Shafaq News/ On Thursday, Prime Minister Mohammed Shia Al-Sudani attended the Iraq-Spain Economic Forum in Madrid, organized by the Spanish Chamber of Commerce.
The forum gathered a prominent group of business leaders from both countries.
According to a statement from Al-Sudani’s media office, he participated in the “opening session, which included a discussion panel dedicated to economic relations and bilateral partnerships between Iraq and Spain across all sectors, as well as strategies to enhance trade exchange between the two nations.”
“In his remarks, the Prime Minister expressed gratitude for the organization of the forum, emphasizing that his visit came at the invitation of the Spanish Prime Minister. Accompanying him were senior officials, including ministers of foreign affairs, interior, trade, and transport, the governor of Wasit, advisors, the Secretary-General of the Ministry of Defense, deputy ministers, prominent private sector entrepreneurs, and representatives of the Iraqi Chambers of Commerce, the Federation of Iraqi Industries, and the Commission of Tourism.”
“The Prime Minister highlighted the delegation’s composition as a strong message of Iraq’s genuine interest in strengthening cooperation with Spain, which he commended for its principled and humanitarian stance on the Palestinian cause. He also underscored Iraq’s commitment to learning from Spain’s successful corporate experiences across various sectors, with a focus on advancing toward a comprehensive strategic partnership, as affirmed during discussions with the Spanish Prime Minister,” as per the statement.
In his speech, Al-Sudani emphasized the government's efforts to revitalize the country's economy, noting that Iraq produces four million barrels of oil per day, making it the third-largest producer within OPEC+, stating, "We possess significant oil and gas reserves awaiting optimal investment."
He further highlighted the Development Road Project, which aims to establish the most cost-effective corridor between East and West, laying the foundation for economic cities in Iraq. "Approximately $100 billion has been allocated over three years for infrastructure projects, providing a suitable ground for the participation of Spanish companies."
The Prime Minister also announced an agreement with a Spanish company for a $250 million railway project between Basra and Iran, as well as ongoing negotiations involving Spanish companies for the Karbala-Najaf train project.