Under the patronage of His Excellency Jordan Prime Minister, Dr. Jaafar Hassan, the Iraqi Business Council organized a Conference on “Investment, Renewable Energy & Finance – Towards a Sustainable Digital Future” with a large official presence and participation of international institution, with partnership of Jordan & Amman Chambers of Industry, the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA), and in cooperation with the European Bank for Reconstruction and Development, Iraqi Private Banks Association, Arab Businessmen Federation, Iraqi Business Councils and local and international Economic institutions, in addition to a delegation of Libyan businessmen.

The one-day Conference focused on investment opportunities, finance and digital transformation, and highlighting the promising sectors including the financial and banking, industry and mining, renewable energy, communications and information technology sectors.

The Minister of State for Economic Affairs, H.E Mr. Muhannad Shehadeh, who opened the Conference on behalf of Jordan Prime Minister, said that the Conference comes from the vision of His Majesty King Abdullah II in achieving economic integration and enhancing frameworks of joint cooperation between Jordan and Iraq, especially in the investment, trade and industrial fields. 

Mr. Shehadeh added that holding this Conference under the patronage of His Excellency the Prime Minister, with participation of local and international economic and financial institutions reflects keenness to advance the wheel of sustainable economic development through qualitative investments and strategic partnerships that meet the aspirations of the two countries and contribute to achieving a better economic future for us and for future generations.

He further pointed out that the Conference embodies the pivotal role played by the Kingdom to enhance the Arab economic activity and exploring new cooperation prospects in vital sectors such as infrastructure, renewable energy, industry and mining, financial and banking services, communications, information technology and transportation sectors.

The State Minister for Economic Affairs, Mr. Shehadeh, said “We believe that economic integration between Jordan and Iraq is not just a fantasy, but a strategic necessity that enhances resilience of the economy of the two countries and opens new fields  for growth and prosperity”, pointing out that the Conference is regarded as a platform for dialogue and communication between various governmental and official bodies, private sector and international institutions, which contributes to strengthening investment environment and creating a suitable climate for sustainable economic opportunities to benefit society.

Mr. Shehadeh expressed his gratitude for the profound role of Iraqi businessmen in enhancing cooperation between the two countries, appreciating their investments in the Jordan, which witnesses tangible development, amongst which several success stories that we are proud of and acknowledge with appreciation, stressing that Iraqi investments in the Kingdom affirms the safe and investment-friendly environment provided by Jordan, making it a leading investment destination in the region.

He stressed that the changes witnessed by the region and the world demands that we strengthen our strategic relationships and partnerships in various fields, whether at the bilateral level or within the framework of tripartite cooperation between Jordan, Iraq and Egypt, which we look forward to activating and benefiting from in a way to reflect positively on our joint cooperation in all fields, where the private sector in both countries is a key partner. 

He referred to the availability of a nucleus for major and strategic projects such as the Economic Zone and Industrial City, which we must advance from the stage of planning to actual implementation to contribute to strengthening our relations and solid economic partnership.

Mr. Shehadeh pointed to the importance of what has been achieved on the bilateral level, as Iraq is regarded as one of the most important key trade partners of Jordan in the region, considering the remarkable growth in the volume of trade exchange between the two countries.

He pointed out that there are several joint strategic activities, most notably the Electrical Interconnection Project and supplying Iraq with electricity, which is expected to be operational in the second quarter of this year, stressing that Jordan will spare no effort in supporting its Iraqi brothers with all potentials available.

Mr. Shehadeh stressed the existence of several promising opportunities that will be beneficial to both countries, pointing to the importance of holding such meetings based on true partnerships with the private sector in both countries, which if optimally invested, will raise the level of mutual trade and investment as hoped for.

Minister Shehadeh pointed to the wide participation of decision-makers, business owners and investors from Jordan, Iraq and the region, which reflects the serious desire to build solid cooperation bridges capable of addressing challenges and achieving the aspirations of our peoples for prosperity and development.

For his part, Chairman of the Iraqi Business Council in Jordan, H.E Dr. Majed Saedi, said that the Conference aims to continue discussions for the purpose of diversifying investment and establishing integrative relations between the two countries in light of the challenges facing the region.

He further added “We seriously look forward to reconstruction projects in Iraq in all sectors, as well as the countries of the region”, emphasizing that it would open broad horizons for Iraqi and Jordanian investors.

Dr. Saedi pointed out that Iraqi investors in Jordan established large businesses and projects that target the Iraqi market, stressing the need to intensify joint investment and investment partnerships.

He elaborated that there are Jordanian investments in Iraq in several sectors such as banks, information technology and education, emphasizing that partnerships are considered the most important way for achieving even more successes and continuous communication between business owners in the two countries.

Dr. Saedi appreciated the great support extended by His Majesty King Abdullah II and the Iraqi government, represented by Prime Minister Mr. Ali Shiyaa Al-Sudani, to the private sector, and facilitating the tasks of businessmen in the two countries, which reflects on the economic interests of both countries.

