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Iraqi News
05-04-2025
- Business
- Iraqi News
PM: Four measures to address the impact of the US tariff increase
PM Muhammed S. Al-Sudani chaired a meeting on Saturday to discuss the economic and commercial implications of the US government's decision to increase customs tariffs. The meeting reviewed the economic and trade implications of the decision by the United States government to increase customs tariffs on imports from various countries, the resulting effects on the global economy and crude oil prices, as well as the potential impact on the Iraqi economy, according to a statement by the PM Media Office - received by the Iraqi News Agency - INA. They handled the data provided by the Ministry of Trade, which revealed that the U.S. tariff increases on Iraqi goods were based on the trade balance disparity between the two countries and not due to customs duties imposed by Iraq on American goods. The data further indicated that the majority of Iraq's imports of U.S. goods are routed through markets in third countries due to specific commercial practices followed by American companies in their dealings with Iraq. "In light of this, and to ensure the best course for the growth of the Iraqi economy, PM Al-Sudani directed that necessary measures be taken in line with the higher interests of the national economy," included in the statement. The measures included the following: 1. Work on developing trade relations by opening channels for U.S. distributors and commercial agencies, activating Iraqi commercial agencies, and facilitating direct trade between corresponding sectors in Iraq and the United States. 2. Enhance banking services between the financial and banking sectors of Iraq and the United States to ensure the achievement of mutual economic interests. 3. Instruct the negotiation team engaging with the U.S. side to review the foundations of the trade relationship with the aim of improving it and ensuring a balanced economic and trade partnership that serves the mutual interests of both sides. 4. The Ministry of Foreign Affairs, the Ministry of Finance, and the Ministry of Trade, along with relevant stakeholders, will initiate dialogue with their respective American counterparts to strengthen trade relations, monitor financial markets and economic consulting firms, and submit weekly reports to the Prime Minister's Office.
Iraqi News
04-04-2025
- Politics
- Iraqi News
PM: Iraq's strategic location is a natural global trade corridor
PM Muhammed S. Al-Sudani stressed that Iraq must not rely solely on oil, highlighting that the country's strategic geographic location makes it a natural global trade corridor. Al-Sudani met on Friday with a group of tribal sheikhs and notables from across Iraq at the guesthouse of Rahim Majeesar Al-Baydani in Baghdad, according to a statement by the PM Media Office - received by the Iraqi News Agency - INA. He extended Eid al-Fitr greetings to the attendees and thanked Al-Baydani for the invitation, commending his social and humanitarian contributions, as well as his support for security forces and displaced families during the fight against Daesh terrorist groups. The Prime Minister affirmed that Iraqi tribes have consistently supported the state throughout history, beginning with the 1920 Revolution and continuing through their sacrifices in all critical phases. He praised the tribes' role in responding to the religious authority's call for jihad when Iraqis from all backgrounds stood together to confront terrorism - at a time when some believed the Iraqi state was on the brink of collapse. "That united stand ensured the nation's survival and recovery." "The Supreme Religious Authority's call for Iraqis to reflect upon and embrace their deep cultural and intellectual heritage is both timely and meaningful. He underscored that Iraq's rich civilization and vast natural resources empower it to overcome present and future challenges. The Authority's recent message - that Iraq is recovering and moving along the right path - serves as a source of national reassurance in the face of fear-mongering that seeks to spread fear, anxiety, and a sense of defeat within society," he stressed. He highlighted, saying, "What we enjoy today is the result of great sacrifices and honorable tribal stances, which we will never forget. Iraq is strong, capable, recovering, and moving forward - with recognition from regional and international institutions." "Iraq plays a leading role in the region, and the scale of reconstruction and development underway from Basra to Nineveh is unprecedented. The government has prioritized the needs of the people above all personal or partisan interests," he added. The Prime Minister asserted that "Iraq must not rely solely on oil; the country holds immense potential in agriculture, industry, and tourism. Our country's strategic geographic location makes it a natural global trade corridor. That's why we launched the Development Road project. We are working around the clock to fulfill our commitments, and Iraq possesses the resources, capabilities, and will to overcome challenges. Work is progressing on projects to deliver natural gas to our power stations." "There is real political will to enact reforms, and we have made significant progress in less than two and a half years," he noted. He pointed out that "the region has gone through extraordinary circumstances, and one of the government's greatest challenges has been its approach to the crisis - rooted in Iraq's principled stance on the Palestinian cause. The ongoing Zionist aggression against Palestinians reflects the failure of the international community." "We've preserved Iraq's stability through wise and responsible leadership, preventing the country from being dragged into regional conflict. Some impulsive voices called for Iraq to engage in war and conflict. Iraq's and the Iraqi people's interests are our top priority. There is no room for compromise, whether with internal or external actors," he stated. PM Al-Sudani said that "the government's approach is to uphold the state's supreme interests. We count on religious leaders, tribal sheiks, and national elites to promote a message of unity and cohesion across society." "Some thrive on division, crisis, and conspiracies. We must remain Alert - especially with the upcoming electoral process. We are confident that Iraq's future is bright - powered by its people, its resources, and a sound vision for governance," he included in his remarks.
