Investing in Vietnamese currency, dong, no sure bet, expert says
The idea that investors should put their money into the Vietnamese currency because it is set to be revalued has regained attention online recently. Photo: 123RF
Currency speculators are being warned to take care with suggestions that investing in Vietnamese dong could propel them to riches.
The video for this My FX Buddies Blog post is below here:
The idea that investors should put their money into the Vietnamese currency because it is set to be revalued has regained attention online recently.
It is a similar proposition to that sometimes discussed in relation to the Iraqi dinar. US authorities took legal action against scammers who extracted millions from people investing on the expectation that a revaluation would make the currency much more valuable, US reports said.
Rupert Carlyon, founder of Koura Wealth, said he could understand where the idea had come from and why it had resurfaced.
"Currently the Vietnamese are controlling their currency and maintaining a peg against the US dollar. A weak Vietnamese dong is viewed as important to maintain the export economy.
"Currency manipulation is one of [US President Donald] Trump's big hates and he has often berated countries for not letting their currency rise. His view is that by artificially weakening their currencies, it benefits exporters at the expense of the US.
"People will be betting that he will pressure them to give up on the US dollar peg as part of the trade deal and rapprochement with the US."
But Carlyon said it was far from the sure bet that some internet commentators were making out.
"It is a very risky play… emerging markets' currencies are highly volatile and removing the peg could create massive volatility, so you could lose as well as win.
"It's also important to point out that most of what is meant to happen with the trade deals has not actually happened, countries are agreeing to stuff and then doing nothing about it."
The "white" and "blue" dollar: One banknote with two different values in Iraq and the Kurdistan Region
Although both carry the same value, $100, and are both authentic and not counterfeit, the old, off-white, and new, blue-stripe US dollar bills have created two different markets within one country, causing confusion for citizens and problems for money changers and hard currency dealers.
In the currency markets of the Kurdistan Region, there is no difference in value between the two editions, as they are traded at the same rate. However, the situation is completely different in the markets of central and southern Iraq, where the old "white" dollar is either rejected or accepted at a value far lower than its actual value.
A problem is hitting the markets of Baghdad and the south.
Exchange market operators say this problem has been present for some time in other Iraqi provinces, where the old $100 bill is no longer accepted for commercial transactions and money transfers.
"These two currencies differ only in color, but otherwise they are worth the same amount of $100," Ghazi Saadi of the Erbil Stock Exchange Board told Kurdistan 24 from inside the Erbil market. "However, in the markets of central and southern Iraq, the white dollar is not used, which has created problems for transfers and commercial transactions."
He added that the difference in value could amount to a loss of "100,000 Iraqi dinars for every $10,000 of the old edition when trying to sell it in those markets."
For his part, Kefi Khoshnaw, spokesperson for the Erbil Stock Exchange, who has been working in the profession for over 20 years, confirmed that most of his transactions are focused on transferring dollars to the central and southern provinces of Iraq, noting that "demand there is limited to the new blue dollar."
He also says, "In Iraqi government-controlled areas, they don't accept white and blue notes at the same value, and they buy them at a significant margin. Even in car and home sales and purchase transactions, they refuse to accept white dollars." He adds, "We demand that the Iraqi government find a solution to this problem. The dollar is the US dollar, and there is no technical problem with it."
The main reason behind this phenomenon is that the "white" dollar is the older edition (issued between 1996 and 2006), while the "blue" dollar is the newer edition (issued starting in 2009) and contains advanced security features that make it more difficult to counterfeit.
The lack of acceptance of the old edition in neighboring countries such as Iran and Turkey has increased the reluctance of markets in central and southern Iraq to use it, fearing the difficulty of disposing of it later.
Unlike the rest of Iraq, exchange markets in the Kurdistan Region were not affected by this problem. Dealers in Erbil confirm that they do not differentiate between the two versions, and that both have the same purchasing power.
"Even if the market stops accepting the old bills, we buy them," says an Erbil money changer. "When we sell a bundle of dollars, half of it might be blue and half white, and we don't see any difference. This is better for us because white dollars don't go south."
This unique phenomenon created instability in parts of the Iraqi market, while markets in the Kurdistan Region maintained their stability, relying on trust among traders and the acceptance of all official versions of the US currency.
