Proceedings of the Second Session on Investment Opportunities in Iraq In the “Economic Forum for Financial, Industrial & Commercial Partnerships between Iraq, Jordan & the Region”, held in the Dead Sea – the Hashemite Kingdom of Jordan

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Economic Forum for Financial, Industrial & Commercial Partnerships

Between Iraq, Jordan & the Region

Sunday May 5th 2024

Second Session

 

Below is the press release of the proceedings of the Second Session of the “Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan and the Region”, which was held in the Dead Sea area – the Hashemite Kingdom of Jordan.  The Session was chaired by the Vice President and Secretary-General of the Iraqi Business Council, Dr. Saad Naji, and addressed the main investment opportunities in Iraq.

A number of speakers participated in this Session including; the Director General of Planning & Studies Department in the Iraqi Ministry of Electricity, Mr. Ammar Muhammad Kadhim, Chairman of the Board of Commissioners of the Media & Telecommunications in Iraq, Engineer Bassam Salim Hussein, Board member of the Iraqi Business Council and Head of “Energy World” Group, Consulting Engineer Mekki Al-Faez, Chairman of INTAJ Society for Information and Communications Technology, Mr. Amjad Sweiss and the Deputy Director General of Jordan – Kuwait Bank, Mr. Zuhdi Al-Jayousi.

Economic Forum for Financial, Industrial & Commercial Partnerships Between Iraq, Jordan & the Region – First Session

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Economic Forum for Financial, Industrial & Commercial Partnerships

Between Iraq, Jordan & the Region

Sunday May 5th 2024

 

First Session

 

Source: Jordan News Agency “Petra”

 

A specialized session discussed the investment opportunities available in Jordan and Iraq in different economic sectors, especially in the fields of mining and industry.

 

The session, which was held on the sidelines of the activities of the  “Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan & Region Countries”, was attended by the Minister of Investment, Mrs. Koloud Al-Saqqaf, the Iraqi Minister of Industry & Minerals, Mr. Khalid Battal, and Head of the Presidency Office of the Republic of Iraq, Dr. Kamil Al-Duleimi.   The President of the Iraqi Business Council, Dr. Majid Sadi, steered the Session.

 

Minister Al-Saqqaf said that the investment opportunities that were launched on the Invest in Jordan Platform “Invest.jo” are consistent with the economic modernization vision, where investors may learn about the opportunities available by accessing the platform and acquaint themselves with (36) investment opportunities of (1.4) Billion Dinars investment volume and (17) sector files, as well as investment opportunities in the partnership projects between the two sectors.

 

Regarding the importance of establishing investment funds, Minister Al-Saqqaf pointed out that the Investment Environment Law permitted the establishment of investment funds, and that the government, through the Ministry of Investment, provided full support for the establishment of such funds as they contribute to simulating the capitals of investment institutions and attracting them with investment opportunities in various economic sectors of attractive priorities of high competitiveness, especially in the mining, infrastructure and tourism sectors.

 

The Minister pointed out that the first investment fund was established in the Kingdom as the largest Jordanian investment fund in terms of authorized capital amounting to (275) Million Dinars fully owned by Jordanian banks.

 

Minister Al-Saqqaf reviewed the most important features of the Investment Environment and incentives granted to investment projects in and outside the development zones, in addition to the Partnership Law between the public and private sectors and its contribution as to maximizing partnership between the two sectors.

 

For his part, Minister Battal said that his country has prepared a clear vision for the industrial sector, especially the strategic vision, that the state adopts for the development and growth of this sector, indicating that work is underway to finalize the technical matters relating to the implementation of the joint economic zone between the two countries.

 

Minister Battal added that “we face challenges in providing work opportunities for Iraqis, therefore, there are procedures pertaining to regulating a labor market with regard to expatriate workers”, indicating that there are new arrangements and certain mechanism between Jordan and Iraq concerning granting visas to Jordanians desirous to visit Iraq.

 

Minister Bettal pointed out that the Ministry promoted (90) work opportunities in various industrial sectors, and that his country welcomes foreign investments, noting that the Ministry has named 2024 as “the year of mining”.

 

Minister Battal also pointed out that Iraqi has started re-operation of the Iron & Steel Factory through partnership with a Turkish company, with an investment volume of (15) Million Dollars for its second stage.

 

In turn, the Head of the Presidency Office of the Republic of Iraq, Dr. Kamil Al-Duleimi, spoke about the visit of the Iraqi President, Mr. Abdul Latif Rashid, to the Kingdom, describing it as coming at an important time considering the political developments in the region.

 

Mr. Al-Duleimi said that the visit was successful as it addressed several political and economic matters on the following step as to activating the commonalities between the two countries, noting that the Iraqi President and the Prime Minister agreed to have a clear vision concerning issues that enhance Iraqi’s relations with Jordan.

