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“Private Sector” – Wed. PM KTFA Thoughts, News w/ MilitiaMan 10-26-22

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Samson » October 26th, 2022

Founder of the world’s largest hedge fund: The global economic system must be restructured

25th October, 2022

The founder and board member of the largest hedge fund in the world, Bridgewater Associates, Ray Dalio, stressed the importance of restructuring the global economic system and the existence of red lines in conflicts; To avoid world wars.

Dalio said, during the conference of the Future Investment Initiative, held in Riyadh today, Tuesday, over a period of 3 days, that global productivity will double, with the support of innovation, if this occurs in a peaceful environment.

“It is important to restructure the global economic system, and although I may be misunderstood at this point, the system is responsible for achieving and generating goals,” Dalio added.

He pointed out that there are great risks of global wars, and when dealing with these risks there must be red lines, and if they exist, we will not reach wars.

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And Dalio added: “There are many good things happening around the world, including innovation, where there is a huge amount of innovation happening right now, and if it happens in a safe and reassuring environment, productivity will double, so I agree on the importance of having empathy, understanding and agreement, I don’t know who will lead this but I hope that will happen soon.”

The activities of the “Future Investment Initiative Conference”, in its sixth edition, were launced today, Tuesday, October 25, 2022 under the slogan “Investing in Humanity”, which will last for 3 days.  LINK

Russian-Iraqi Oil Ties “Only Getting Stronger”

25th October, 2022

More than 100 representatives of leading Iraqi and Russian businesses took part in the Russian-Iraqi Business Forum in Moscow last week.

According to a press release from The Chamber of Commerce and Industry of the Russian Federation, the Ambassador of Iraq in Moscow, Mr. Abdurakhman Al-Husseini, told delegates that Iraq is open to the development of business relations in all areas. This is not only the oil industry, but also various areas of industry, trade, and healthcare. The Iraqi ambassador also reminded that any Russian can apply for a visa at the airport upon arrival in Iraq.

The President of the Federation of Iraqi Chambers of Commerce and Industry, Abdurazzak Al-Zuheiri, speaking on behalf of the head of the Iraqi delegation, said there was a great desire to promote and strengthen Russian-Iraqi business relations, in particular, in the field of energy, construction, and food supplies.

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Ali Warid, Director of the Technical Department of the Iraqi Oil Ministry, noted the long-standing Russian-Iraqi ties in the oil industry. According to him, they are only getting stronger, and most of the projects implemented by large Russian companies in Iraq are economically successful. Among the areas of development, Ali Varid outlined not only exploration, production, but also processing of oil and oil products.

Abbas Salim Hussein, Director of the Livestock Development Department of the Iraqi Ministry of Agriculture, spoke about the specifics of doing business in Iraq in his industry and called for developing cooperation in the poultry, meat, dairy and fish industries.

Aziz Nadim Al-Isa, director of the Industrial Development Department of the Iraqi Ministry of Industry, said that since 2003, the Iraqi economy has completely changed and has taken a course towards attracting investment in industry. The country is implementing 25 strategic technological development projects. He stressed that Iraq is interested in cooperation with Russia, primarily with high-tech companies.

Concluding the plenary part, Maksim Malyarchuk, Executive Director of the Russian-Iraqi Business Council at the Chamber of Commerce and Industry of the Russian Federation, spoke about the activities of the Council and assistance to Russian and Iraqi companies in the new conditions. In March, the Central Bank of Iraq banned settlements with the Russian Federation. But, despite this, according to Malyarchuk, today there are examples of direct deliveries from Russia to Iraq, and the issues of mutual settlements and logistics have been conceptually resolved.

Also, he noted the growth of requests from the Iraqi side and the interest in importing Russian products.  LINK

Source: Dinar Recaps


MilitiaMan » October 26th, 2022

Now this surely looks like an after the fact conference to me.. (See articles below) Once they decide to adjust the exchange rate, then we will have a need for the private sector to hit the ground running.

Everyone knows that. We know that why? The Kuwait conference.. The article of late have been thick about changing the exchange rate, deletion of the three zeros and to a lesser extent but relevant are the small category notes.

The latter is to be a necessity with an exchange rate change. The likes of the CBI to revert back to 1200 makes absolutely no sense at all.