Iraq reduces debt, holds stable B credit rating
Iraq has sustained a stable “B” credit rating — a speculative grade that signals moderate financial risk — for ten consecutive years while cutting its foreign debt to just $9 billion, Prime Minister Mohammed Shia al-Sudani’s economic adviser Mazhar Muhammad Saleh said on Monday.
The prime minister’s economic adviser Mazhar Muhammad Saleh told Shafaq News that remaining obligations include residual arrears from the 2004 Paris Club settlement, an international deal that restructured most of Iraq’s debt after the fall of Baath regime in 2003, as well as several commercial debts scheduled for clearance by 2028, and loans from development funds for liberated areas, which are expected to be fully repaid within the next decade.
External debt currently stands at only 7–8 percent of gross domestic product (GDP), while total public debt — domestic and foreign combined — is between 35 and 40 percent of GDP, Saleh said, noting that both figures remain far below the international safe ceiling of 60 percent.
According to Saleh, fluctuations in oil prices since 2014 forced Iraq to rely on domestic borrowing, which has now reached around 92 trillion dinars (about $64.7B), half of that amount is held in the Central Bank of Iraq’s investment portfolio. Saleh stressed that these debts are fully covered by liquidity and foreign reserves that exceed 100 percent.
The General Company for Oil Products: Towards digitizing electronic payment in Iraq
In a new step toward digital transformation in Iraq, the General Company for Oil Products, affiliated with the Ministry of Oil, announced that it has generated 720 billion dinars per month from electronic payments for services it provides to citizens. This is part of the state's efforts to transition from cash transactions to a more digital financial transaction system.
The company’s general manager, Hussein Talib, told Al-Sabah newspaper, which was followed by Al-Mustaqilla, “The plan that was put in place to end cash transactions and transition to electronic payments has reached advanced stages, with the company’s total monthly sales reaching 1 trillion and 100 billion dinars, of which 720 billion dinars were via electronic payments, or approximately two-thirds of sales.”
Digital transformation in the Iraqi economy
Dr. Ahmed Al-Hazal, a professor of economics at Al-Mustansiriya University, emphasized that Iraq is witnessing a gradual transition from a cash-intensive economy to a broader digital payments system, pointing to positive indicators in financial inclusion:
Bank account ownership increased from about 25% to about 40% of adults.
Smartphone use for digital payments increased from 6% to 25%.
Official savings rose from 5% to 12%.
Al-Hathal explained that these transformations have positive impacts on the national economy, including:
Expanding the tax base.
Reducing the cost of financial transactions.
Reducing cash leakages.
Strengthening money tracking and combating money laundering.
Existing challenges
Despite these encouraging indicators, the digital transition remains limited by several factors:
Lack of banking confidence among some citizens.
Slow financial inclusion in rural areas.
The high cost of commercial acceptance of digital payments.
Digital culture disparities among segments of society.
Conclusion
The shift to electronic payments represents an important strategic step to enhance financial transparency and improve the efficiency of the Iraqi economy. However, it requires continued efforts to address structural gaps, increase digital trust, and expand electronic payment services to include all citizens across all regions.
Iraqi markets teeter between the official and parallel currencies. A relentless struggle drives up the exchange rate.
It appears that government measures and the Central Bank's attempts to control the dollar exchange rate have not achieved complete success, as exchange rates continue to witness significant fluctuations in the markets, amid increasing pressures resulting from unofficially covered demand, smuggling operations, and the complications of recent customs decisions.
The US dollar exchange rate rose in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, after successive declines witnessed in recent days, raising concerns among citizens and traders alike.
The Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 141,600 dinars for $100, while the selling price in exchange shops in local markets recorded 142,500 dinars for $100, after the dollar recorded 139,000 dinars for $100 this month.
Experts believe that the continued fluctuation reflects the limited impact of government measures and the Central Bank, as unofficial market factors, such as demand related to trade with neighboring countries and smuggling through ports, continue to pressure the stability of the dinar.
These people point out that addressing the crisis requires broader solutions than just financial decisions, including reforming the customs system, strengthening control over border crossings, and revitalizing non-oil economic sectors to reduce excessive reliance on the dollar.