 

He further pointed out that Iraq has set a clear vision based on providing services to citizens and improving the economic system to facilitate matters to investors and enable the private sector to implement the investment projects in various sectors, which value is estimated by (450) Billion Dollars.

 

 

IBC’s Vice President & Secretary-General Meets with the President of Egyptian Chemicals Export Council On Sunday June 2nd 2024 at IBC Offices

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On the sidelines of the activities of the trade mission of the Egyptian Chemicals Export Council in Jordan, the Vice President and Secretary-General of the Iraqi Business Council, Dr. Saad Naji, met on Sunday June 2nd 2024 at IBC offices with Engineer Khalid Abu Al-Makarem, President of the Egyptian Chemicals Export Council and Head of the visiting trade mission.

During the meeting, means of cooperation between the Iraqi Business Council and the Egyptian Chemicals Export Council were discussed.  Dr. Saad Naji reviewed the investment environment and economic situation in Iraq and the major role of the Iraqi private sector in developing the infrastructure in several important sectors including the housing projects and energy sector in Iraq.  For his part, Engineer Khalid Abu Al-Makarem expressed interest of the companies of the Egyptian Chemicals Export Council to enter the Iraqi market and establishment of trade relations with the companies of the Iraqi Business Council.  The two sides discussed issues relating to the Investment Law in Iraq, along with incentives, exemptions and income tax.

At the end of the meeting, it was agreed to enhance the trade cooperation opportunities between the two sides and networking companies of both sides.  Also, Engineer Abu Al-Makarem renewed his call for IBC companies to participate in the bilateral meetings with the Egyptian Chemicals Export Council, which will continue to take place until Wednesday June 5th 2024 at the Intercontinental Hotel – Amman.

The meeting was attended by IBC Director General Mrs. Abeer Al-Naib, the Egyptian Commercial Attaché, Mrs. Mona Abboud, and the CEO of the Egyptian Chemicals Export Council, Engineer Muhammad Majeed.

President of the Palestinian Maintenance Fund (PMF) & The Accompanying Delegation Visit IBC Offices

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HE President of the Palestinian Maintenance Fund (PMF), Attorney Fatima Al-Muwaqat, and the accompanying delegation visited the offices of the Iraqi Business Council – Jordan on Monday May 1st 2023 and were received by IBC’s Vice President & Secretary General, Dr. Saad Naji and IBC Advisor, Mr. Muhammad Jawad Al-Jubouri.  During the meeting, Mrs. Al-Muwaqat talked about programs of the PMF that aim to assist vulnerable women in Palestine.  She reviewed achievements of the institution in the field of defending women’s rights and providing legal and financial aid to marginalized categories of women.  She expressed readiness to present their pioneering experience to Iraq, since it was adopted by the representative of the United Nations as international role model.  For his part, Dr. Saad Naji expressed his support to this initiative and promised to approach the competent authorities to benefit from this experience.  Agreement was also reached to hold a workshop in Jordan to explain this initiative to parties in Iraq, Jordan and Palestine that are active in this field.  At the end of the meeting, the two parties exchanged thanks for organizing the meeting.

The Iraqi Business Council Honors The Iraqi Maqam Ambassador Dr. Hussein Al-Aadami

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In the presence of a large crowd of intellectual, artistic and academic figures, and within the activities of IBC (Ibdaa) Cultural Program, an honoring ceremony was held on Monday August 7th 2023 on IBC Hall to honor the renowned Ambassador of Iraqi Maqam, Dr. Hussein Al-Aadami, on the occasion of the 50th anniversary of ascending the Iraqi Maqam stage.  During the ceremony, Dr. Muhammad Ghawanmeh from Jordan presented an overview on artist Hussein Al-Aadami’s biography, and Mr. Safwat Fahim Kamil from Iraq also took part in the presentation.  Then, artist Hussein Al-Aadami talked about his artistic history and his passion in the art of Iraqi Maqam, which he mastered, after being a prominent wrestler in the world of sports in Iraq.  Mr. Al-Aadazi then reviewed the most famous concerts he held around the world.  The event included lyrics from the Iraqi Maqam by Dr. Al-Aadami.  Al the end of the ceremony, IBC Deputy Chairman and Secretary-General, Dr. Saad Naji, honored Dr. Al-Aadami with the Shield of Creative Work in recognition and appreciation for his pioneering role and artistic career over the course of fifty years of enriching the Iraqi Maqam.

 

The event was attended by the Iraqi Ambassador to Jordan, Mr. Muneef Ali Hussein and a number of representatives of the Iraqi Embassy.  On the part of IBC, the ceremony was attended by IBC’s Vice President & Secretary-General, Dr. Saad Naji, IBC member, Mr. Osama Al-Shammari, IBC CEO Mrs. Abeer Al-Naib and staff, in addition to media and satellite TV channels.