For the past couple of years, the Iraqi government and power industry have been quietly working together to make electricity widely available throughout the entire country. This is important because of Iraq’s rapidly-growing economy.
And, the oil-rich young nation can certain afford to build out its power-generation capability and import all the electricity it wants. Even while Iraq improves its power generation and distribution industry, it continues to import electricity from neighboring countries to meet its ever-growing needs.
Iraq recently agreed to import more electricity from Iran and Turkey, which will help boost the quality of life for ordinary Iraqis. Citizens may save millions of dinars on their monthly electricity bills. This will enable them to spend more money on other goods and services, thus boosting local economies.
Cheaper electricity also allows local governments to make a variety of infrastructure improvements. Lower electricity costs mean reduced operating expenses for foreign businesses which enter the Iraqi marketplace. Of course, more foreign capital inflows also mean more demand for the Dinar, which will drive its value upward.
Iraq makes excellent progress toward meeting the need for electricity
The Iraq Power Conference 2014 was recently held to discuss the state of the country’s electrical power supplies. Electrical power industry leaders agree that the country will benefit considerably once the infrastructure overhaul is completed, and they also agree that electricity imports will be needed until those projects are finished.