Expectations of Rise
In turn, economic expert Ahmed Abd Rabbo expects a further rise in the dollar exchange rate, noting that the previous decline was a result of the downturn witnessed in the markets, which created a state of anxiety in financial transactions.
Abd Rabbo told Al-Mada that "the talk about the suspension of some remittances and problems with online shopping led to a rush on the dollar in the parallel market, which will lead to a renewed rise in the price."
He added that "stabilizing the dollar price requires practical plans and real market control, so that the Central Bank can understand the problems and seek effective solutions through the banking system," stressing that "such steps will contribute to controlling prices and calming the market."
He pointed out that "seriously addressing the factors affecting supply and demand, in addition to monitoring parallel market movements, are key to achieving real stability in the dollar price."
Traders point out that the gap between the official and parallel markets still exists, which opens the door to daily speculation and makes any temporary decline vulnerable to rapid dissipation. While citizens are optimistic about any decline in the exchange rate, concerns remain about a renewed rise, accompanied by a new wave of inflation that will put pressure on the livelihood of Iraqi families.
Three main factors
For his part, financial and banking expert Abdul Rahman Al-Shaikhly attributed the reasons for the fluctuations in the dollar exchange rate in Iraq to three main factors, stressing that these factors work together to increase pressure on the market.
Al-Shaikhly explained to Al-Mada that "the first reason is the scarcity of supply compared to the increasing demand, which creates a state of tension in the exchange market."
He added, "The second reason is the insistence of many traders on importing their goods from neighboring banned countries, especially in light of the Central Bank's occasional delay in providing dollars to importers through official outlets. The third reason is the price difference between the official market and the parallel market, which has encouraged speculators to take advantage of this disparity, especially in light of the current increase in demand."
He stressed that "understanding these reasons and taking measures to control supply and demand, in addition to monitoring price differences between markets, represents an important step towards stabilizing the dollar price in Iraqi markets."
The Iraqi public had been optimistic about the decline in the dollar price in recent weeks, hoping that this would be reflected in price stability and a decline in commodity costs. However, the ongoing volatility has dispelled these expectations, after the price rose again, affected by the increase in demand that is not officially covered and the slowness of government solutions, which has left the public facing renewed concerns about a new wave of looming inflation.
Kurdistan Region President: Baghdad is our capital and the salary crisis will be resolved soon.
Barzani told the official agency, "The Kurdistan Regional Government is working to resolve the crisis of the region's employees' salaries," indicating that "this problem will be resolved soon."
He added, "Baghdad is our capital, and I intend to visit it soon," noting that "the Kurdistan Region is part of Iraq, and I will go to Baghdad at any time."
He continued, "We are engaged in intensive negotiations regarding oil exports," noting that "there are discussions with oil companies, and all our efforts are aimed at resuming oil exports through the region's oil pipeline."
Regarding the formation of the regional government, Barzani stated that "negotiations are ongoing between the Kurdistan Democratic Party (KDP) and the Kurdistan Regional Government (KRG) regarding the formation of the regional government," explaining that "there is no specific timeframe or date for this."
Regarding the recent events in Sulaymaniyah, Barzani confirmed that "the Kurdistan Region issued a statement on the matter," noting that "all matters are proceeding legally."
Parliamentary Finance to NINA: A high-level government committee to follow up on the implementation of the agreement with the Kurdistan Region.
The Parliamentary Finance Committee reassured the parliamentary and political circles about the progress of implementing the agreement with the Kurdistan Region regarding oil revenues and the dues of the region's employees in the general budget.
Member of the committee, MP Moeen Al-Kadhimi, said in a statement to the National Iraqi News Agency ( NINA ), that "the federal government has formed a higher committee under the supervision of the Minister of Planning to follow up on the file of the dues of the Kurdistan Region's employees and the revenues of exporting oil from the fields in the region's governorates to the general budget."
He added: "The government presented its vision to resolve the crisis with the Kurdistan Region, through a clear paper that includes the necessity of the region implementing the text of Article 12, Secondly / C, agreed upon in the General Budget Law, and resuming oil exports from the region at a rate of 400,000 barrels under the supervision of the national company SOMO, with the government paying $16 for the extraction cost for each barrel."
