News Desk - The Cradle
Iraq seeks Gulf investment to develop its natural gas and electricity sectors, and assistance in fighting corruption
Albudaiwi held talks with both Iraqi Prime Minister Mohammad Shia al-Sudani and Iraqi President Abdul Latif Rasheed.
The GCC chief’s talks with President Rasheed focused on Iraq’s efforts to establish strong political, social, administrative, and diplomatic ties with the Gulf countries, according to a statement by the Iraqi Presidency.
Albudaiwi expressed his full confidence that relations between Iraq and the Arab Gulf states will witness positive developments in terms of electricity interconnections, trade exchange, and other areas, according to the statement.
Albudaiwi met with Iraqi Prime Minister Sudani to discuss bilateral ties in various fields, especially regarding security coordination and drug control, Sudani's media office said in a statement.
Sudani highlighted the significance of coordination with GCC states and other countries to recover funds stolen from the Iraqi government through corruption.
Shafaq News reported on 31 July that Iraq’s Federal Integrity Commission announced the arrest and extradition of two government officials convicted of financial corruption cases who had fled to the Sultanate of Oman. The commission noted that the two men’s arrest was carried out in cooperation with the Omani authorities and Interpol.
In a joint press statement during Albudaiwi’s visit, Iraqi Foreign Minister Fuad Hussein encouraged the Gulf states to invest in Iraq’s gas and electricity sectors. Hussein stated that, “We encourage Gulf companies to invest in Iraq. We need the Gulf investments and companies in Iraq,” he said. “Iraqi doors are open to the Gulf companies.”
He added further that “The current government is working to diversify the economy and provide services, and it has a clear plan to invest in gas.”
Despite having its own natural gas resources, Iraq lacks the infrastructure to exploit them and is heavily reliant on gas imports from Iran to power its electricity sector. Difficulties making payment to Iran for gas due to US sanctions has led to multiple large electricity outages in recent months.
Albudaiwi stated in response that “We need to move forward in consolidating relations between Iraq and the Gulf countries,” and that “the electrical connection with Iraq is an ambitious project.”
Efforts to deepen Gulf investment in Iraq will continue at the upcoming GCC-Iraq Business Forum, which will be held in September in Sharjah, UAE.
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