Eco
Iraqi Prime Minister Ali Falih Al-Zaidi confirmed on Friday his call for American banks and financial institutions to actively participate in building a new economic future for Iraq. This occurred during a roundtable hosted by Iraq's Permanent Mission to the United Nations in New York last Thursday, attended by representatives of American banks and financial institutions, alongside economic and financial officials, and Iraqi bank representatives. During his New York speech, Al-Zaidi emphasized Iraq is undergoing a pivotal phase of economic transformation and comprehensive financial and banking reform. He clarified that the past weakness of the Iraqi banking system partly stemmed from its limited openness and engagement with the international banking system, particularly American banks. In this context, Al-Zaidi urged American financial institutions to directly contribute to shaping Iraq's prosperous economic future. He noted that American banks entering the Iraqi market would not only significantly develop the local banking sector but also strengthen its ties with the global financial system and enhance financial and investment transaction efficiency. Prime Minister Al-Zaidi highlighted Iraq stands today at the threshold of a promising economic stage, currently producing about 4.5 million barrels of oil daily. He affirmed the government's policy aims to increase these levels to 10 million barrels per day, as part of a strategic vision to maximize resources and effectively deploy them for development and economic diversification. Al-Zaidi reiterated Iraq's full openness to American and international companies and banks, citing continuous government efforts to provide an attractive investment environment and necessary investor facilities. He stressed the wide opportunities available for American banks to participate in the Iraqi economy and finance projects and investments across various vital sectors. The government also expressed its aspiration for an active partnership with American financial institutions and banks to elevate Iraq's banking sector and integrate the national economy more effectively into the global financial and economic system. Al-Zaidi explained the government has set a clear roadmap for economic, financial, and banking reform, initiating a comprehensive plan for state-owned banks to boost their efficiency, governance, and compliance, establishing a modern, growth-capable banking sector. Al-Zaidi concluded by affirming anti-corruption measures and public funds protection are progressing correctly. He stated the government is strengthening systems and procedures to safeguard state funds and enhance transparency and governance across all institutions.