He continued, "The region exports 250,000 barrels per day unofficially, and its funds are unknown deposits. The value of oil exports amounted to 4 trillion and 800 billion dinars annually for the years 2023-2024-2025, but the region has only handed over 700 billion dinars to the government. Likewise, non-oil revenues, including border crossings and taxes, amount to about 4 trillion and 700 billion dinars annually, the central treasury's share of which has not yet been handed over. Likewise, the file of localizing salaries for Kurdistan Region employees in government banks has not been fully implemented."
He added, "The ministerial committee will monitor and evaluate the implementation of the agreement with the Kurdistan Region and overcome any obstacles that may arise if the Kurdistan Region does not commit to paying its financial obligations to the central treasury, in coordination with the Federal Board of Financial Supervision, the Ministry of Finance, and the Central Bank."
Government source: Baghdad demands the region send 100% of non-oil revenues
Iraq News Network - Bilateral talks concluded yesterday evening in Baghdad between a delegation representing the federal government, headed by Finance Minister Taif Sami, and a delegation from the Kurdistan Region to discuss the Kurdistan Region's non-oil revenues.
A source confirmed that today's meeting with Finance Minister Taif Sami did not reach a final agreement. The meetings will resume on Monday in an attempt to reach a new agreement on the contentious issues between the two parties.
The source indicated that the dispute revolves around tax and fee revenues, with Baghdad demanding "100%," but the Kurdistan Region does not agree to this in any way.
However, they agreed on 50% of customs and border revenues.
Bahaa al-Araji: Washington will not withdraw from Iraq and threatens Parliament.
Former Deputy Prime Minister Bahaa al-Araji revealed on Sunday that the United States had sent threats to the parliament's leadership to obstruct the vote on the law to expel foreign forces, stressing that parliament "will not return to sessions" at this time due to these pressures.
In statements to the "Half Circle" program, followed by Kalima News, Al-Araji explained that "American forces will not withdraw from Iraq, and what is currently happening is merely a rationing of their numbers." He described the recent statement by the US embassy regarding the expansion of terrorism as "merely a warning" and not an actual warning.
He noted that "some of the concerns of Sunni and Kurdish forces are legitimate," referring to their concern about a potential security vacuum following any US troop withdrawal, adding that "Sunni forces fear a US withdrawal" for security reasons.
Al-Araji expressed his surprise at the "denial of the Popular Mobilization Forces' role in liberating areas" from ISIS, affirming his rejection of the "foreign decision to dissolve the armed factions," while noting that "some neighboring countries are wary of these factions," without naming them.
On domestic politics, Al-Araji predicted that State of Law Coalition leader Nouri al-Maliki would support renewing Prime Minister Mohammed Shia al-Sudani's term, describing the latter as "a man of action, not words," unlike the US Secretary of State, referring to Antony Blinken.
In a related context, Al-Araji pointed out that "Shiite rule, with the exception of Iraq, derives its legitimacy from Iran."
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Diplomacy of Promises? Al-Sudani Sells Dreams to Iraqis Instead of Realistic Projects
The government of Prime Minister Mohammed Shia al-Sudani is promoting what it calls “productive economic diplomacy,” considering it a turning point in the use of economic power as a tool of political and diplomatic influence regionally and internationally. However, despite the many official statements about “opening up to global partners” and “attracting investment,” a fundamental question arises: Can Iraq truly leverage its oil-dependent economy to build balanced partnerships, or will these promises remain mere media slogans?
Big promises... and a fragile reality
The Prime Minister's financial advisor, Mazhar Mohammed Salih, spoke of a government plan to leverage economic tools, from oil to trade and international agreements, to strengthen Iraq's position. However, the reality is that the Iraqi economy remains hostage to oil, amid an inability to diversify sources of income and a weak infrastructure and investment environment.
Italy is a “successful model”... but!
The government touts its partnership with Italy as a successful model of economic diplomacy, focusing on oil, energy, culture, and security. Ironically, however, this partnership has yet to translate into tangible projects on the ground capable of reducing Iraq's dependence on oil or creating real development. Will the restoration of some archaeological sites and oil cooperation be enough to bring about a qualitative shift in the Iraqi economy?
