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The National
16-04-2025
- Business
- The National
A US delegation's visit to Baghdad shows Iraq is open for business
Baghdad witnessed a remarkable economic event on April 7, as it hosted a high-level US trade delegation comprising representatives from more than 60 leading American companies operating in the fields of energy, technology, health and financial services. The visit, led by the US Chamber of Commerce under the leadership of Steve Lutes, was described by the American embassy in the Iraqi capital as 'the first trade mission to Iraq approved by the US Department of Commerce, and the largest US business delegation to Iraq in the Chamber's history'. This reflects unprecedented interest from the American private sector in Iraq's growing economic potential and investment opportunities. The delegation, consisting of 101 representatives from major companies such as AstraZeneca, GE HealthCare, Google, Oracle and Space X, and dozens of mid-sized and emerging companies, held a series of meetings. These included discussions with Prime Minister Mohammed Shia Al Sudani, the ministers of oil and electricity, the governor of the Central Bank of Iraq, and senior advisers and officials in key economic and investment sectors. During the meetings, the Iraqi side presented its comprehensive vision for stimulating economic development and enhancing the investment climate. Mr Al Sudani emphasised that Iraq is undergoing a genuine transformation after decades of wars, sanctions and the fight against terrorism. Today, the country enjoys significant political, security and societal stability, allowing the government to focus on reconstruction, development and diversifying sources of income. He highlighted the broad reforms initiated by his administration to improve the business environment, including updated investment laws, streamlined company registration processes, sovereign guarantees for strategic projects, and expanded support for national industries and private sector engagement. The Prime Minister noted that Iraq is no longer isolated from the global economy but is instead at the heart of an ambitious project to reposition itself as a key link between East and West. He referred to the 'Development Road' project, which will connect Iraqi ports in the Gulf to Turkey and onward to Europe, creating the shortest and most cost-effective land trade route in the region. Mr Al Sudani also highlighted Iraq's vast and largely untapped natural resources – including natural gas, sulphur and phosphate – ranking among the top globally in reserves. While Iraq currently produces around 4 million barrels of oil a day, large quantities of associated gas are still flared. The government has launched major initiatives to address this, including projects already under way to end gas flaring by 2028. One of the most significant outcomes of the visit was the signing of a memorandum of understanding between the Iraqi government and GE Vernova to construct combined-cycle gas power plants with a capacity of 27,000 megawatts – the largest and most ambitious energy plan in Iraq's history. Another agreement was signed with UGT Renewable to develop a solar power plant with a capacity of 3,000 megawatts, as well as new electricity transmission infrastructure and battery storage systems of up to 500 megawatts an hour. These projects will be financed by major institutions such as the US Export-Import Bank, the UK Export Finance agency and JPMorgan Chase. The American delegation saw first-hand the transformation Iraq is undergoing and expressed a strong interest in pursuing strategic investments. Reinforcing this partnership at the institutional level, a memorandum of understanding was signed between the US Chamber of Commerce and the Federation of Iraqi Chambers of Commerce to expand co-operation in economic, technological and educational fields, with a special focus on supporting small and medium-sized enterprises in both countries. The US charge d'affaires in Baghdad, who attended several of the meetings, expressed his optimism about the positive developments in Iraq. He noted that this mission is not only the largest of its kind, but also reflects a new vision in Washington – one that sees Iraq as a strategic economic partner in the region and recognises the serious commitment of the Iraqi government to support investment and eliminate barriers to foreign capital. Mr Al Sudani pointed out that over the past two years, Iraq has succeeded in attracting global companies to implement vital projects worth more than $88 billion, covering sectors such as energy, housing, industry and agriculture. He reaffirmed the government's determination to launch further industrial support packages, cut bureaucratic red tape, reform