UK MP: “Huge potential for growth in Iraq”
“Huge potential for growth in the area”
So firstly, why should we be seeking to do business in Iraq?
I believe that it’s absolutely vital that we improve our trading relations across the Middle East. The reasons are simple.
It’s good for our overall economy, it will be good for your businesses, and it will help bring stability and security to the region and here at home. And there’s huge potential for growth in this area. Although Iraq is not yet a member of the WTO, which has its own short-term challenges, its eventual accession will enhance structural and Iraq’s reintegration into the multilateral trading system. The organisations who gain most from engaging with this emerging market will be those which have a stronger base to build from when Iraq’s WTO status is confirmed.
While it’s not yet clear what the effect of Brexit will be on the EU-Iraq Partnership and Cooperation Agreement, no matter what status that agreement will have it’s clear that there will be a political and economic imperative to agree a successor deal for organisations based in the UK either in parallel to Brexit negotiations, or as soon as possible after Brexit is concluded.
Total bilateral trade between the EU and Iraq amounted to over €16.1 billion in 2015. EU imports from Iraq were worth €11.1 billion in 2015. Oil imports represent up to 99.7% of all EU imports from Iraq. The EU is the fourth-largest source of imports for Iraq followed by Turkey, Syria and China. The EU exported €5 billion worth of goods to Iraq in 2015. EU exports to Iraq are dominated by machinery and transport equipment, chemicals, food and live animals. As part of this trade, the UK has a substantial trade surplus with Iraq: we export more than we import. UK exports to Iraq in 2015 amounted to £609 million, whilst imports from Iraq to the UK amounted to £187 million.[1]
Over the past couple of years Scottish based companies like Agreko, the Weir Group and the Wood Group have already made significant investments in Iraq, leading the way for others to follow. The recent partnership with IBBC and the Aberdeen Chambers of Commerce should help to build new relationships and understanding of how firms can capitalise on the skills and experience they have developed in the North Sea to expand in this new market.
But while this figure is growing, UK Exports to Iraq are under-performing in relation to our European allies. We are 17% of the EU economy, but provide only 12% of the EU’s current exports.
There is huge room for improvement – especially given the relative size of our oil and gas industry, and the enormous potential for the export of expertise and technology forged in the North Sea over the past few decades. Hydrocarbons account for nearly two-thirds of Iraq’s GDP and almost all of its exports.
After experiencing years of embargo and conflict, Iraq’s economy is now on the way to recovery. While GDP decreased by 2.7% in 2014 due to a decline in economic activity in the areas under the control of the Islamic State (ISIS), the stagnation of government spending and the drop in oil prices, growth is now expected to increase slightly in the short term, due to the rise in oil exports.[2]
The World Bank’s latest economic forecast expected Iraq to bounce back in 2016, growing at 7.2% in that year and continuing at around 5% in the next few years. This is driven by the projected ramp-up in oil production, increase in oil-related FDI, structural reforms, implementation of the IMF program, and a lessening of security risks. With the security situation now improving, and the oil price on the rise – the indicators are moving in the right direction for Iraq’s economy.
This is not to underestimate the potential impact of future world events, the global environment, social and political developments, and the Da’esh insurgency, but our recent experience seems to see light at the end of the tunnel.[3]
So the potential is there, we have success stories in place and the future for Iraq appears brighter than it has for some time.
I believe that there will be the potential of significant rewards for those companies who step up to the challenge now.
Back in Scotland, we have our own new set of opportunities for business and wider society to take advantage of.
The First Minister’s announcement yesterday has presented Scotland’s electorate with a clear choice between two futures. One would see us removed from the EU and the single market against our will, and pushed over the social and economic cliff as a result of a hard Brexit. In this scenario, Scotland will be recast as a bit part in Nigel Farage’s vision of Little Britain. The other would see the people who care most about Scotland, that is everyone who has chosen to live and work in Scotland, would get to make the decisions about Scotland’s future.
So my message to you about Scotland’s future is clear.