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It would like fire the street up like no other. The citizens expect purchase power not a slap in the face.. The private sector will never get off the ground with out an international IMF Article VIII compliant currency.

1200 will not make muster.. EVER… imo.. Lets watch the vote session at 2:00 pm Baghdad time tomorrow. Lets see the GREEN LIGHT for INFRASTRUCTURE shine… imo ~ MM

Samson » October 26th, 2022

A conference in Dubai to advance the reality of the private sector in Iraq

26th October, 2022

The Iraqi-British Business Council (IBBC) announced the holding of a large conference under the slogan (Iraq and identifying business opportunities for the private sector).

Christoph Michaels, Director of the Iraqi British Business Council IBBC, said in a press statement today that the conference will be held in Dubai and will bring together official government figures from Iraq, the UAE and Britain, in addition to representatives from major companies operating in those countries and international companies.

He stressed the participation and attendance of the Governor of the Central Bank of Iraq as a key speaker in this conference.

He explained that the conference sessions will cover the sectors of industry, finance, water resources and the environment.

He pointed out that the main objective of the conference is to advance the reality of the private sector in Iraq to build an economy capable of providing job opportunities for all Iraqis away from the public sector.  LINK

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IBBC focused on ‘Iraq – Identifying Business Opportunities’ in Dubai conference 10 & 11 November 2022

24th October, 2022

After a year it now appears, the Iraqi government is forming led by PM designate Mr Mohammed Al Sudani under President Abdul Latif Rashid. There are significant implications for this development not least the green light for Infrastructure projects and how the government might apportion the current oil revenue surpluses.

This year’s IBBCs Dubai Autumn conference comes at an auspicious time where several Government ministers and officials will be present to discuss the new opportunities and expected agenda for the new government.

Key speakers include H.E. Dr Abdulkareem Al Faisal, Chairman of PM’s Advisory CouncilH.E Mr. Mustafa Ghalib Mukheef, Governor of the Central Bank of Iraq; H.E. Mr Asaad Al Eidani, Basrah Governor; Mr Laith Al-Shaher, Director General of the Legal, Directorate, Ministry of Oil; Dr Mohammed Shukri, Chairman of the Kurdistan Investment Board; H.E Mr Assad Al Eidani, Governor of Basrah; and more DG’s and ministers expected to attend.

In the private sector, Iraq has a bullish consumer market that is struggling to meet demand, as our sponsor Sardar Trading are finding with demand for their Jaguar cars and all over Iraq the consumer private sector is expanding rapidly. Likewise, oil revenues and production are booming and set to increase significantly over the next few years, as Mr Zaid Elyaseri,  BP President-Iraq and Dr Salem Chalabi, President & Chairman of the Trade Bank of Iraq will be outlining likely Government and business strategies.

For the first time the conference is extending over 2 days to accommodate more networking and a special Basrah day, celebrating its business and energy importance with leading organisations, Ministers and high-ranking officials from Iraq. The KRG will feature its investment plans, its businesses and the UAE and the UK Ambassadors and trade officials will attend. There are conference panels on Finance, Energy, Industry & General Trading and business success stories including in Transport & Logistics. There is also a Tech Forum online to which anyone can register and covering very innovative and interesting subjects including Education Tech, Agriculture and Water technology and overviews on the digital and start up economy. 

As Iraq’s finances are now in a robust shape with high oil revenues, the Government and private sector are finding funds to invest with more confidence. In a previous meeting with Director Generals of Iraq Oil Ministry, IBBC learned of the extensive and intended expansion of energy production in Iraq, that will serve to drive supply chain and governmental contracts over the coming months and years. Sardar Trading are key sponsors of the conference and have recently opened their new showroom in Baghdad and launching the new I-Pace at the same time.

Preceding the conference on the 9th November at the Address Hotel, Dubai Maria, IBBC members are participating in a special GEMS Consult International Education conference day. The conference aims to bring together stakeholders, government, and the private sector, to address challenges facing the education system in Iraq and to explore potential solutions. In particular, the conference will provide a forum for collaboration between government and the business sector in developing innovation, improvements, and change. Several international educational institutions with interest in Iraq will be attending this conference.   LINK

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Source: Dinar Recaps

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