NEWS

Read the latest press releases and news updates about the ICTI London 2017


June 02,2017

The embassy of the republic of Iraq to the UK is delighted to organise the first Iraq – UK conference for trade and investment.

The conference will be held on the 3rd and 4th of July at the Millennium Hotel- Gloucester, London, and we are honoured to have in attendance 4 ministers and 30 representatives from eight Iraqi ministries. Also present will be officials from the parliamentary Oil and Gas Committee, Economic Committee and the National Investment Committee, who look forward to hearing the views of the UK business community, to strengthen bilateral trade.

This will be a unique opportunity for investors to engage with Iraqi policy makers, as Iraq’s security situation continues to stabilise across much of the country. Furthermore, economic forecasts are increasingly positive to 2020 and beyond, as the country’s investment budget increases.

The conference will give the opportunity to British leading companies to explore doing business in Iraq, and explore the investment map in the southern provinces, where stability encourages foreign investors to engage in big investments in transport, financial services, tourism, infrastructure, health and other sectors.

The Kurdistan Region is also a significant attraction point for foreign investment and home to numerous multi-national operations. Furthermore, we expect that rapidly improving security will open up new and exciting investment opportunities in liberated provinces. Hence, the reconstruction and the revitalisation of Iraq’s historically strong industries will be a key theme of the conference, as the UK allocates 10 billion pounds in export finance to the country.

Another key theme will be the reform of the business environment and changing the role of the state, opening the door to economic diversification and non-oil economic growth. Each province in Iraq has its own unexploited wealth, ranging from vast deposits of metals including iron and copper to vast mineral deposits, including high quality limestone and phosphate rock. Iraq also has abundant natural gas to ensure these deposits can be utilised through linked industries, giving Iraq a competitive edge.

Foreign multinationals are taking advantage of consistently excellent security in the south and north, not only in the energy sector.

Most importantly, Iraq’s most vital resource today is the Iraqi people and democratic governance. This conference will introduce participants to both, in a series of panel sessions and workshops aimed at removing barriers to trade and maximising Iraq’s human capital. The conference will address other issues in relation to doing business in Iraq like security challenges, business visa, investment law and investment legal environment presented by experts in their fields.

I am delighted to welcome you to the conference, joining us will help building stronger relations between our countries.

June 06,2017

Baghdad/ Iraq TradeLink: Iraqi Transport Minister Kadhim Finjan al-Hamami announced that the bids for joint operations for Greater Fao Terminal will be the first of July, 2017.

The ministry is waiting the completion of the bids of the foreign companies that will participate in these bids for joint operations.

On 20 May, 2017, Minister al-Hamami announced that the ministry will take "brave" decisions, but charged some Basra provincial MPs of attempting to "slow the pace of completing the terminal".

(Source: Iraq trade link news)

Baghdad/ Iraq TradeLink: Iraqi Planning Ministry confirmed that the private sector will have an active role in the 2018-2022 national plan, pointing that the government is planning to privatize more economic and services sectors.

In a statement, the ministry stressed that the private sector will be an important partner for the state in the coming stage to increase the provision of the services sector.

It pointed that the participation of the private sector in the gross national production is still low, disclosing that the state is planning to privatize other sectors following its moves in the electricity distribution sectors.

(Source: Iraq trade link news)

Dr Fouad Kadhim Shati Al Musawi, Deputy Minister, Iraq’s Ministry of Higher Education and Science and Technology, and Mr Dazhu Yang, International Atomic Energy Agency (IAEA) Deputy Director General and Head of the Department of Technical Cooperation, have signed Iraq’s Country Programme Framework (CPF) for the period of 2018–2023 on 1 June 2017.

The ceremony was attended by HE Mr Oudai Al Khairallah, Ambassador of the Republic of Iraq.

A CPF is the frame of reference for the medium-term planning of technical cooperation between a Member State and the IAEA and identifies priority areas where the transfer of nuclear technology and technical cooperation resources will be directed to support national development goals.

Iraq has been an IAEA Member State since 1959. Its 2018–2023 CPF identifies 8 priority areas:

- Strengthening of the Regulatory Infrastructure
- Decommissioning and Radioactive Waste Management
- Environment
- Nuclear Medicine and Radiotherapy
- Nuclear and Radiological Emergency
- Food and Agriculture
- Water Resources Management
- Radiation Technologies industrial application

(Source: IAEA)

The International Finance Corporation (IFC), a member of the World Bank Group, and its partners officially launched the first independent institute of directors in Iraq to promote principles of good corporate governance, boost transparency, and help attract more private investment.