regulations, and create a more dynamic and investor-friendly legal environment. Addressing those who continue to promote a negative image of Iraq, the Prime Minister stressed that such portrayals no longer reflect the country's reality. Iraq today is a safe and attractive destination for investment, as evidenced by the scale of participation in this historic visit and the level of commitment shown by leading American companies, who came not just to explore – but to engage. The American delegation's visit to Baghdad was not merely another economic activity on a crowded schedule – it marked a pivotal moment in the trajectory of Iraq-US relations. It sent a dual message: from the American side, a reaffirmation of confidence in Iraq's potential, and from the Iraqi side, a mature and confident presentation of its capabilities, opportunities, and readiness for genuine partnerships based on shared interests and mutual growth. With this positive momentum and the continued progress of reforms and development programmes, Iraq is steadily positioning itself as a regional leader – not just as a source of raw materials, but as a hub for trade, investment and economic integration. It is a country on the rise, and one that future generations will remember as having seized a historic moment to rebuild, reconnect and thrive. Hussein Shamara is an Iraqi businessman and the general manager of International Holdings for Investments
Shafaq News
09-04-2025
- Business
- Shafaq News
US firms turn to Iraq: Chamber sees major potential
Shafaq News/ American companies are showing growing interest in investing in Iraq, particularly in the energy, healthcare, and technology sectors, a senior official at the US Chamber of Commerce revealed on Wednesday. Steve Lutes, Vice President of the Chamber, told Shafaq News that a delegation of more than 60 US firms recently met with Iraqi Prime Minister Mohammed Shia al-Sudani and other senior officials in Baghdad. Lutes described the meeting as an opportunity to hear the Prime Minister's vision for enhancing US-Iraq relations, adding that several agreements were signed during the visit with coordination from the US Department of the Treasury. The trip, he said, marks a step toward long-term economic cooperation and represents a 'new chapter' in expanding bilateral partnerships. More US business delegations are expected to visit Iraq in the coming months, with a particular focus on infrastructure and industrial development. He added the US Treasury is expected to play a 'key role' in supporting Iraq's economic growth. Meanwhile, Ibrahim al-Baghdadi, President of the Iraqi Economic Council, emphasized the visit signals a strengthening of bilateral ties and reflects an improving investment climate in Iraq, noting the country's need for further investment, particularly in education and infrastructure. 'The years following liberation were difficult, but we are seeing progress,' al-Baghdadi said, pointing to the role of the American University in Iraq's educational development and the broader US contribution since 2003. He highlighted the US delegation, comprising more than 100 participants, coincided with the launch of a new government initiative led by Prime Minister al-Sudani aimed at bolstering the private sector.
Shafaq News
09-04-2025
- Business
- Shafaq News
US Chamber of Commerce VP: Treasury to actively back Iraq's economic growth
Shafaq News/ The US Treasury Department will play an active role in supporting Iraq's economic development, Steve Lutes, Vice President of US Chamber of Commerce, revealed on Wednesday. Speaking at a press conference in Baghdad, Lutes highlighted the significance of the American delegation's visit, which includes over 100 business representatives from more than 60 companies. 'Our visit to Iraq is the largest delegation of businesspeople,' he stated, crediting Prime Minister Mohammed Shia al-Sudani for advancing strategic partnerships between American and Iraqi firms. Lutes also underscored the coordinated role of US Treasury and Chamber of Commerce in fostering joint economic initiatives. Meanwhile, Ibrahim al-Baghdadi, President of the Iraqi Economic Council, described the delegation's visit as an 'indicator of improving economic ties,' citing recent reforms, including the launch of the Council for Private Sector Development chaired by the Iraqi PM. 'Iraq today is far better than in past decades,' al-Baghdadi remarked, welcoming companies willing to contribute to the country's industry and economy. Al-Baghdadi also praised the American University in Iraq as a key force in revitalizing the country's education system, calling it 'a lifeline after years of decline.' The Iraqi official acknowledged the US role in Iraq's liberation, describing Washington as 'a global leader in various fields.'
