ERBIL, Kurdistan Region - Iraqi President Abdul Latif Rashid on Tuesday told world leaders in New York that his country is a promising destination for investment, highlighting opportunities in key sectors and pledging reforms to support economic growth.
Speaking on the sidelines of the United Nations General Assembly during the Global Development Initiative meeting hosted by China, Rashid said Iraq is focused on “strengthening our economy by opening up to the world and diversifying partnerships across multiple sectors.”
“Iraq presents promising investment opportunities, especially in energy, transportation, construction, and reconstruction,” he said.
Despite decades of conflict, Iraq “now enjoys security and stability,” according to Rashid, who stressed the government’s commitment to enabling this growth by supporting private sector development, building business-friendly environments and pushing for legislative reforms — some already enacted, others under review.”
In August, Prime Minister Mohammed Shia’ al-Sudani said Iraq had attracted over $100 billion in foreign investment in two years. His financial advisor, Mazhar Mohammed Salih, told Iraqi News Agency (INA) in July that Iraq is pursuing sweeping reforms to build a diversified, sustainable economy less dependent on volatile oil revenues.
Rashid also pointed to Iraq’s urgent environmental challenges, including declining water resources and rapid population growth of about one million people a year. He called for greater international support, noting Iraq’s readiness to cooperate with global partners to achieve the United Nations’ Sustainable Development Goals (SDGs).
Iraq’s economy remains heavily reliant on oil and natural resources, though the government is working to expand agriculture, industry, and tourism. The country is also among the most vulnerable globally to climate change, facing worsening food and water insecurity.
In June 2023, Iraq passed a three-year budget covering 2023 to 2025, the largest in its history, with $152 billion in spending. The record expenditure drew concern that falling oil prices - below the $70 per barrel assumed in the bill - could trigger instability.
Sudani said at the time that the budget was designed to meet social needs, improve infrastructure, and stimulate economic progress.