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Iraq has invited Omani companies and businessmen to take advantage of new government guarantees to set up projects in the OPEC producer.
Iraqi Prime Minister Mohammed Al-Sudani told Omani firms and investors during an official visit to the Gulf Sultanate that Iraq possesses massive natural resources which have remained untapped.
Sudani was speaking at an Iraq-Oman business forum in the southern Salalah city after meeting Sultan Haitham bin Tariq Al-Saeed and signing 24 memoranda of understanding covering energy, industry, tourism and other sectors.
“The Iraqi government now provides sovereign guarantees to investors of up to 85 percent of the projects’ value,” Sudani said.
“Iraq is also working to improve the investment environment…the country has large unexploited natural resources that need to be developed, including sulfur and phosphate,” he added.
Iraq last month unveiled a five-year development plan with projected revenues of around $545 billion, mostly from oil exports.
The revenues will allow the government to make large investments needed to attain the targeted annual growth of more than four percent.
Targeted public investments were put at nearly $121 billion while private investments were forecast at $65 billion during the plan.
(Writing by N Saeed)
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