‘Delighted the UK is now the co-chair of the Iraq Economic Contact Group, along with Japan’: Ambassador

ERBIL (Kurdistan 24) - Mark Bryson-Richardson, the United Kingdom’s Ambassador to the Republic of Iraq expressed his delight in having the United Kingdom become the co-chair of the Iraq Economic Contact Group (IECG), along with Japan.

“Delighted the UK is now the co-chair of the Iraq Economic Contact Group, along with Japan, Bryson-Richardson tweeted on Monday. “Its job is to encourage and support reform, investment, peaceful transition in Iraq and help to develop the private sector.”

“Economic reform and diversification are key to Iraq’s prosperity,” he added.

Economic reform and diversification are key to Iraq’s prosperity. Delighted the UK is now co-chair of the Iraq Economic Contact Group, along with Japan. Its job is to encourage and support reform, investment and green transition in Iraq and help develop a thriving private sector. https://t.co/2q3Pkk5xC9

— Mark Bryson-Richardson (@mbrysonr) July 4, 2022

The G7 countries, the European Union, World Bank, and the International Monetary Fund (IMF) met on Sunday to launch the Japan-UK co-chairship of the IECG.

“The IECG encourages the Iraqi government to revive its economic reform agenda, using increased oil revenues to invest in Iraq’s long-term future – specifically improved infrastructure, water, and electricity provision, human development, and a peaceful transition,” read a statement published by the IECG of the G7, European Union, and World Bank on Monday.

The statement emphasized that “climate considerations should be integrated into Iraq’s investments and development plans to improve food, water, and energy security.”

“Creating a thriving private sector is critical; reforms should focus on improving competitiveness, both domestically, and internationally and improving transparency and tackling corruption,” read the statement. “A strong and independent financial sector, a regulatory and tax environment that encourages entrepreneurship must underpin Iraq’s economy.”

“This will allow Iraq’s dynamic and young workforce to flourish and create future businesses and invite foreign investment,” the statement added.

“The IECG statement stressed that “a strong and targeted social safety net will ensure that most vulnerable groups receive adequate support; the IECG would encourage the Iraqi government to make reforms on this forward.”

“In this context, IECG members will continue to develop their support for inclusive economic reform, private sector development, and effective social programs for the people facing immediate needs and will strengthen the partnership with the Iraqi government on its economic and social priorities,” the statement concluded.