The Kurdistani Institute of Directors (KIoD) will be providing corporate governance services in Iraq and the Middle East and North Africa Region, to help strengthen the role of independent directors and boards, and raise awareness of best corporate governance practices. The Erbil Chamber of Commerce and Trade is supporting these efforts.

The initiative is another step in IFC’s strategy to spur private sector growth in Iraq by improving smaller businesses’ management skills, business performance and competitiveness. It is also part of IFC’s aim to scale up support for fragile and conflict-affected states, where private sector investment is key to create jobs and spur growth.

“Strong corporate governance standards are vital for economic success. By building the capacity of national institutes, we are helping companies improve competitiveness and create jobs,” said Mouayed Makhlouf, IFC’s regional director for the Middle East and North Africa. “We hope this project will also open the door to more private sector investment in Iraq, and enhance the potential for long-term development.”

Companies operating in conflict-affected environments face unique corporate governance challenges. For the last several years, IFC has been working to help promote stronger corporate governance and transparency in Iraq. With IFC support, the newly established institute KIoD has already conducted its first corporate governance event, providing training for 20 entrepreneurs in Erbil.

So far, IFC has provided corporate governance services to five companies in Iraq and conducted nine specialized events, reaching about 447 participants and helping to build the capacity of 16 Iraqi trainers to deliver training through a network of specialized providers. IFC is implementing the corporate governance program in Iraq in partnership with the governments of Japan and Spain.

(Source: IFC)

June 07,2017

Cabinet sources reported the formation of a higher committee to invest and rehabilitate the areas surrounding Baghdad International Airport.

It is expected that the committee will commence its operations in the coming few days.

Iraq is expecting that this project will be the biggest one in the country as a trade city to attract foreign funds for investments.

No other details on the new project were released.

(Source: Iraq trade link news)

The Iraqi authorities and an International Monetary Fund (IMF) team reached a staff-level agreement on the second review of the Stand-By Arrangement (SBA) that was approved by the IMF Executive Board on July 7, 2016 (See Press Release No. 16/321).

The SBA aims to restore fiscal and external balance and to improve public financial management while protecting social spending.

Iraq completed the first review under the SBA on December 5, 2016 and received a disbursement of SDR 0.46 billion (US$0.6 billion) (See Press Release No. 16/540). Completion of the second review will release a further disbursement of SDR 0.6 billion (US$0.8 billion).

Mr. Christian Josz, Mission Chief for Iraq, issued the following statement today in Amman:

“The Iraqi authorities and the IMF team have reached agreement on a supplementary budget for 2017, objectives for the 2018 budget, and strengthened procedures to keep expenditure under control. Both the supplementary 2017 budget and the 2018 budget will keep the fiscal consolidation, necessitated by the fall in oil prices, on track, while protecting social spending.

“Once agreed prior actions have been implemented, the IMF Board could consider the second review of the SBA in August.

“During the discussions, the team met with Acting Governor of the Central Bank of Iraq (CBI), Dr. Ali Mohsen Ismail Al-Allaq, Deputy Chief of Staff of the Prime Minister, Dr. Naufel Al-Hassan, Chairman of the Board of Supreme Audit, Dr. Salah Noori Khalaf, Acting Deputy Finance Minister, Ms. Taif Same, Deputy Minister of Planning, Dr. Qasim Enaya, Deputy Minister of Electricity, Mr. Abdel Hamza, Financial Adviser to the Prime Minister, Dr. Mudher Saleh, and officials from the ministry of finance, Central Bank of Iraq (CBI), the Board of Supreme Audit, the ministry of oil, the ministry of planning, the ministry of electricity, and a representative from the Kurdistan Regional Government. The team would like to thank the Iraqi authorities for their cooperation and the open and productive discussions.”

(Source: Iraq Business news)

Rehabilitation of High Alumina Refractory Production Plant:

Investors are invited by Iraq’s State Company for Glass and Refractories to submit bids for the above project whose deadline is 16/07/2017. For further details contact by email: 19612002@yahoo.com


Rehabilitation, Operation and Transfer of Al Jadiriya Diesel Power Plant:

The Iraq Ministry of Electricity is inviting investors to submit their bids for the above project whose deadline is 04/07/2017. For further details contact by email: 32_contracts@moelc.gov.iq


Investment Opportunity:

MOE –HQ, 9/2017
The Iraq Ministry of Electricity has announced an investment opportunity for the Rehabilitation, Operation and Transfer (ROT) of Samarra Diesel Power Plant. The closing date is 04/07/2017. For further information contact the Investment and Contracts Office – Tenders Section: 32_contracts@moelc.gov.iq.