Investment between ambition and bureaucracy
Economic expert Ikram Abdel Aziz emphasized that economic diplomacy can attract investment and create job opportunities. However, challenges remain: stifling bureaucracy, rampant corruption, a lack of transparency in contracts, and weak legal structures. All of these factors make Iraq a hostile environment for investment, regardless of the government's intentions.
Between speech and achievement
Since 2023, the government has been talking about the "Development Road Project, Al-Faw Port, Railway Link, and Solar Energy" as glamorous titles to attract international companies. However, these projects remain captive to plans and promises, at a time when Iraqi citizens' confidence in the effectiveness of the government's "economic diplomacy" slogan is eroding.
Conclusion
If economic diplomacy does not transform from political rhetoric into concrete action, it will remain a mere public relations tool to polish the government's image. Iraq needs genuine political will to confront corruption and improve the investment environment before it can talk about "economic strength" or "balanced partnerships" with the world.
he Pentagon to Shafaq News: We are committed to ending our combat presence in Iraq and have new missions for our bases.
A US Department of Defense official said on Monday that Washington continues to review and adjust its force posture in Iraq "as appropriate" and in line with the mission of the international coalition to defeat ISIS in Iraq.
The official added to Shafaq News Agency that Washington "is committed to ending the coalition's military mission inside Iraq by September 2025, and we will continue to support operations to defeat ISIS in Syria from bases inside Iraq until September 2026."
He pointed out that after the end of the transitional period, "the United States will continue a bilateral security cooperation relationship with Iraq."
In September 2024, Baghdad and Washington agreed to end the coalition's military mission in Iraq by September 2025, while continuing to support operations against ISIS in Syria until 2026.
The first phase of the withdrawal actually began with a convoy leaving Ain al-Asad base for Syria at the beginning of the week, with some forces being transferred to Erbil and Kuwait, with the number gradually reduced from approximately 2,000 to less than 500 soldiers by September 2026.
Al-Mashhadani and the US Chargé d'Affaires discuss the mechanism for reducing the number of troops at Al-Assad Air Base.
During the meeting, according to a statement from the Speaker of Parliament's office, a copy of which was received by {Euphrates News}, the mechanism for reducing the number of troops at Ain al-Assad base and shifting the work to a limited bilateral framework within the Kurdistan Region was discussed, in line with the requirements of the reality on the ground, in a way that enhances national sovereignty and reflects the security stability achieved in the country.
President Al-Mashhadani stressed that sustainable security stability cannot be achieved without economic prosperity, emphasizing the importance of American companies entering the Iraqi market to support the private sector and provide extensive job opportunities for the national workforce.
The two sides also emphasized the strength of the relationship between Iraq and the United States, and their keenness to develop it in a way that serves common interests and enhances cooperation in the political, economic, and security fields.
The meeting concluded with an emphasis on the importance of developing Iraq's relations with its neighbors as a cornerstone of enhancing regional stability and helping to consolidate the principles of good neighborliness, serving the future of Iraq and the peoples of the region.
Iraq announces an agreement to transfer Americans to Kurdistan "in response to the situation on the ground."
The Iraqi parliament announced on Monday that it had reached an agreement with the United States to reduce the number of its forces at Ain al-Asad base and transfer their operations to a limited bilateral framework within the Kurdistan Region, "in response to the demands of the situation on the ground." The announcement came during a meeting between Parliament Speaker Mahmoud al-Mashhadani and US Chargé d'Affaires Stephen Fagin.
Speaker of Parliament Dr. Mahmoud Al-Mashhadani received in his official office today Ambassador Stephen Fagin, Chargé d'Affaires of the United States Mission to Iraq.
During the meeting, the mechanism for reducing the number of troops at Ain al-Assad base and shifting operations to a limited bilateral framework within the Kurdistan Region was discussed, in line with the requirements of the reality on the ground, in a manner that enhances national sovereignty and reflects the security stability achieved in the country.
President Al-Mashhadani emphasized that sustainable security stability cannot be achieved without economic prosperity, emphasizing the importance of American companies entering the Iraqi market to support the private sector and provide ample job opportunities for the national workforce.
The two sides also emphasized the strength of the relationship between Iraq and the United States, and their keenness to develop it in a way that serves common interests and enhances cooperation in the political, economic, and security fields.
