Jordanian-Iraqi business forum kicks off

AMMAN — A Jordanian-Iraqi business and finance forum kicked off on Tuesday featuring the participation of government representatives, entrepreneurs and corporations from both countries.

Deputising for Prime Minister Bisher Khasawneh, Minister of Industry, Trade and Supply and Minister of Labour Yousef Shamali inaugurated the two-day forum.

The event, organised by the Iraqi Business Council in Amman, is held under the theme "Building Bridges of Common Prosperity", the Jordan News Agency, Petra, reported. 

Shamali acknowledged that economies and societies of nations continue to suffer from the implications of global phenomena such as the COVID-19 pandemic and the disruption of international supply chains due to fluctuations in energy prices, production and transport costs, as well as global political instability.

Highlighting the increasing economic links between Jordan and Iraq as a significant element in the robust ties between the nations, Shamali said that bilateral trade jumped from $580 million in 2021 to $900 million last year, with total Iraqi investments in Jordan standing at approximately $32 billion.

The minister also shed light on an ongoing joint economic estate project between Jordan and Iraq, which is expected to boost trade, encourage shared investments and leverage the exemptions and benefits of free trade agreements Jordan has signed with several countries, either bilaterally or multilaterally.

The project can pave the way for estate products to reach over one billion consumers without any technical or customs restrictions, he noted.

In her address, Investment Minister Kholoud Saqqaf underlined the need to reinforce the Jordanian-Iraqi alliance across a diverse array of sectors, particularly in economic and investment matters. 

Saqqaf noted that "solid ties", geographical proximity and bilateral agreements all contribute to creating productive collaborations across all domains.

She also praised the contributions of Iraqi investments in several sectors in Jordan, including real estate, finance, industry and tourism, stressing the Kingdom's eagerness for additional Iraqi investments and the expansion of existing ones to establish mutually beneficial partnerships.

Also speaking at the event, Fathi Jaghbir, president of the Jordan and Amman chambers of industry, pointed out that Jordanian industrial products have reached over 130 global markets as a result of the "relentless" efforts on the part of Jordanian industrialists to ensure the quality of their products and uphold their global reputation. 

He noted that Jordanian industrial specifications match European and US standards, rendering Jordanian products "globally competitive".

Majed Saedi, head of the Iraqi Business Council in Amman, commended the support Jordan provides to Iraq, its investors, business owners and people. 

Saedi stated that the forum signifies a fresh start to boost economic ties between the two nations and to build upon previous accomplishments.

Haider Makiya, head of the National Commission for Investment in Iraq, expressed his aspiration that tangible economic bridges will be build in the coming period to stimulate investment. 

Makiya noted that the stable conditions in Iraq have positively impacted the investment environment.