Iraq’s President promises boost to investment and private sector from Davos

Shafaq News/ Iraqi President Abdul Latif Jamal Rashid revealed on Thursday plans to strengthen investments, especially in the private sector, through legislative and executive orders, during his meeting with Klaus Schwab, the founder and chairman of the World Economic Forum (WEF) in Davos.

According to a statement from the President's media office, President Rashid met Schwab while attending the WEF in Davos. The discussions focused on international partnerships, particularly in energy and infrastructure projects, to help Iraq diversify its economy beyond its dependence on oil.

President Rashid emphasized the importance of the Davos Forum, stating, “The World Economic Forum unites global leaders and major organizations to foster economic integration and forge agreements that bring economic prosperity to all nations.”

He also pointed out Iraq’s improving security and stability, which provide a foundation for a stronger economy. “With projects like the Basra-to-Europe oil pipeline and the Grand Faw Port, Iraq is improving infrastructure, energy, and public services while enhancing the living standard of its citizens,” President Rashid stated.

He added that Iraq is building an environment suitable for investors through reforms that streamline legislative and executive processes. “Iraq offers ground for investment and economic collaboration,” he added, referencing recent legislation to facilitate investments by foreign companies and create more opportunities in renewable energy and digital transformation sectors, among others.

The conversation also included regional developments and their impact on economic stability and growth. The leaders discussed fostering stronger ties between Iraq and European countries, with a focus on renewable energy partnerships and sustainable development projects.

Klaus Schwab, in turn, lauded Iraq's active participation in the forum, affirming, “Iraq is a key player in the Middle East and globally. Current indicators hint at potential to achieve development across various economic and social sectors.”