Iraq is counting on a “road” with which 10 countries have interacted: it will raise investment by 30% in 7 sectors
The Services Committee in the House of Representatives said today, Monday (October 16, 2023), that the development path will raise investment in seven sectors by 30% in Iraq, while indicating the interaction of ten countries with the project.
The development road, or the dry canal, is an Iraqi project to connect rail and land between Turkey and Europe in the north and the Arabian Gulf in the south, to transport goods between the Gulf and Europe. Its cost reaches 17 billion dollars and will be completed in a record period, starting from the year 2024 until the year 2028, according to the spokesman for the Prime Minister, Muhammad Shiaa Al-Sudani.
Committee member MP Baqir Al-Saadi stated in an interview with “Baghdad Al-Youm” that “the development road is not just a project, but rather a qualitative leap and will bring about a fundamental change in the compass of international transport routes extending from Southeast Asia towards Europe, leading to a reduction in costs by a percentage ranging from 20-20.” 25% and a time of approximately 35%.
He added, “The development path will raise investment in 7 vital sectors in Iraq by no less than 30%, whether housing, industry, or others, pointing out that 10 countries have interacted positively with the project, which will be a qualitative leap for the country in the coming years.”
Al-Saadi pointed out, “The Sudanese government is serious about proceeding with the project despite the challenges because it will create strategic horizons for the country in terms of investing its geographical location in enhancing economic and commercial capabilities.”
According to specialists, this project will allow the transportation of goods between the east and west of the world, as the goods will be shipped on trains and trucks from the port of Al-Faw in southern Iraq to Turkey and from there to Europe via the road and railway network. Goods will also flow from Asia and Europe via Turkey to be transported to the Gulf using this network. The huge number of roads, railways, and the port of Al-Faw, which the Iraqi government is working to develop significantly, to be able to accommodate this volume of global trade.
It is expected that this huge project will provide tens of thousands of job opportunities for Iraqi citizens and Iraqi companies, and will also allow for the exchange of experiences and training. These are the points that the Iraqi Prime Minister always focuses on in his foreign visits.
Most importantly, it will contribute to the development of the southern governorates such as Dhi Qar, Maysan, and Diwaniyah, and will also diversify the sources of income of the Iraqi state. This is what the Prime Minister stressed through his words in which he launched the Iraq 2050 Plan, which aims to reduce dependence on oil as a main source of state resources link
The Minister of Planning invites Spanish companies to invest in various sectors in Iraq
Today, Tuesday, Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, called on Spanish companies to invest in various sectors in Iraq.
The ministry stated in a statement received by Al-Eqtisad News that “Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, received today the Ambassador of the Kingdom of Spain to Iraq, Pedro Martinez, and his accompanying delegation,” indicating that “the meeting was attended by the Director General of International Cooperation, Saher Abdel Kazem Mahdi, and a number of specialists in the Ministry.”
She added, “During the meeting, a number of issues and files related to the development of cooperation and bilateral relations between the two countries were discussed in the economic, investment, and trade fields, including the possibility of Spanish companies contributing to the implementation of the development road project, supporting and developing agriculture, and entering into investments in the sector.” Transport, railways, and renewable energy.
According to the statement, Tamim praised “the level of cooperation provided by the Kingdom of Spain to Iraq,” calling on “Spanish companies to invest in various development sectors and the return of Spanish tourists, in light of security and political stability, and the improvement of the investment environment throughout Iraq.”
For his part, the Spanish ambassador appreciated “the volume of fruitful cooperation between the two countries,” noting “the presence of a great desire among his country’s companies to obtain investment opportunities in Iraq.
He stressed that “Spain is ready to actively contribute to the implementation of the development road project and support the Iraqi private sector,” pointing out that “Spain has advanced capabilities in the field of agricultural technologies, railways, as well as investment in the energy sector.” link
Chamber of Commerce: 13 million people are paying the price due to central bank policies
On Monday, the Diyala Chamber of Commerce identified what it called the three failures in stabilizing the parallel market in Iraq.