Iraqi News
31-03-2025
- Business
- Iraqi News
PM: Maysan will be an oil and industrial city
PM Muhammed S. Al-Sudani returned to Baghdad on Monday following his visit to Maysan province. The visit included launching the construction works for the Maysan Refinery Development Project, which will expand its refining capacity from 40,000 to 110,000 barrels per day, according to a statement by the PM Media Office - received by the Iraqi News Agency - INA. The visit also included the following: - Inaugurating Al-Amarah Unified Major Water Project, with 16,000 cubic meters per hour capacity. - Inaugurating the Martyr Hussein Atiyah Overpasses and Underpass Project in Maysan Province. - Launching the construction of the College of Medicine at the University of Maysan. - Launching the construction of the rehabilitation projects for the Al-Amarah–Al-Mashrah–Gzaila–Al-Shaib Road with a concrete overpass and the Al-Amarah–Al-Butaira–Al-Fajr Road. - Inaugurating the new building of the Maysan Traffic Directorate. - Meeting with a group of academics, professionals, and sectoral union members. - Meeting with a group of businessmen and community figures in Maysan. - Meeting with former members of the Maysan Provincial Council. - Participating in Eid al-Fitr prayer with citizens at Al-Ansari Mosque in Maysan Province. - Meeting citizens offering Eid greetings at his residence in Maysan Province. - Exchanging Eid greetings with citizens at the guesthouse of Sheikh Hatem Saadoun Al-Sayhood.
Iraqi News
17-02-2025
- Politics
- Iraqi News
PM: The work stages and completion rates of major sewage projects in Baghdad
PM Muhammed S. Al-Sudani chaired a meeting on Monday focused on monitoring the progress of four major sewerage projects in Abu Ghraib district, as well as the sub-districts of Saba Al-Bour, Al-Wahda, Al-Nahrawan, and the Al-Rashidiya sewerage project. The meeting was attended by the Governor of Baghdad, the Deputy Chief of Staff of the Prime Minister's Office, relevant officials from the governorate, representatives from the Resident Engineer's Directorates, the companies executing the projects, and the follow-up team from the Prime Minister's Office, according to a statement by the PM Media Office - received by the Iraqi News Agency - INA. Al-Sudani reviewed the progress of each project, including the completion rates and the challenges hindering their implementation, emphasizing "the need to address these challenges promptly, adhere to the approved technical specifications, and ensure that all work is completed within the designated timelines." The meeting discussed the challenges facing the Saba Al-Bour sewerage project, particularly those related to drinking water. Prime Minister directed that drinking water projects in the area be resolved promptly, ensuring that these efforts are carried out simultaneously and in coordination with the implementation of the sewerage project. During the meeting, the Prime Minister highlighted the significance of these service projects and all infrastructure initiatives, highlighting their direct contribution to improving citizens' lives, calling for maximum efforts to expedite their completion, while strictly enforcing safety measures during excavation activities in residential areas. Al-Sudani instructed the use of high-quality, locally produced pipes manufactured by Iraqi private sector factories, aiming to bolster national industry and strengthen the local economy.
Iraqi News
16-02-2025
- Business
- Iraqi News
The Industrial Coordination Council meeting: Several decisions issued
PM Mohammed S. Al-Sudani chaired a meeting of the Industrial Coordination Council today, Sunday, where the state of national industry and its key requirements were reviewed. He directed that the council convene regularly every month to address all obstacles facing industrialists, according to a statement by the PM Media Office - received by the Iraqi News Agency - INA. The meeting resulted in several important decisions, including the acceleration of operations for base oil units in the southern and northern refineries to enhance the supply of essential industrial sector needs. It was also decided to increase the production of Benzyl by inviting investors to establish local production projects. As part of the government's strategy to localize industries in Iraq, the council approved the localization of precious metal industries, including gold and jewelry, as well as cosmetic products. Directives were issued to facilitate the establishment of private manufacturing facilities for these products. Additionally, measures were established to regulate gold exports by setting limits on processed quantities, requiring submission of documentation to the Central Bank to ensure the value of exported gold, and mandating the return of processed quantities under the bank's supervision. To support factory operations, a partial exemption was approved for government and essential industrial facilities, allowing them to receive electricity supply outside peak demand periods. The council also discussed submitting a plan to the Ministry of Electricity to separate power lines for industrial zones from residential areas to ensure continuous power supply to industrial areas within the current year. Regarding industrial sector regulations, it was decided that all ministries and non-ministerial entities dealing with the private industrial sector must coordinate exclusively through the General Directorate of Industrial Development under the Ministry of Industry and Minerals. No entity may suspend or halt any industrial project without coordinating with the said directorate, which is the official sectoral authority responsible for regulating private industrial activity. Additionally, it was decided that rental fees for land allocated for industrial projects would not be increased, by Economic Affairs Committee Decision No. 244 of 2011 and Cabinet Decision No. 24413 of 2024. In line with government efforts to reduce pollution and protect the environment, the Ministry of Oil was instructed to develop a plan to provide liquefied petroleum gas (LPG) for use in brick factories across Iraq, as an alternative to the currently used fuel oil, which is a major pollutant. The ministry was also tasked with reviewing LPG pricing to encourage factory owners to transition to its use. A decision was also made to exempt raw materials imported by domestic manufacturers—based on verified needs reports issued by the General Directorate of Industrial Development or the Iraqi Federation of Industries—from testing by the Central Organization for Standardization and Quality Control. This exemption aligns with Cabinet Decision No. 24261 of 2024, which applies to finished imported goods and domestically manufactured finished products subject to testing by the Central Organization, but does not cover raw materials. The meeting also reaffirmed that the National Investment Commission must ensure that solar power generation systems are installed at a minimum of 50% capacity in all housing units and apartments, while also implementing insulation materials in construction.