An Independent Scotland would seek to build on our strengths. We would be outward looking, not inward looking. We’d seek to play a positive, modern role in the world, not attempting to rebuild Empires of ages past. This is good news for the oil and gas sector in particular, for rather than viewing your industry, this vital industry, as a cash cow to prop up UK Chancellor’s balance sheets, we’d do all we can to support and develop the industry to its enormous and full potential. A strong oil industry is in Scotland’s interests. It will play a vital role in our future success. And because of that the needs of the industry will be front and centre of our thinking for the future. We can see that this approach has worked for our friends across the North Sea in Norway, and I see no reason at all why, if we work in partnership with the industry here, we can’t make it work for Scotland.
Lastly, I’ve been asked to speak a little about how to get more women in business.
“It’s essential to business success in the twenty-first century”
I know that the Iraq Britain Business Council has a positive record in this area. Not only are you benefiting from female leadership in your President, Baroness Nicholson of Winterbourne, but Angelique Lecorps efforts through chairing your Women in Business group within the IBBC is to be commended.
What I would say about this is brief.
Its 2017. Your businesses won’t reach your full potential if your boardrooms and your workers are only selected from half the population. To rely on the traditional models will be to try to achieve success with one hand tied behind your back. If you want to compete, if you want to lead in your sectors, you need the best available engineers, managers and directors possible. So looking to achieve gender equality isn’t a “nice to have” or an added extra. It’s essential to business success in the twenty-first century.
[1] ONS, Who does the UK trade with?, 21 February 2017.
[2] Royal Bank of Scotland, Iraq: Economic Outline, October 2016.
[3] World Bank, Iraq’s Economic Outlook – Spring 2016, 2016.
Read more: http://www.dinarupdates.com/showthread.php?47744-UK-MP-%93Huge-potential-for-growth-in-Iraq%9 4
Abadi, will head the Iraqi delegation at the Arab summit instead of President Fuad Masum
Revealed Foreign Minister Ibrahim al-Jaafari, the Prime Minister Haider al-Abadi will head the Iraqi delegation at the Arab summit, which begins next Wednesday in the Jordanian capital, Amman, instead of the President of the Republic Fuad Masum.
He said al-Jaafari, who arrived in Amman yesterday in a press statement, that in the quiver Abadi ideas and news must reach the summit, a respect for her to listen to the Executive the man first in the country, adding that the president remains infallible person is respected Iraq’s sovereignty by the Constitution.
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Iraqi command: western Mosul battle finished “on the military level”
by Mohamed Mostafa The spokesman for the Joint Operations Command Brigadier General Yahya Rasoul
Mosul (IraqiNews.com) The Iraqi security command leading operations against Islamic State in Mosul has said the battle in the west of the city was concluded on the military level.
A spokesperson of the Joint Operations Command, Yahia Rasoul, was quoted by Alghad Press Monday saying that “western Mosul is done on the military level”, adding that “what is left to do is to purge the remaining areas”.
The remaining Islamic State members in the western side of Mosul are “gangs remnants that are targeted accurately by security forces”. He repeated accusations that the group continued to us civilians as human shields to hold off advancements by security forces.
Iraqi army and police forces, backed by a U.S.-led coalition and paramilitary troops, recaptured eastern Mosul in January after three months of fighting, and proceed mid February towards the west to retake the region and end IS presence in Iraq’s second largest city.
Iraqi and coalition commanders had predicted battles in the west to see victory within six months, and have reiterated that IS combat capabilities continued to wane despite fierce resistance its fighters showed.
The conflict in Mosul has displaced at least 433.000 since October, with more than 200.000 having left the western area alone.
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Loop (Dinar Guru) Article: “UK MP: “Huge potential for growth in Iraq” Quote: “Although Iraq is not yet a member of the WTO, which has its own short-term challenges, its eventual accession will enhance structural and Iraq’s reintegration into the multilateral trading system. The organisations who gain most from engaging with this emerging market will be those which have a stronger base to build from when Iraq’s WTO status is confirmed.” Here is a speech from a UK MP from Scotland addressing…advantages of investing in Iraq before they become full members of the WTO.