The head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, said in an interview with “Al-Ma’louma” that “the failure to control the rhythm of the dollar exchange rate in the parallel market and the large difference between it and the official price and the presence of smuggling in various ways, in addition to the lack of transparency in distributing the dollar shares to travelers according to In official contexts, they represent the most important failures of the central bank.”
He added, “The Central Bank is responsible for the dollar file in Iraq, and what is happening represents negative repercussions that must be taken into account and its objective reasons explained,” stressing that “13 million Iraqis suffer from the threat of poverty and are paying the price due to the instability of the price of the dollar because it exerts strong pressure on the prices of materials.” Food and medicines.
He pointed out that “the continued instability in the currency market calls for structural changes in the central bank that lead to changing currency regulation strategies at the earliest opportunity and reduce the risk of speculation that plunders millions of Iraqis. link
Is Iraq able to join the BRICS group?.. A serious warning about Washington’s reaction
The Iraqi economic expert, Omar Al-Halbousi, confirmed today, Monday (October 16, 2023), that Iraq’s accession to the BRICS group may face many obstacles as a result of the economic and monetary crises that the country is experiencing.
BRICS includes Brazil, Russia, India, China and South Africa, and at a summit in Johannesburg last August, a decision was announced to invite Argentina, Egypt, Iran, Ethiopia, the Emirates and Saudi Arabia to become full members of the organization, starting on January 1, 2024.
Al-Halbousi added, in a press statement followed by “Baghdad Today,” that there are many obstacles standing in the country’s way to join the BRICS, which is Iraq’s lack of an industrial base and the lack of agriculture, which made the economy collapse significantly, amid the confusion of government measures that caused the economic and monetary crises to worsen in the country. Iraq.
He continued: “Iraq cannot join the BRICS group because of Washington’s control over it, especially since Iraqi oil imports are placed in Iraq’s account in Washington, which makes Iraq exposed to a financial setback if Washington lifts protection over Iraqi funds.”
The economic expert pointed out that the United States of America has a lot of evidence of the Iraqi government’s negligence in the continuation of money laundering, terrorist financing, and dollar smuggling operations for the benefit of countries and armed groups punished by the American Treasury. In the event that Iraq joins BRICS, Washington will take a significant package of sanctions, and I do not rule it out. Approval of a law that reduces or restricts the income of the dollar to Iraq, causing a major financial collapse, especially since Iraq has a rentier economy that depends on oil and that oil imports are in America.
Al-Halbousi explained that the United States will not allow Iraq to leave its circle of control and go towards its competing party, and Washington has great pressure cards on Iraq militarily, politically and economically, which makes the statements of Iraqi officials about joining the BRICS group suicidal at all levels for Iraq, and at the same time it cannot Its implementation is due to American obstacles.
In a previous statement, the Iraqi economic expert, Safwan Qusay, spoke, saying: “Iraq is trying to be in the region of economic balance by attracting investments from countries of the East or West, and Russia is a giant industrial country, and Iraq’s openness to the Russian system can be exploited by attracting investments in the agricultural sector, livestock and the agricultural sector.” “Transportation, especially if we manage the investment file in the iron and steel sector to create complementary industries at the level of trains and ships.”
He added: “Iraq is looking forward to exploiting its geographical location and it needs to establish an industrial zone for strategic industries that complement the path of development and the presence of economic powers such as Russia that can contribute to these sectors. I believe that establishing a nuclear reactor to generate electrical energy will support the process of establishing this industrial city and that we will have diversity in Investment sources.
He pointed out that Iraq is looking forward to increasing the capacity of financial transactions with the Russian side outside the “SWIFT” system, so that it can have trade with the East through this system, and this reduces the pressure on financial bottlenecks in some cases.
Regarding the possibility of Iraq joining BRICS in the future and its impact on the region, Qusay said: “The BRICS project is promising, and the organization has a set of conditions for it to join, and I believe that Iraq needs to rehabilitate the economic goals and financial tools in order to be allowed to join the group,” explaining that Iraq is not with An area of attraction alone, but he must build a sectoral investment map so that there is competition in every sector. I believe that the advantage of the corresponding economy is what will determine preference. For example, integration with the Russian economy at the level of agriculture, iron and steel industries, and nuclear energy could be This is the path.” link
Source: Dinar Recaps
The decision to increase the interest rate will activate the banking system inside Iraq
Information / Baghdad..