The meeting concluded with an emphasis on the importance of developing Iraq's relations with its neighbors as a cornerstone of enhancing regional stability and helping to consolidate the principles of good neighborliness, serving the future of Iraq and the peoples of the region.
Taif Sami: We have achieved tangible progress on the tax reform process.
Finance Minister Taif Sami confirmed on Monday that Iraq is witnessing tangible progress in tax reform, while pointing to the government's commitment to developing the tax system in line with international standards .
In a speech at the Tax Conference for Economic Development and Investment Promotion, the Minister of Finance said, "This conference affirms the state's commitment, under the direct supervision of Prime Minister Mohammed Shia al-Sudani and the Ministry of Finance, to developing the tax system in line with international standards, contributing to diversifying non-oil revenue sources and increasing the state's financial resources ."
She added, "Over the past period, we have worked to implement the government program through a series of reforms and measures, including updating tax legislation and instructions, developing tax accounting mechanisms, protecting the state's rights, and achieving social justice ."
She pointed out that "the objectives of the National Reform Plan 2025-2030 are to boost domestic revenues with funding from the European Union and German organizations, review tax ceilings, expand electronic payment and collection services, and enhance financial inclusion. They also aim to identify obstacles to the effective implementation of tax policies and develop appropriate solutions, in line with the requirements of judicial oversight and sound financial management tools ."
She continued: "It also aims to stimulate economic legislation and investment activity in line with international transparency requirements, create an attractive and conducive business environment for the private sector, and improve the economic operating environment by increasing the efficiency of financial procedures, reducing red tape, encouraging start-up projects, and developing collection services using advanced electronic tax management systems to enhance citizen and investor confidence in financial institutions and reduce corruption ."
She explained that "these efforts aim not only to increase public financial revenues, but also to build an attractive economic and investment environment based on transparency and fairness in achieving sustainable development and enhancing national economic stability ."
Sami affirmed: "Over the past two years, we have achieved tangible progress on tax reform, as confirmed by the data and figures related to the growth in domestic revenues, which reflect the extent of the progress and achievements made ."
The Minister of Finance called on international partners, including financial institutions and international and regional organizations, to "effectively contribute to supporting the Iraqi tax reform plan by exchanging technical expertise and providing advisory, technical, and training support." She noted that "your participation with us in this process will be safe and decisive in accelerating reform steps and ensuring our compliance with international standards ."
The Minister of Finance concluded her remarks by emphasizing "the Ministry of Finance's commitment to the path of financial and tax reform, in line with a national development vision and unlocking investment opportunities that benefit Iraq."
America's new man in Baghdad: a security mind who knows Iraq well
Political circles in Iraq are anticipating the arrival of the new US Chargé d'Affaires, Joshua Harris, who will begin his duties next week in Baghdad. The embassy announced his appointment as a successor to Stephen Fagin, who left the country amid tense regional conditions following the 12-day war between Iran and Israel. Washington sent one of its most prominent diplomats to the region to pursue its interests in Iraq. Harris has a distinguished diplomatic record working in North Africa, holding numerous positions in the Bureau of Near Eastern Affairs, in addition to managing Iraq affairs at the US National Council. The new Chargé d'Affaires holds a degree from the A. Walsh School of Foreign Service at Georgetown University and another degree from the London School of Economics and Political Science. He is also fluent in Arabic, French, Italian, Polish, Slovenian, and his native English.
Biography of the US Chargé d'Affaires in Baghdad:
A prominent diplomatic figure with extensive experience in international affairs, especially in the North African region.
A career member of the Foreign Service, he served as Deputy Assistant Secretary of State in the Bureau of Near Eastern Affairs, overseeing U.S. diplomatic relations and policy toward a range of countries in the region. He also previously served as Director for North African Affairs at the National Security Council.
Deputy Chief of Mission and Chargé d'Affaires ad interim at the U.S. Embassy in Tripoli and at the Embassy's External Office in Tunis.
He headed the Maghreb Affairs Office at the Ministry of Foreign Affairs, served as Policy Director for the Special Presidential Envoy for the Global Coalition to Defeat ISIS, and served as Director of Iraq Affairs at the National Security Council. He also served on foreign diplomatic missions in Slovenia, Iraq, and Croatia.