Read More: http://www.dinarupdates.com/observer/
Eat Well – Lose Weight!!
Courage is rightly esteemed the first of human qualities, because it is the quality that guarantees all others. – Winston Churchill
BGG (Dinar Guru) Ok – big news. Abadi did this interview with Chris Wallace on Fox News Sunday…there were a couple of real humdingers that stuck out to me…but first…go back a few months – we really thought the early, early part of this year was a good window – why? Because Abadi and Alak SAID SO…we typically follow their news…long story short – we had every reason to believe we were (and still are) in the end phases of this thing. Because of their own comments. [post 1 of 2….stay tuned]
Read More: http://www.dinarupdates.com/observer/
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US general announces new measures in Mosul and al-Jubouri, waving to stop operations
Baghdad balances News He said the commander of US forces in the Middle East, Gen. Joseph Votal, said the killing of a large number of civilians in air strikes in Mosul is a terrible tragedy.
Said Votal in a statement that “we are conducting an investigation into the incident to determine exactly what happened, and we continue to take extraordinary measures to avoid hitting civilians.”
Votal did not officially acknowledge that the international coalition led by Washington to launch these raids.
Confirmed coalition forces, he directed blows to the sector where the large number of civilians killed in western Mosul.
Iraqi officials and witnesses said the air strikes against terrorists during the past few days led to the deaths of civilians numbering ranges between tens and hundreds, but it was not possible to confirm the outcome of the independent source.
He Votal in his statement that “the battle in Mosul difficult because of the mixing of terrorists to civilians.”
“The Iraqi and coalition forces have taken measures to reduce as much as possible the suffering of the population.”
And managed more than two hundred thousand people to flee west of Mosul, from a month ago, according to the Iraqi authorities.
The President of the Iraqi Council of Representatives Saleem al-Jubouri, to “stop the possibility of military operations in Mosul, in the event of civilian casualties continued until the development of appropriate plans for the restoration of the city,” according to Manglth media Arabiyh.anthy 29 / d 24
Economists discuss the role of the banking sector in supporting sustainable development in Iraq
Baghdad balances News The governor of the Central Bank of Iraq on the Keywords that borrowers do not pay what Bzmthm is the most prominent banking problems, which led to banks not to meet its obligations in return, while stressing the Parliamentary Finance Committee member Haitham Tamimi said the central bank set the task of handling private banks.
This came during a seminar organized by the Economic Council carving title (the role of the banking sector in supporting sustainable development in Iraq) and was inaugurated by Ibrahim al-Baghdadi (Masoudi), head of the Iraqi Economic Council, which reviewed eight minutes in the march of the Iraqi Economic Council and the initiative to meet Iraq.
Speaking Sheikh Dr. Hamoudi, a member of the board of the parliamentary presidency brief speech Park and thanked the orientations of the Iraqi Economic Council and its activities, and the readiness of parliament to support the required legislation to develop the private sector.
As discussed on the Keywords Governor of the Central Bank of Iraq in his speech among other problems for banks and among the reasons not to meet banks’ obligations to borrowers, including the failure of borrowers to pay what Bzmthm, and between the central bank has launched an initiative to address the imbalance in the procedures for granting loans industrial, agricultural and residential projects, but there routine procedures and complications in the deal led to the failure to take advantage of this initiative.
And Dr. Haitham al-Jubouri, a member of the parliamentary finance committee, praising the role of the central bank in its response to the issue of lending for agricultural and industrial projects, investment and residential and explained that “the Central Bank of the task of adjusting handle private banks as well as the continued monitoring of the completion of the arrears of payments to contractors and the need to provide the cash necessary and covered deposits of citizens.”
Qassem care, Undersecretary of the Ministry of Planning, in turn praised the efforts made by the Iraqi Economic Council for improving seminars took in economic performance and noted that the role of the Ministry of Planning is the follow-up to the proper performance of contractors and payment of their dues, as well as with regard to projects and deliverables.
