Strategic Partnership to Drive Investment in Iraq’s Emerging Sectors

A major new agreement was announced in Baghdad, as the Iraq Development Fund and ELSEWEDY ELECTRIC (EE) signed a memorandum of understanding to launch the "Localization Fund." 

This new investment vehicle aims to attract both local and international investments to fuel the development of strategic projects across diverse sectors. By supporting economic alternatives in agriculture, industry, and services, this groundbreaking initiative will help Iraq reduce its dependence on oil.

Backed by Iraqi Prime Minister Mohammed Shia' Al Sudani, the partnership aims to create a more appealing investment environment. The fund is expected to open up new channels of collaboration between global and local investors, driving sustainable development through high-impact projects. These projects will not only offer new investment opportunities but also create jobs and transfer global expertise into Iraq, enhancing the nation’s competitive edge.

Mr. Mohammed Al-Najjar, Executive Director of the Iraq Development Fund, highlighted this joint venture as a model for future collaborations, emphasizing that it represents a new investment approach by combining public and private sector efforts to achieve sustainable development goals. He noted that this initiative would enable Iraq's private sector and citizens to actively participate in building modern institutions that drive the country's 21st-century economic growth.

Strengthening integrated projects

Eng. Ahmed El Sewedy, CEO and President of ELSEWEDY ELECTRIC (EE), emphasized the firm’s dedication to strengthening integrated projects. “Through this alliance, we will offer our expertise in project execution while also focusing on human capital development by establishing technical and vocational schools, as well as universities, in line with global standards. This will help equip the Iraqi workforce with the skills needed to fuel economic growth.”

The Localization Fund will prioritize innovation and sustainability, with projects aimed at:

1. Eco-friendly Economic Cities: Developing smart, green cities that integrate work, living, education, and recreation. These cities will attract global firms to localize industries, reduce import dependence, and open new export markets.

2. Localizing Manufacturing: Producing ELSEWEDY ELECTRIC products locally, including electrical equipment, center irrigation pivots, smart meters, pipes, and more.

3. Promoting Sustainability: Adopting green solutions across all projects, nurturing a more sustainable future for Iraq.

4. Fostering Innovation: Introducing cutting-edge global technology to enhance Iraq's technological capacity.

5. Empowering Youth through Education: Establishing vocational schools and universities to train Iraq’s future workforce with internationally recognized skills, reducing unemployment and meeting the needs of a growing economy.

6. Additional Strategic Projects: Exploring other key investments aligned with national priorities.

This cooperation marks a significant milestone in Iraq’s journey towards self-sufficiency and comprehensive development, contributing to a brighter tomorrow for future generations. It also reinforces the government's commitment to creating an attractive investment landscape, encouraging infrastructure projects, and propelling industrial localization—all aligned with the state’s broader vision for growth.