Today, Tuesday, the Parliamentary Finance Committee considered the decision of the Central Bank of Iraq to raise the interest rate for bank depositors as a correct direction towards revitalizing and organizing the banking system.
A member of the Finance Committee, Moeen Al-Kadhimi, said in a statement to Al-Maalomah, “The Central Bank’s decision to increase the interest rate falls within banking reform measures and in implementation of Prime Minister Muhammad Shia’a Al-Sudani’s directive to move towards organizing and revitalizing the banking system in Iraq.”
He added, “The decision to raise the interest rate will certainly encourage citizens to deposit in banks, which will stimulate financial movement and turn to investment projects, in addition to its positive repercussions by reducing the exchange rate of the dollar against the Iraqi dinar.”
Al-Kadhimi pointed out that “the Central Bank of Iraq is moving towards real automation in financial transactions inside Iraq.”
Yesterday, Monday, during the 31st session of the Ministerial Council for the Economy, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced raising the interest rate for amounts deposited in banks to 7.5% to encourage citizens to deposit their amounts in banks, and to withdraw the cash mass outside the banks.
At GITEX Global 2023, Huawei is focusing on employing technological intelligence solutions to develop the business of sectors and industries
Under the slogan “Advancing the wheel of technological intelligence,” Huawei’s participation in the “GITEX Global 2023” exhibition focuses on presenting its new innovations that aim to advance the wheel of digital transformation by taking advantage of the possibilities of employing artificial intelligence for the benefit of developing the future of business in various sectors and industries, including… It includes small and medium enterprises.
The company showcases an integrated set of advanced solutions and products that are compatible with artificial intelligence capabilities and aims to improve business outcomes by providing new mechanisms to accelerate reliance on artificial intelligence coupled with the capabilities of the cloud and advanced telecommunications networks, both wired and wireless, supported by the highest cybersecurity standards
Among the most prominent of the company’s offerings are digital energy solutions that support business efforts in fulfilling their obligations towards raising the level of green energy use and reducing the carbon footprint in line with the United Nations Sustainable Development Goals. Huawei is participating in the event as a gold sponsor, as well as the main sponsor of its cybersecurity program; GITEX Cyber Valley exhibition.
Today, artificial intelligence is moving towards radically changing the global economy, and has already begun to revolutionize many industries and sectors. It has also entered into basic production systems, and has already begun to provide greater business value, and it is expected that the adoption of artificial intelligence technologies will reach 20% by 2026 in major industries.
This technology has a great potential to create a qualitative shift in productivity and global competitiveness.
According to a global study conducted by PricewaterhouseCoopers on artificial intelligence, this technology is likely to contribute up to $15.7 trillion to the global economy by 2030.
Through its participation in the exhibition, Huawei highlights ways to integrate artificial intelligence into the foundations of sector operations to serve a variety of industrial scenarios that contribute to accelerating the stages of business growth and improving the quality of services at an unprecedented pace within various sectors, most notably public services, finance, oil and gas, and electric energy. , transportation, and Internet service providers
Stephen Ye, Huawei’s Regional President for the Middle East and Central Asia, said: “The new era of smart technologies powered by artificial intelligence is witnessing new horizons of opportunities for companies and specialized sectors in all countries of the region.
Huawei presents its latest innovations that contribute to unleashing the enormous potential and strategic opportunities provided by advanced digital technologies that can be combined with the features of artificial intelligence and the cloud in many business scenarios of various sectors. We provide this to our customers and partners in the region while ensuring that the ICT sector continues to operate in accordance with the highest international digital standards and standards and comprehensive cybersecurity practices. We will seek to build more bridges of cooperation to build the ecosystem in the region to advance technological intelligence and shape a smart future that benefits everyone.”
