Iraq qualified to be regional financial center
Baghdad (IraqiNews.com) – The prime minister's financial advisor, Mazhar Salih, revealed on Sunday that Iraq is qualified to be a regional financial center.
In a statement to the Iraqi News Agency (INA), Salih explained that Iraq is the second-largest oil producer in the Middle East and has the world's fourth-largest oil reserves, allowing the country to play a leading role in the global energy market given its large financial surpluses that can be directed toward investments in financial infrastructure.
Iraq's foreign reserves surpass $100 billion, giving the country a considerable financial safety cushion, trust in monetary stability, and strong financial investment appeal, according to Salih.
The Iraqi official indicated that Iraq's unique geographic location, which serves as a critical corridor connecting the world, provides an open economic space for global markets and their commercial interactions, with links creating an important climate for regional financial markets, especially with the country's strategic project of the Development Road, which will connect Europe and the Gulf.
Iraq's human resources, with 60 percent under the age of 30, are capable of undergoing training in financial technology, banking innovation, digital technology, and artificial intelligence, according to Salih.
Additionally, given that the state-owned banks are controlling more than 80 percent of the country's banking activities, the reform campaign led by the Iraqi government aims to transform Iraq into a global financial center.
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