The U.S. Chamber hosted the U.S.-Iraq Business Summit on July 17 in Washington, D.C., during Prime Minister Ali Al-Zaidi's inaugural visit to the U.S. capital. The summit brought together senior U.S. and Iraqi government officials and business leaders to advance private sector-led growth in Iraq.
By the end of the day, U.S. and Iraqi companies and the two governments had signed over 50 agreements and memoranda of understanding totaling more than $60 billion.
Prime Minister Al-Zaidi delivered a forward-looking message: “The fastest people are going to be successful because these opportunities are available today, but they might not be available tomorrow. [...] We are trying to transform the resources of Iraq into jobs and into prosperity. [...] We are using an open-door policy. Everybody who has a project can come and talk to us—we will not make it difficult for anyone.”
U.S. Chamber President and CEO Suzanne P. Clark captured the significance of the day: "Today’s signing and announcement of more than $60 billion in agreements, partnerships, and memoranda of understanding are tangible demonstrations of confidence and shared ambition. They signal where the future of the U.S.-Iraq bilateral relationship is headed—toward deeper commercial ties, greater economic cooperation, and stronger partnerships that create value for both our countries."
U.S. business and government leaders pointed to a relationship that has fundamentally shifted. “There is so much promise and potential ahead for the United States and Iraq,” said U.S. Chamber Chairman of the Board Ross Perot Jr. “Strong commercial relationships create the foundation for deeper ties between countries. [...] With the Trump administration, our bilateral relationship has entered a new chapter, moving from a focus on security cooperation to a greater emphasis on economic and energy investments and partnerships.”
A High-Level Gathering with Commercial Stakes
The summit drew top-tier representation from both governments. “Everywhere we can replace commerce over conflict, we can drive prosperity and freedom for the citizens of the region, and grow jobs and opportunities for Americans,” said U.S. Secretary of Energy Christopher Wright. “Words alone don't do that. Only businesses do that—by risking capital, by investing, bringing technology and people to Iraq to drive this improvement and deepen this strategic partnership.” The Secretary affirmed, “Business and strategic partnership is the road to peace and prosperity."
On the business side, executives representing a wide swath of U.S. industry took part, including Abbott, bp, Chevron, ConocoPhillips, Commercis, Excelerate Energy, ExxonMobil, GE Vernova, Google, HKN Energy, JPMorgan Chase Bank, KBR, PepsiCo, Shell, Starlink, and Vantive. That breadth of industry representation reflects a simple reality: Iraq's economic ambitions extend well beyond energy.
Why U.S. Companies Are Betting on Iraq
Iraq is actively working to diversify its economy beyond energy, and the summit reflected that ambition. For U.S. companies, that agenda translates into opportunities in energy, education, healthcare, trade, and infrastructure.
“It’s about prosperity,” said Roger Martella, Chief Corporate Officer, GE Vernova and Chairman, U.S.-Iraq Business Council. “We’re here because we see this historic opportunity to lift the people of Iraq into the full opportunity to live a prosperous life.”
How to Engage—and What Comes Next
The U.S.-Iraq Business Council leads the way in developing commercial and investment relationships between the United States and Iraq. For businesses ready to explore the Iraq market, the Council is the starting point. During the summit, Steve Lutes, President of the Council announced it will organize and lead a business delegation to Baghdad to build on the momentum of the Prime Minister’s visit.
The U.S. Chamber's commercial diplomacy goes far beyond Baghdad. In November, the U.S. Chamber will host the B20 USA Summit, bringing leaders from the world's largest economies together to drive policies that advance global growth.
From Iraq to the G20, the U.S. Chamber is working to open markets and create opportunity for American business and workers around the world.
About the author
Sean Hackbarth
Sean writes about public policies affecting businesses including energy, health care, and regulations. When not battling those making it harder for free enterprise to succeed, he raves about all things Wisconsin (his home state) and religiously follows the Green Bay Packers.