Iraqi News
07-04-2025
- Business
- Iraqi News
US Embassy: Trade Mission of 60 Companies Visits Iraq
Baghdad-INA The US Embassy in Baghdad announced on Monday the arrival of a trade mission of 60 companies to Baghdad. The embassy stated that during this visit, the American Chamber of Commerce will sign a memorandum of understanding with the Federation of Iraqi Chambers of Commerce to strengthen relations between the American and Iraqi private sectors. The embassy stated in a statement received by the Iraqi News Agency (INA), that "The American Chamber of Commerce, headed by Steve Lutes, is leading a delegation of 101 members from approximately 60 American companies in the energy, technology, and health sectors to Iraq this week." The embassy explained that "this is the first trade mission approved by the US Department of Commerce to Iraq and the largest US trade mission to Iraq in the Chamber's history." "During the visit, which extends from April 7 to 9, the delegation will meet with high-level Iraqi officials, communicate with Iraqi companies, and sign a number of agreements." "We are here tonight to focus on one goal: strengthening trade partnerships," said U.S. Chargé d'Affaires to Iraq Daniel Rubinstein, according to the statement, in his remarks during a reception honoring the trade mission. Rubinstein emphasized that "the U.S. Chamber of Commerce provides a platform for creating and implementing new ideas aimed at establishing trade partnerships and policies that influence the thinking of governments and business leaders in both countries." Rubinstein pointed out that "for more than a decade, the Chamber has regularly visited Iraq and hosted Iraqi government delegations in the United States." He noted that "during this visit, the U.S. Chamber of Commerce will sign a memorandum of understanding with the Federation of Iraqi Chambers of Commerce to strengthen relations between the American and Iraqi private sectors."
Arab News
09-02-2025
- Business
- Arab News
US Chamber of Commerce official discusses US-Saudi collaboration on AI policy
RIYADH: As Saudi Arabia accelerates its adoption of artificial intelligence, a strong regulatory framework is emerging as a key driver of US-Saudi collaboration. In an exclusive interview with Arab News on the sidelines of the LEAP 2025 technology conference, Steve Lutes, vice president for Middle East affairs at the US Chamber of Commerce, stressed the importance of implementing clear policies that inspire investor confidence. 'One thing that's always at the core is to have the policy and regulatory environment that is going to give confidence and clarity to investors, risk-takers, and innovators,' Lutes said. He added that Saudi Arabia maintains an open-door policy in working with the US Chamber and industry leaders to shape its regulatory framework. 'This will catalyze finance and fuel more investment, bring more innovation, and strengthen partnerships between the United States and Saudi Arabia in AI and across the broader economy,' he said. Saudi Arabia recently announced plans to expand its trade and investment ties with the US to at least $600 billion over the next four years, according to the Saudi Press Agency. Crown Prince Mohammed bin Salman outlined the Kingdom's strategy during a phone conversation with US President Donald Trump. Lutes pointed to Saudi Arabia's young, tech-savvy workforce as a key factor in advancing AI under Vision 2030. 'Saudi is a young country, and you have a young workforce that is embracing technology and wants to be right there, whether in the private sector or government, leading the way on technology innovation and adaptation,' he said. He underscored that talent development, alongside a robust regulatory framework, will be critical in fostering AI innovation and scaling businesses in Saudi Arabia. Ensuring Saudi Arabia has access to cutting-edge US technology is also a priority, Lutes noted, emphasizing that this access is essential for the Kingdom's innovation ecosystem. 'It's one of the things that we would put toward the top of the list,' he said, referring to high-performance AI hardware such as Nvidia's advanced chips. While acknowledging the importance of security measures, Lutes emphasized the need to balance protection with cooperation. 'Yes, we want to protect and make sure that the right measures are in place, but it's absolutely critical that our strategic allies, like the Kingdom of Saudi Arabia, have access to and the ability to tap into US technology.' He emphasized the broader economic implications of this access, noting that US companies are already playing a significant role in Saudi Arabia's AI-driven transformation. 'What's going on here in the Kingdom is very important to our economic relationship in the United States and to the US companies that are already here, doing incredible things,' he said. 'We want to see that only grow, deepen, and create more jobs, more investment, more innovation, and more opportunities to strengthen the US-Saudi relationship.' Lutes expressed optimism about the future of US-Saudi AI collaboration, highlighting the role of diplomacy in achieving shared goals. 'I'm an optimist, and I believe we will get to a good place in terms of that policy,' he said. He added that efforts should focus on ensuring everything is fueled and catalyzed to accelerate partnerships between the US and the Kingdom, with the private sector leading the way.