While confirmed Dr. Khawla Taleb Jabbar Director General of the Rafidain Bank and the agency of the Rafidain Bank, the Bank is committed to a government directives governing regulations and is prepared to deal with cases that are complete from all aspects and entered into discussions about the length of the launch of loans and receivables contractors.
And Dr. Rashad Khudair Wahid, Director General of the Rasheed Bank and the agency of the problems faced by the bank in the completion of the transactions that some transactions are incomplete and therefore reflected negatively on the performance of the bank and that the bank is trying hard to accomplish all dues and loans.
Bilal Sabah Hussein, Director General of the Bank and the Industrial Agency explained that the number of borrowers who have filed applications for lending are 34 requests to change my, indicating that it was accepted only four projects, including where the rest of the applications have a lack of submission of documents.
Following Mr. Adel Attia al-Tai, Deputy Director of the Agricultural Bank lending on the subject of the specified period and it has been answered by the Governor of the Central Bank.
And then invitees spoke of both his point of view was asking questions gentlemen officials were useful and constructive discussion at the end of the seminar participants came out the recommendations of several of the most important of which was introduced Sheikh Dr. Hamoudi Ali Keywords on forming a small committee movement and discuss what has been put forward ideas and proposals improved the task support and financing of government banks for investment projects mechanism with relevant officials directly, in order to reach successful solutions to the problems of the government banking sector.
Iraqi Dinar/Dollar auction 03-27-17 (most recent listing)
Currency Auctions Announcement No. 3408
This daily currency auction was held in the Central Bank of Iraq on the 03-26-2017
The results were as follows:
| DETAILS | NOTES |
| Number of banks | 34 |
| Number of remittance companies | 11 |
| Auction price selling dinar / US$ | —– |
| Auction price buying dinar / US$ | —– |
| Amount sold at auction price (US$) | 162,126,598 |
| Amount purchased at Auction price (US$) | —– |
| Total offers for buying (US$) | 162,126,598 |
| Total offers for selling (US$) | —– |
More: http://dinarupdates.com/observer/
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Dollar rates against the Iraqi dinar .. Monday morning
Economy News / Baghdad …The dollar exchange rate against the Iraqi dinar, according to banking markets in Baghdad and the Kurdistan region, a brief summary on Monday morning, March 27 for 2017.
Baghdad
Selling USD / 100 = 125,850 dinars price (1 USD = 1258.5 IQD)
Purchase price of $ / 100 = 125,650 dinars (1 USD = 1256.5 IQD)
Erbil
Selling USD / 100 = 126,000 dinars price (1 USD = 1256.0 IQD)
Purchase price of $ / 100 = 125,800 dinars (1 USD = 1258.0 IQD)
Read more: http://www.dinarupdates.com/showthread.php?47743-Dollar-rates-against-the-Iraqi-dinar-Monday-morning
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The following .PDF is the review by RCookie of the IMF board’s publishing of Iraq’s SBA (excellent info) – He would have wanted you all to have it.. posting the whole .PDF was the only way to get it on here. Enjoy. BGG
Robert Cook CSW CSS CBP CST CTC
Iraq:
IMF EXECUTIVE BOARD COMPLETES FIRST REVIEW IRAQ’S STAND-BY ARRANGEMENT (45 pages…)
| CURRENCY | CODE | SELL | BUY |
| US dollar | USD | 1184.000 | 1182.000 |
| Euro | EUR | 1279.312 | 1278.672 |
| British pound | GBP | 1479.645 | 1478.905 |
| Canadian dollar | CAD | 885.300 | 884.857 |
| Swiss franc | CHF | 1193.909 | 1193.312 |
| Swedish krona | SEK | 134.163 | 134.096 |
| Norwegian krone | NOK | 139.370 | 139.300 |
| Danish krone | DKK | 172.001 | 171.915 |
| Japanese yen | JPY | 10.634 | 10.629 |
| Special Drawing Rights |
SDR | 1613.922 | 1613.115 |