Prime Minister Mohammed Shia al-Sudani announced on Wednesday that Iraq imports $70 billion worth of foreign goods annually, emphasizing that his government is actively working to reduce the outflow of foreign currency and strengthen local production.

The statement was made during the inauguration of the Taawon Hypermarket retail center in Al-Bayaa, Baghdad, which offers food, goods, and essential commodities at subsidized prices. Al-Sudani also launched five additional hypermarkets via video link in Al-Hurriya, Al-Salihiya, Al-Shaab, Palestine Street, and Jamila, while simultaneously kicking off 23 similar projects across Baghdad and other governorates.

Curbing Foreign Imports and Strengthening the Private Sector

During his speech, Al-Sudani stressed the urgent need to reassess Iraq’s dependency on imports, stating:

"Iraq annually imports goods and products worth $70 billion. This is a figure that requires review and regulation because these imports heavily drain our foreign currency reserves."

He underlined that the Ministry of Trade’s role extends beyond trade exchange, highlighting its responsibility to support national industries and enhance local production capacity to replace imports.

"When it comes to food security, the state must have a presence," he asserted, emphasizing that the government has successfully controlled food prices despite fluctuations in foreign exchange rates and global economic disruptions, including the Russia-Ukraine war.

Boosting Local Economy Through Hypermarkets and Private Sector Partnerships

The Prime Minister underscored partnerships with the private sector, aiming to expand hypermarkets to improve market accessibility and reduce consumer costs. He described the Taawon Hypermarket initiative as an extension of Iraq’s central markets, but with larger spaces and a more diverse range of products.

"Our goal is to offer goods at reduced prices compared to the open market," Al-Sudani said, adding that at least 60% of displayed products in these hypermarkets will be locally manufactured.

He encouraged businessmen and investors to take advantage of the government’s unprecedented support for the private sector, highlighting economic reforms that include:

-Sovereign guarantees for industrial projects through the Iraq Development Fund

-Tax and financial reforms

-Access to loans and banking sector improvements

"There is no alternative for the Iraqi state but to support and empower the private sector in all aspects," Al-Sudani concluded, reaffirming his government’s commitment to economic growth and industrial development.