“Tidbits From TNT” Thursday Morning 4-10-2025

TNT:

Tishwash:  US official: We have huge opportunities in Iraq

The Vice President of the US Chamber of Commerce, Steve Lutes, announced that "his country's companies in the energy and healthcare sectors will visit Baghdad in the coming period," stressing that "there are tremendous opportunities in Iraq."

A US delegation arrived in Iraq last Monday, the largest US trade mission ever, comprising representatives from 60 companies across various sectors.

In a statement seen by Al-Masry Al-Youm on Thursday, Lutz said, "The American delegation listened to a speech by Prime Minister Mohammed Shia al-Sudani regarding relations between Iraq and the United States and ways to develop them."

He added, "The US economic delegation signed several important agreements with Iraq, some of which were attended by the Iraqi Prime Minister, and this was in coordination with the US Treasury Department."

Lutz noted that "this visit will be a new spark for developing relations between American economic and business companies and Iraq, especially given the many investment opportunities we seek to capitalize on in light of the long-term partnership with our Iraqi partners."  link

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Tishwash:  Despite Tariffs, US brings largest Trade Delegation to Iraq

Prime Minister Mohammed S. Al-Sudani received a delegation from the U.S. Chamber of Commerce on Wednesday, including American investors and corporate executives, accompanied by the U.S. Chargé d'Affaires in Iraq.

The meeting focused on strengthening economic ties and promoting Iraq as an attractive destination for foreign investment.

The Prime Minister outlined steps taken by the Iraqi government to facilitate business entry, noting the country's broad and diverse market, legal reforms, and investment incentives. He emphasised Iraq's stability, skilled labour force, and ongoing development across various sectors.

According to a statement from the US Embassy, almost 60 U.S. companies are part of the delegation, aiming to. "strengthen U.S.-Iraq private sector ties and foster fair and balanced trade between the U.S. and Iraq."

The U.S. Chamber and the Federation of Iraqi Chambers of Commerce earlier signed a memorandum of understanding (MoU) to "strengthen ties between the US and Iraqi private sectors." It added: "This partnership will foster long-term economic collaboration."

Last week, the US imposed additional tariffs of 39 percent on imports from Iraq (excluding oil).

Full statement from the Media Office of the Prime Minister:

Prime Minister Mohammed S. Al-Sudani Welcomes a Delegation from the U.S. Chamber of Commerce

Prime Minister Mohammed S. Al-Sudani welcomed today, Wednesday, a large delegation from the U.S. Chamber of Commerce, which included a number of corporate executives and American investors, in the presence of the U.S. Chargé d'Affaires in Iraq.

The Prime Minister reviewed the facilitations and measures taken by the government to support the entry of businesspeople and companies into the Iraqi market, which now holds numerous promising opportunities. He noted that Iraq offers a broad and diversified market for various goods, products, and services.

Prime Minister Al-Sudani emphasized that the Iraqi people have made significant achievements in defeating terrorism and laying the foundations for national development. He stressed the importance of maintaining and strengthening bilateral relations with the United States, particularly since Iraq today stands as a distinguished democratic model in the region.

Key highlights from the Prime Minister's remarks:

Due to the war in the 1980s, the sanctions in the 1990s, and the fight against terrorism over the past two decades, development in Iraq has been delayed across all sectors.

Iraq is a fertile ground for investment opportunities in all fields.

The country today enjoys political, security, societal, and economic stability, and is witnessing an unprecedented development boom.

Iraq has a skilled labor force and promising expertise across various fields.

The government has worked to improve the business environment and made serious efforts to reform laws to facilitate company registration and operations.

Iraq's investment law offers numerous incentives to investors, and the government is working on a legislative package to further encourage foreign investment.

Iraq's trade balance is not in deficit, but structural reforms are needed to reduce reliance on oil.

Iraq is an industrial and agricultural nation and represents the shortest commercial route between East and West, connecting to Europe through Türkiye.

The Development Road Project will become the shortest and most cost-effective economic corridor linking Asia and Europe.

Iraq possesses untapped mineral wealth and ranks first globally in sulfur reserves and second in phosphate reserves.

Iraq produces 4 million barrels of oil per day, but flares associated gas while simultaneously importing gas to power electricity stations.

The government has set a vision for strategic projects and signed contracts with international companies to stop gas flaring by early 2028.

Iraq ranks among the top ten countries in the world in natural gas reserves.

Some portray a negative image of Iraq, which is not only unfair but also inaccurate.

Iraq has welcomed numerous investment companies to carry out projects in energy, housing, industry, and agriculture, with the total value of investment licenses reaching $88 billion.

Sovereign guarantees have been granted to the private sector to support the implementation of projects in various sectors.  link

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Tishwash:  Government Advisor: Cooperation between Fiscal and Monetary Policies Ensures Sustainable Economic Stability

The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, explained on Wednesday the mechanism for closing and financing the budget deficit. He noted that the state's general budget is based on an oil price of $70 to counter market fluctuations. He emphasized that cooperation between fiscal and monetary policies ensures sustainable economic stability.

 Saleh told the Iraqi News Agency (INA): "Since the federal state budget was enacted under Law No. 13 of 2023, amended (the three-year budget for 2023, 2024, and 2025), it has been based on conservative oil prices to counter oil market fluctuations.

This includes adopting a price of $70 per barrel of crude oil, an export capacity of 3.4 million barrels of oil per day, and an annual spending ceiling of approximately 200 trillion dinars, with a planned deficit of approximately 64 trillion dinars."

He explained that "the planned deficit, if realized, turns into an actual deficit, financed (according to the degree of deficit) from domestic sources and a small number of committed external sources, depending on actual need, particularly for financing development projects."

He added that "the domestic sources of deficit financing are loans provided by the government banking system, often to finance the general budget when a deficit occurs, as a bridge loan. With the exception of the first quarter of fiscal year 2025, nothing has occurred that requires significant borrowing, except for less than 6% of the total planned annual balance to date."

He pointed out that "there is close and precise cooperation between fiscal and monetary policies, and they are proceeding closely together to build sustainable financial stability in our country to confront any shock of a sudden drop in global oil prices and its repercussions on financing the state's general budget."

He continued: "This is in order to maintain spending related to securing salaries, wages, pensions, social care, the basic services program, and support for farmers, all of which are constants in spending in the 2025 fiscal year, while proceeding with basic service projects (education, health, sewage networks, electricity, water, and roads)." link

Mot: .... Like SUDDEN!! - it Was - Too!!! 

Mot: today