Undersecretary for Bilateral Relations Meets Representatives of Business Finland in Helsinki

The Undersecretary of the Foreign Ministry for Bilateral Relations Ambassador Mohammed Hussein Bahr Aluloom, met with Mr. Riku Mäkelä Senior Director of Global Initiatives at Business Finland, with the attendance of Finland’s Ambassador to Iraq Ms. Anu Saarela, at the Iraqi Embassy in Helsinki, as part of the political consultations between Iraq and Finland.

The Undersecretary reviewed the improvements in the security and economic environment in Iraq, stressing that it has become an attractive investment destination, with foreign investments reaching $62 billion. He also referred to the financial and banking in the country, and the launch of the “Development Fund of Iraq” to attract foreign investments and enhance international economic partnerships.

Undersecretary Bahr Aluloom outlined the facilities provided by government to support the private sector, including sovereign guarantees, underlining the importance of construction industries, especially in light of the plan to build one million housing units. He also touched on the promising investment opportunities in the food and pharmaceutical industries, as Iraq’s pharmaceutical needs amount to about $3 billion annually.

Regarding strategic projects, Undersecretary Bahr Aluloom referred to the Development Road Project, inviting Finnish companies to participate in it, as well he stressed that Iraq has allocated $100 billion to implement infrastructure projects over the next three years, which provides great opportunities for Finnish companies to enter the Iraqi market and benefit from these investments.

Meanwhile, the Undersecretary underlined the need to reconsider travel warnings to Iraq and lift the European ban imposed on Iraqi Airlines, in light of the noticeable security improvement in the country. At the end of the meeting, the Undersecretary suggested inviting the Federation of Iraqi Chambers of Commerce to their counterparts in Finland to visit Iraq and explore investment opportunities, with the possibility of signing a cooperation agreement to enhance the economic partnership between the two countries.

On their part, Finnish officials welcomed Undersecretary Bahr Alu loom’s visit and affirmed their support for Iraq’s efforts to achieve sustainable development, noting the desire of Finnish companies to return to the Iraqi market. It was also agreed to take practical steps to enhance future cooperation between the two sides.