Tender for the Supplying of 50,000MT Wheat of US, Canadian or Australian Origin:

The Iraq Ministry of Trade has issued a tender for the supply of wheat. The deadline is 04/06/2017. For further information contact the MOT Contracts Department on high_mot@yahoo.com and g.contracts@mot.gov.iq.


Tender to buy 10.000 tons of edible oil:

Iraq TradeLink, 06/06/2017
The Iraqi trade ministry announced a tender to buy 10.000 tons of edible oil. The final date for the tender shall be on 13 June, 2017. Read more…http://www.iraqtradelinknews.com/2017/06/iraqi-tender-to-buy-10000-tons-of.html.


Tender to Purchase 30,000 MT of Rice:

Tender No: 3/2017
The Iraq Ministry of Trade has issued a tender for the purchasing of a quantity of 30,000MT of rice; the closing date is 11/06/20I7.Read more…http://www.mot.gov.iq/index.php


(Source: www.iraqitic.com)

June 09,2017

Iraqi Oil Minister Jabbar al-Lu'aibi disclosed that a partnership contract was signed with the Arab Maritime Oil Transport Company.

In a statement, he added that the contract will develop Iraqi oil fleet and change it into a leading member in oil and gas transportation fields.

Iraq plans to buy two new vessels to be added to the current ones in the field oil transportation.

According to the contract and the approval of the Iraqi Cabinet, Iraq will have 22.5% of the contract without having financial obligations.

Iraq is a founding member in the Arab company and has part of its capital.

The company is one of the organs of the Arab Oil Exporting Organization (OAPEC).

(Source: Iraq trade link news)

June 12,2017

Iraqi oil ministry disclosed plans to increase the export capacity of Khor al-Amaya port , south of Iraq, to more than one million b/d during the coming few years.

The current level of exports for this port reached to 250.000 b/d, but expected to increase it , after completion of the storage systems and tanks, to reach 600.000 b/d.

Iraq exports most of its oil production through this and Basra ports, in addition to floating piers prepared for exports purpose

(Source: Iraq trade link news)

June 13,2017

Iraqi oil sources reported that Iraq is planning to increase its oil products supply to 1.5 million b/d by 2021 .

Currently, Iraqi oil products' production reached to about one million b/d, as reported.

The sources added that Iraq is importing benzene and gas products with the amount of more than 2 billion dollars annually.

The ministry is planning to build another refinery in Basra province, south of the country, with the capacity of 300.000 b/d, as well as another proposed refinery in Kirkuk with the capacity of 70.000 b/d, while in Nassiriya there are talks to build a refinery with 150.000 b/d.

In Karbala, the financial difficulties hindered completing a refinery of 140.000 b/d, while the Iraqi government is trying to get 2 billion dollars to cover the shortages in financing the project.

On the other hand, some oil reports said that Iraq is conducting talks with China , Singapore and Indonesia to invest in thee refining sector.

(Source: Iraq trade link news)

June 14,2017

Concession in BOT of Container Terminal A – Al Faw Grand Port

The Iraqi Ministry of Transport, General Company for Ports of Iraq (GCPI), is inviting tenders from qualified container terminal operators for the concession in BoT of a portion of the Grand Port of Al Faw, Container Terminal A to be built on the Al Faw peninsula. Deadline for submissions is 1 July 2017. Interested parties should contact the authorities by email fawgport.pm@gmail.com

Supply of Disabled Vanadium

EOX – 007 Tender
The Iraqi Ministry of Electricity has issued a tender for the supply of Disabled Vanadium. Deadline for submissions is 2 July 2017. Interested parties should contact by email on dept.m@moelc.gov.iq

June 15,2017

Iraqi Transport Ministry disclosed that rehabilitation of Iraqi airports is understudy, because no funds were allocated.

Spokesman Salim Musa pointed that the airports that need rehabilitation are Nassiriya (Thi Qar), Bitaira (Missan), Kirkuk and Anbar airports.

On the other hand, the ministry, earlier, announced it s intentions to include the private sector in administering the Iraqi airports through joint operations.

(Source: Iraq trade link news)