Iraq Economic News Highlights and Points to Ponder Monday AM 10-23-23


Iraq Economic News Highlights and Points to Ponder Monday AM 10-23-23

A List Of The 12 Most Important Companies And Factories In Iraq

5 sectors are producing now Iron, bricks, batteries, and carpets… a list of the 12 most important companies and factories in Iraq

 13:05  Baghdad – 964  The Ministry of Industry revealed the most prominent areas of industrial production in the country at both the governmental and private levels, and identified the experiences of private companies and factories representing advanced projects with high technological technologies in 5 industrial sectors and throughout the cities of Iraq, but it pointed to a “strategic shortage” in mining industries.

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Ministry spokesperson Doha Al-Jubouri told 964 Network:

The most prominent productive sectors at the government and private sector levels is the cement industry, where production covers the local need with a surplus in production. In light of this, the import of cement is banned, as the current production rate reaches more than 30 million tons annually.

On the other hand, we have a strategic industrial shortage related to mining industries, the most important of which are phosphate fertilizers, sulfur and silicon industries, iron concentrates, and others.

There are plans by the Ministry and decisions taken this year to establish industrial complexes in partnership with the private sector. We have made great strides in this, and it is hoped to conclude contracts with companies that have provided the best Offers technically and economically.

The private sector has gained space and an active role in the overall movement of the Iraqi economy, in addition to the rest of the other sectors, and it has proven its efficiency in the recent period.

The subsequent period witnessed an increasing growth of private sector factories in various Iraqi governorates, taking advantage of the decisions issued by the government to support the private sector, laws protecting local products, customs and tax exemptions, loans granted to them from government and private banks, and decisions issued at the time of the Corona pandemic, and all of this.

It led to a clear development in the establishment of factories and laboratories for the private sector, including the food, chemical, construction, textile, and metal industries distributed in all Iraqi governorates.

There are many successful experiences of the Iraqi private sector, including advanced industrial projects in the country with high technological techniques, and partnerships with foreign companies, including factories registered in the General Directorate of Industrial Development, according to industrial sectors, as follows:

1. Chemical industries sector:

– Nature Paints Company for the production of dyes in Baghdad Governorate.

– Abu Degla Factory for the production of advanced plastic doors in Sulaymaniyah Governorate.

2. Construction industries sector:

– Al-Hilal Brick Factory for producing artistic bricks in Erbil Governorate.

– Asad Babel Factory for producing thermiston in Babil Governorate.

3. Food industries sector:

– Fustaqa Food Products Company in Basra Governorate.

– Al-Fakher Al-Ithalia Company for manufacturing tobacco and molasses in Baghdad Governorate.

– Kronji Company for the production of juices and soft drinks in Kirkuk Governorate.

4. Metal industries sector:

– Middle East Aluminum Cans Production Company in Baghdad Governorate.

– Erbil Steel Company for the production of rebar in Erbil Governorate.

– Maya battery production plant in Sulaymaniyah Governorate.

5. Textile industries sector:

– The National Carpet Production Company in Najaf Governorate.

Indaj Furniture Production Company in Sulaymaniyah Governorate.

Via Parvez Khan… Iraq Imports Goods Worth Two Billion Dollars From Iran Within 6 Months

MONDAY, 10-23-2023, PM 1:43   KARAR AL-ASSADI  The Director General of Customs at the Parviz Khan border crossing in the Iranian province of Kermanshah, Qassem Mutalabi, announced on Monday that the volume of foreign trade with Iraq in the first half of this year amounted to about two billion and 500 million dollars.

Mottalabi said in an interview with the Iranian “IRNA” agency, “In the first six months of this year, exports of goods from the Parviz Khan border increased by 36% in terms of weight, and 18% in terms of value, compared to the same period of the previous year.”

He explained, “The main export goods from this crossing to Iraq included fruits, vegetables, dairy products, cakes, biscuits, metal and plastic products, and building materials.”

He pointed out, “This crossing has a great capacity to export non-oil goods, and now an important part of the country’s exports to Iraq are carried out through this border.”

Motlabi stated, “Last year, Iran exported $6 billion and 493 million dollars worth of goods, weighing 16 million and 883 thousand tons, to Iraq across its land borders. Kermanshah Province’s share of these total exports was $2 billion and 673 million dollars, weighing 6 million and 772 thousand tons, and customs had Pervez Khan holds the largest share among the province’s customs.”

The Rise In Dollar Prices In Iraq

MONDAY, 10-23-2023, KARAR AL-ASSADI  Dollar prices rose today, Monday, in the markets of Baghdad and the rest of the country’s governorates.

The dollar exchange rates rose with the opening of the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording $160,300 against $100.

While prices yesterday, Sunday, were 159,500 dinars compared to 100 dollars.

Exchange rates also rose in banking shops in local markets in Baghdad, where the selling price reached 161,250 Iraqi dinars, while the purchasing price reached 159,250 dinars for every 100 dollars.

Oil Prices Decline As Aid Convoys Arrive In The Besieged Gaza Strip

Energy   Economy News _ Baghdad   Oil prices fell on Monday, as aid convoys began arriving in the Gaza Strip at the weekend amid diplomatic efforts to contain the conflict between Israel and the Palestinian Hamas movement and prevent it from spreading on a wider scale in the oil-rich region.

Brent crude futures fell by more than a dollar to $91.14 a barrel, and US West Texas Intermediate crude futures fell by more than a dollar to trade at $87.03 a barrel by 2:13 GMT.

Last week, contracts rose by more than 1 percent in their second weekly jump in a row, amid fears of a possible supply disruption if the war between Israel and Hamas develops into a broader confrontation in the Middle East, the largest oil supply region in the world.

“Israel agreed to postpone its (ground) attack on Hamas after pressure from the United States,” ANZ Research said in a note to clients. “This reduced fears of the war spreading across the Middle East and supply disruptions.”

To ease pressure on already scarce supplies due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, the United States suspended sanctions on OPEC member Venezuela after the Venezuelan government reached an agreement with the opposition.    Views 43 10/23/2023 –

A New Rise In Dollar Exchange Rates In Iraqi Markets

Economy  2023-10-23 | 5,767 views  Alsumaria News – Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Monday, October 23, 2023.

The selling prices of the dollar in local markets in the capital, Baghdad, recorded 161,250 per 100 dollars, while purchasing prices reached 159,250 per 100 dollars.

For more than 8 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.

The Central Bank of Iraq  decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance  reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary   LINK

Points To Ponder on Gratitude:

Gratitude is born in hearts that take time to count up past mercies.  Charles E. Jefferson (1860 – 1937)

Gratitude is not only the greatest of virtues, but the parent of all others.   Cicero (106 BC – 43 BC), ‘Pro Plancio,’ 54 B.C

The excellence of a gift lies in its appropriateness rather than in its value.  Charles Dudley Warner (1829 – 1900), ‘Eleventh Study,’ Backlog Studies, 1873

Gratitude is merely the secret hope of further favors.   Francois de La Rochefoucauld (1613 – 1680)