He has distinguished academic qualifications, holding degrees from the Edmund A. Walsh School of Foreign Service at Georgetown University and the London School of Economics and Political Science, and speaks several languages, including Arabic, French, Croatian, Italian, Polish, and Slovenian.
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The US Embassy in Baghdad expressed its gratitude on Monday for the efforts of the former Chargé d'Affaires, Stephen Fagin, while welcoming the arrival of the new Chargé d'Affaires, Josh Harris, next week.
The embassy tweeted: "We are grateful to Chargé d'Affaires Fagin for his steadfast leadership throughout Iraq and his efforts to strengthen ties and create opportunities for American investment. As Chargé d'Affaires Fagin prepares to depart Iraq, we look forward to welcoming the new Chargé d'Affaires, Josh Harris, next week to continue this important work."
Trade and investment agreements to improve the business environment
The Iraqi Ministry of Trade has concluded a number of trade, economic, and investment agreements with relevant authorities in three foreign countries, affirming Iraq's readiness to provide all necessary facilities to create a stable and investment-friendly economic environment.
The ministry's official spokesman, Mohammed Hanoun, told Al-Sabah: "The signed agreements aim to stimulate economic cooperation between Iraq and a number of countries, and open new channels for exchanging expertise and investments." He explained that the agreements with Serbia covered the fields of trade, economy, and investment, particularly in the industrial and technology sectors, and included the organization of joint economic forums bringing together businessmen from both countries to discuss cooperation opportunities. In addition, Serbia will contribute to the establishment of automotive equipment manufacturing plants, the implementation of irrigation projects to reduce water scarcity, and the strengthening of economic partnerships to serve common interests.
Hanoun pointed out that cooperation with the United States focused on expanding economic and trade relations, with the goal of developing the business environment and promoting foreign investment. He also discussed the provision of goods and services and the implementation of economic reforms, including the adoption of an intellectual property law and the launch of the "e-trader" platform to regulate market activity, enhance oversight, and protect the rights of producers and consumers. He added that the platform will provide a safe environment for commercial transactions, limiting violations and maintaining a balance between merchants and consumers. He also referred to a proposal to hold a joint forum between the Iraqi and American private sectors to review investment opportunities and joint projects.
Cooperation with the Swiss side included concluding a contract with a specialized company to establish mills and silos, and providing the ministry with a shipment of spare materials, equipment, and advanced systems in accordance with the latest international specifications to ensure the highest standards of quality and productivity. Hanoun affirmed that the ministry is proceeding with implementing its strategic plans to modernize the infrastructure of government mills, improve production quality, and enhance food security by adopting clear implementation plans and an advanced economic vision that focuses on improving operations and reducing financial waste.
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A Framework Deputy: Al-Sudani's Second Term Is More Important Than the Drought and Thirst of Iraqis
Provincial Deputy Aref Al-Hamami confirmed on Monday that the Iraqi marshes are experiencing their worst conditions since Maliki's first government due to the severe drought. He noted that the damage rate has exceeded 85%, with the near-total demise of fish stocks and a significant decline in livestock.
Al-Hamami said in a press interview that "the drought has severely affected the marshes in the southern governorates, especially Dhi Qar and Maysan, where vast areas have completely dried up, tragically impacting the lives of tens of thousands of families living in those areas."
He added that Al-Sudani's second term is unfortunately more important than the water scarcity and thirst of Iraqis, and that the humanitarian situation in the marshes has become alarming and requires an urgent roadmap and exceptional plans to save what remains and support the people facing an extremely harsh season.
It is worth noting that Ankara's reduction of water supplies to the Tigris and Euphrates has had the greatest impact in deepening the crisis and affecting large areas of the country. With drought, especially in the middle and southern Euphrates governorates.
The joint efforts of Hayssam Yassine, Ayman Farrag, Mudhar Alani , PRINCE2®, PMP®, Vinayak Shenoy, and Hasan Alsayah have played a crucial role in bringing this initiative to fruition.
Iraq stands out as a robust market in the Middle East, driven by a growing embrace of digital technologies and an estimated TAM of 10M devices.
Excited about the promising prospects that lie ahead in our collaboration! Motorola Iraq Telecom Partnership
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