured to generate value-added chains that maximize national income and generate accelerated opportunities for sustainable development in our country, whether towards export or export substitution."
He pointed out that "the natural resources renaissance project will undoubtedly come in parallel with the development path strategy in generating a leading industrial renaissance in the national economy, which is Iraq's outline in building the future of its economy for the twenty-first century in two directions: the first is the export-oriented development model, and the other is the development model directed towards maximizing input-output tables and replacing imports within the national economy.
He continued that "the national market is in the formation and development stage, and the government program strategy is approaching the philosophy of partnership through the concept of the social market, because the state's contribution to the gross domestic product (national income) is close to 65%, and this requires an important role for the state in economic legislation and laws.
Saleh explained that "improving the entity of the national market and building its role stems from two directions: the first is providing market guarantees by approving the Social Security Law for the labor and business sector, and the second is the financing partnership by providing soft financing for the forces generating market activity responsible for absorbing 60% of the labor force,"
noting that "the beginning is in the Riyada program led by Prime Minister Mohammed Shia al-Sudani, by providing the necessary financing to employ youth in productive national projects, in addition to preparing to launch Riyada Bank for the same purpose without neglecting the major role of the Iraq Development Fund."
He added: "In 2037, Iraq will become one of the nations of the housing grant, as young people of working age will dominate 60% of the population," adding that "the national strategy for the private sector will increase the contribution of the private sector to more than 53% of the gross domestic product within the next ten years."
Saleh concluded by saying, “My message to the Iraqi people is to abandon the fear of worrying about the current oil economy and its connection to the consumption cycle, part of whose luxuries we live, and to look forward to a productive era to come, an era of investment in Iraq’s vast material and human wealth, an era of diverse material and digital production that is intertwined with the global economy and the two arms of the path of development and investment in natural resources and diversification of production networks in the national economy that guarantee human well-being and the sustainability of its development in our country.” https://www.mawazin.net/Details.aspx?jimare=258155
Consultant Reveals The Mechanism Of The ASYCUDA Monitoring Operations Room And The Gains Achieved
Money and business Economy News – Baghdad Ahmed Ezz El-Din, a consultant for the border crossings networking project, revealed on Thursday the positives of the work of the border crossings’ monitoring operations room that applies the ASYCUDA system and the economic gains achieved, noting that it will greatly reduce the operations of forgery and manipulation of cargo.
Ezz El-Din said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the monitoring operations room at the border crossings, which represents the infrastructure for the (ASYCUDA) system, was finally activated after the completion of the network connection between all the crossings and is of great importance in reducing forgery and manipulation operations. Its activation took time and there were many challenges. Without this connection, it would not have been possible to activate the ASYCUDA system."
He added, "The operations room applied the highest levels and the latest technologies that the world has reached, and the connection was made via (Fiber Optic) technology, which provides high speed. Today, the entry of goods and all operations from the entry of trucks until their exit from the crossings and all customs procedures are subject to the control of the operations room.
" He continued, "An example of this is the (sonar) device, which displays live images transmitted by cameras for all trucks present at the crossing, and monitoring takes place inside the crossing and inside the operations room, which makes it impossible to tamper or even pressure employees at the crossings; because the process is fully monitored."
He stressed that "in addition to that, all operations are automated, such as databases and restrictions, which are recorded and verified, and it is possible to refer to this data at any time, in addition to the availability of backup copies within the National Data Center."
He pointed out that "the operation succeeded in increasing the ports' revenues despite the decline in the number of trucks entering, and activating the room within the (ASYCUDA) system greatly reduced manipulation and smuggling."
He explained that "all employees working in this system have entered courses supported by the European Union and now have the necessary experience to deal with it as employees, and they have also entered courses as trainers to train new cadres."
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Oil Prices Rise Again During Thursday's Trading
Buratha News Agency1172025-01-02 Oil prices rebounded on Thursday, the first trading day of 2025, as investors optimistically eyed a recovery in China’s economy and fuel demand after President Xi Jinping pledged to boost growth. Brent crude futures rose $1.04, or 1.39 percent, to $75.68 a barrel by 12:05 GMT, after closing 65 cents higher on Tuesday, the last trading day of 2024.
U.S. West Texas Intermediate (WTI) crude futures rose $1.02, or 1.42 percent, to $72.74 a barrel.
China will implement more proactive policies to boost growth in 2025, the Chinese president said in his New Year's speech on Tuesday.
China's factory activity grew in December, but at a slower pace than expected, amid concerns about the trade outlook and potential risks from tariffs imposed by U.S. President-elect Donald Trump, a Caixin/S&P Global survey showed on Thursday.
That was in line with an official survey released Tuesday, which also indicated that manufacturing activity in China barely grew in December.
The services and construction sectors recovered, and data suggests that policy stimulus is spreading to some sectors as China braces for new trade risks. https://burathanews.com/arabic/economic/454482
Foreign Remittance Service
January 02, 2025 We would like to inform all licensed banks and all licensed non-banking financial institutions to allow Global Odeme Hizmetleri to provide the foreign remittance service within a credit agreement concluded with this bank, in addition to the companies ( Western Union ) and ( MoneyGram ) For more click here https://cbi.iq/static/uploads/up/file-173581707031107.pdf
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approximate and incomplete translation of https://cbi.iq/static/uploads/up/file-173581707031107.pdf
All authorized banks
All licensed financial institutions are all authorized
foreign transfers service /p
Later on our book No. 456/5/9 in 2021/12/12 and the work controls of the agents of the foreign transfers service providers issued
Under the numbers (353/5/9) on 2021/10/13,
We would like Global Odeme Hizmetleri providing foreign transfers service within an accreditation agreement (Western Union), (Moneygram),
Above according to the form of the company's contract format approved by this bank: to provide the external transfers service.
With appreciation. https://cbi.iq/news/view/2756
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