Huawei’s business ecosystem provides enterprises and enterprises in the age of artificial intelligence with powerful computing capabilities combined with fast and advanced wireless communications services that provide users with improved and smarter network services based on the new capabilities of artificial intelligence. During the event, the company will launch smart cloud networks coupled with superior connectivity capabilities that enhance the productivity of artificial intelligence.
Among the most important products it offers within this framework are the Huawei AirEngine 8771-X1T, Huawei CloudEngine 16800-X, and CloudCampus, all of which provide high-quality connectivity with speeds of up to 10 Gbps.
In the field of data storage, Huawei has worked to find solutions to the main challenges that hinder the process of developing and implementing applications with large models. The company’s F2F2X and OceanStor A310 all-flash storage products will provide solutions to meet the dynamic demands of modern storage in the age of artificial intelligence. The company also displays its innovative 5G fixed network solutions to support the adoption of smart technologies with high-speed networks within various sectors.
In line with achieving carbon emission reduction goals and encouraging higher levels of green energy consumption, Huawei is working to promote the “Zero Emission Workplace Framework” that helps companies evaluate their current performance and develop a roadmap for the transition to relying on clean energy sources, while meeting the growing demand for energy. Digital services, data processing, and commitment to a sustainability approach whose initiatives and programs are rapidly being implemented in countries of the region.
To meet the needs of supporting the business growth of small and medium enterprises in the region, Huawei is introducing for the first time at GITEX its new sub-brand dedicated to the distribution business, “HUAWEI eKit”, which aims to provide multi-use products and solutions to hundreds of millions of small businesses, small offices and home offices, taking advantage of… Huawei has more than 30 years of experience, innovations, and solutions in information and communications technology and digital transformation, especially in the field of networks, the most important of which is the fifth generation.
The Huawei Cloud business branch offers a wide range of solutions and products that are part of the “Everything as a Service” strategy, which is concerned with building the cloud foundations of the smart business system and offers unique features that combine cloud solutions, networks, peripheral devices, and advanced smart chips. One of the most prominent things Huawei is showcasing in this field is the Pangu 3.0 model, the pioneer in the cloud field, thanks to its unprecedented structure and capabilities that exceed its counterparts by ten times the capacity, as is the case with the Pangu Weather model for weather forecasting.
In this context, Dr. Zhou Zhangao, Vice President of Huawei Cloud’s AI sector for the Middle East and Central Asia, will deliver a keynote speech on “Pangu Models to Accelerate AI in Industry” on October 18 at the AI Theater in Hall 9 of the Dubai Trade Center.
This year, for the first time, Huawei will showcase in its pavilion its innovations in cybersecurity, which is considered one of the important pillars for the success of the process of adopting an approach to the digital future based on artificial intelligence, and provides a strong foundation for accelerating the pace of digital transformation . Within this framework, Jeff Wang, Vice President of Huawei’s Global Cybersecurity and Privacy Office, will deliver a keynote speech reviewing trustworthy cybersecurity engineering, standardization and certification of artificial intelligence.
In his speech, Alisius Chiang, Chief Security Officer, Huawei Middle East and Central Asia, also stressed the importance of having proper data-centric security governance in an era where data is considered the new oil, thus paving the way for unleashing the full potential of AI technology.
In conjunction with the UAE’s hosting of the COP28 Conference of the Parties this year and Huawei’s long-term commitment to sustainability, the company is showcasing the opportunities available through its business branch, “Huawei Digital Power,” for smart, green digital energy that aims to contribute to achieving the goals of carbon neutrality. Visitors can view presentations on the Zero Carbon Park, zero-carbon ICT infrastructure scenarios for data centers and critical energy, an on-site energy scenario, and solar, storage and electric vehicle charging infrastructure scenarios at Huawei’s booth at the exhibition.
This year’s edition of GITEX Global will be held from October 16 to 20 at the Dubai World Trade Centre. Huawei is displaying its solutions and products at the Huawei Pavilion in Hall 22, with the support of a group of its partners, most notably Enterprise Systems, Redington Gulf, Marvel Distribution, Mindware, Al Rostamani Communications, and Traffic Tech. link
Source: Dinar Recaps
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