DUBAI, UAE - Iraqi Prime Minister Mohammed Shia’ al-Sudani met Wednesday with representatives of 24 major British companies and several business leaders in London, where his office emphasized Iraq’s openness to investment and its commitment to fostering development.

In a statement following the meeting on Wednesday, Sudani’s office emphasized the government’s substantial reforms aimed at enhancing the investment climate, including measures to encourage private-sector growth and attract foreign investment. The statement urged British companies to leverage recent agreements by initiating concrete projects, highlighting Iraq’s untapped potential across various sectors.

“Iraq has undertaken real reforms, establishing a more business-friendly environment and providing unprecedented support to the private sector,” the statement said. “The government is determined to translate agreements into actionable projects that contribute to Iraq’s development.”

The statement detailed reforms in taxation, customs, company registration, and approvals for investment projects. It also underscored the government’s introduction of sovereign guarantees to back private-sector initiatives, a move supported by agreements with UK Export Finance (UKEF).

The office also noted that Iraq’s three-year budget plan (2023-2025) allocates $100 billion for investment projects across ministries and provinces, offering British companies substantial infrastructure, energy, housing, and telecommunications opportunities.

As part of the government’s efforts, Iraq is advancing major projects, including the Strategic Development Road and Al-Faw Port, which is poised to become the largest economic hub in the Middle East. Additionally, partnerships with global companies, such as Vodafone, aim to modernize Iraq’s telecommunications sector.

The statement highlighted the influx of $63 billion in foreign and Arab investments into Iraq over the past two years and pointed to ongoing initiatives in gas production, petrochemicals, and housing. Licenses have been issued to construct one million housing units, signaling a surge in urban development and a growing demand for construction materials.

“Britain is a strategic partner for Iraq, and we invite British companies to play a key role in rebuilding Iraq and achieving sustainable development,” the statement concluded.