Economic Event: Minutes of the Consultative Meeting Held with the Representative Of the American Consulting Company
A consultative meeting was held on Monday, November 1st 2021 at the head offices of the Iraqi Business Council with Mr. Sahil Annabi – the representative of the American Consultative Company in charge of submitting a feasibility study for the Joint Economic Zone between Iraq and Jordan (PRAGMA Group).
The meeting was attended by members of the Iraqi Business Council; IBC Deputy Chairman & Secretary General Dr. Saad Naji, Board member Engineer Mekki Al-Faiz and IBC members; Engineer Turkey Al-Qaissi and Mr. Dargam Al-Bolani.
During the meeting, Dr. Saad Naji welcomed Mr. Sahil Annabi and reviewed the role of the Council in setting a strategy for developing the private sector in Iraq (2014-2030) and the Council’s partnership with the International Labor Organization (ILO) to develop a strategy for transition in Iraq from informal to formal economy, followed by an overview presented by IBC Director General on IBC activities and achievements.
During the meeting, Consultant Annabi presented an overview on the Economic Free Zone Project between Iraq and Jordan and the important role of the private sector as to expressing opinion and providing advice on the location of the Economic Zone in both countries, and the industries and products that can be established in that region, in addition to the services and infrastructure that must be provided for that area to become an attractive region for investments.
Also, Mr. Annabi enquired about the solutions that must be developed to overcome obstacles that prevent making that region attractive for investments.
In turn, Dr. Saad Naji responded to those queries; that it is necessary to make a comparison with the Jordanian – Syrian Free Zone, the necessity to provide government support to the private sector projects intended to be established in that region, in addition to providing special and distinguished facilities to investors in terms of energy costs and labor, proposing that that region be a centre for petrochemical and renewable energy projects.
Mr. Mekki Al-Faiz also confirmed that the Economic Free Zone would be the ideal and perfect region to establish solar energy projects, as Jordan is characterized by clear and strong laws in this sector, as Iraq is in great and urgent need of this energy, in addition to the necessity of establishing electricity and gas stations.
Furthermore, Engineer Turkey Al-Qaissi stressed the importance of benefiting from the Free Trade Agreements for the projects intended to be established on the Jordanian side of the Joint Zone, in addition to the need of having fair competition between the Jordanian and Iraqi goods so that the area becomes an economic zone serving both countries, as the trade balance in recent years was in favor of the Jordanian goods.
In turn, IBC member Mr. Dargan Al-Bolani stressed the need of providing support to the food industries in the event of establishing such industries in that region, and the availability of special marketing centers to market products of these factories, in addition to establishing a loan fund for those projects and finding suitable guarantees for investors to start their projects in the Free Economic Zone.
At the end of the meeting, Dr. Saad Naji stressed the necessity of eliminating customs infringing that can affect success of the projects intended to be established in the Free Economic Zone.
In turn, Consultant Annabi thanked IBC members on organizing the meeting and expressed his desire to hold more consultative meetings to provide integral feasibility studies covering all sectors, and all incentives and privileges that encourage the private sector to invest in the joint Economic Zone between the two countries.