For his part, Chairman of Jordan Chamber of Industry, H.E Engineer Fathi Al-Jeghbir, said “Despite the distinguished level of the two countries’ relations, the available opportunities are wide and diverse, which must be exploited in more innovative ways and in line with the rapid transformations witnessed by global economy”, stressing the need to reconsider investment mechanisms and enhancing the role of digital transformation in developing businesses, raising the efficiency of productive sectors, exploiting and developing the level of innovation and digital transformations in light of a constantly changing economic landscape, led by technological progress and innovation. 

Eng. Al-Jeghbir stressed the need for joint effort to build strong economic alliance based on a clear roadmap that facilitates cooperation for the private sector with direct support by the governments in both countries in a way that ensures sustainability of partnership and achievement of common interests.

He pointed out that Jordan and Iraq constitute a strategic depth due to the promising economic and investment potentials they enjoy, in addition to the unique economic and industrial components that make them a centre of economic attraction at the regional level.

In turn, the Iraqi Ambassador to Jordan, H.E Mr. Omar Al-Barazenji, stressed that the doors to investment and smooth procedures contribute to progressing the economic renaissance in the two countries, underlining the need of building strategic partnerships between the private sector’s companies and institutions in various economic sectors, and further emphasized the need of enhancing communication between the private and public sectors, signing bilateral agreements and implementing them on the ground, in addition to intensifying delegation visits.

H.E Mr. Al-Barazenji pointed out the plan of the Iraqi government aims to increase the growth rate by more than 4% between 2024 – 2028.  It also aims to increase the per capita share of the Gross Domestic Product (GDP), boost local and foreign investment, and diversify economy.  Ambassador Al-Barazenji pointed out that the plan of the Iraqi government seeks to address development challenges, reduce poverty rates by 5%, in addition to developing local communities by improving investments, living conditions, developing transportation sector, achieving food security, protecting the environment, and boosting international partnerships.

Opening Session

(Jordanian and Iraqi Officials Call for Building Economic Integrity

between the Two Countries)

Jordanian and Iraqi officials called for building economic integrity between the two countries, taking advantage from the opportunities available to them and working together to reach the global markets.

During their participation in the opening session of the “Investment & Finance.. Towards a Sustainable Digital Future” Conference today, Sunday, they stressed the need for the two countries to work together to boost the added value in their products to reach global markets through the agreements that Jordan signed with various international trade blocks.

The Minister of Industry, Trade & Supply, H.E Engr. Yarub Al-Qudaa, said that relations between Jordan and Iraq on various levels are historic and deep-rooted, but the two countries trade exchange is still below the required level, less than aspirations, despite the great potentials they both have.

H.E Eng. Al-Qudaa further added that the exports of Jordn to Iraq amount to about one billion Dollars constituting but 3% of Iraq’s imports, noting that the Joint Trade Committee, which held its meetings in Iraq several days ago, reached understandings to overcome obstacles that affect trade movement, in addition to accelerating work in the Economic Zone.

During the session moderated by the Chairman of the Iraqi Business Council in Amman, Dr. Majid Saedi, H.E Engr. Al-Qudaa pointed out that a diversity of Jordanian investments existing today in Iraq have reached advanced levels in various sectors, most notably banks and tourism sectors, stressing that the Free Trade Agreement  that links the two countries since 2007 constitute a basic foundation  to strengthen the two countries economic relations.

He pointed that Iraqi products enter the Jordanian market without any fees and according to the Free Trade Agreement, expressing his hope that the two countries trade exchange will double with the completion of the joint Economic Zone.

He emphasized that the current year will constitute a new start for the two countries economic relations, joint work and the establishment of true partnerships, stressing the need for Iraq to benefit from the trade agreements that Jordan signed with several international trade blocks.

For his part, the Minister of Investment, H.E Engr. Muthanna Al-Gharaibeh, that the national economy enjoys many advantages that attract investors and capture their attention, most notably several incentives for investment projects.

He also pointed out that Jordan’s signing several free trade agreements enabled Jordanian exports to reach global markets, value of which is estimated at about 50 trillion Dollars, and includes over 1.5 billion consumers, fact of which contributed to attracting investments.

He stressed that there are joint investment opportunities between Jordan and Iraq that enhance economic integration between the two countries, enabling them to expand their market shares globally, by taking advantage of the free trade agreements Jordan had signed with different international economies.

Engr. Al-Gharaibeh stressed the need for the two countries to work together to achieve integration, invest in the huge economic opportunities available to them, and boost the added value in their products to enable them to access global markets.

For his part, the Iraqi Minister of Industry & Minerals, H.E Engr Dr. Khalid Battal, reiterated his confirmation that Iraqi business owners and investors, due to the exceptional circumstances that Iraq has gone through, have taken Jordan as headquarters for their businesses and established industries that serve the Iraqi market, taking advantage to the state of stability and security prevailing in Jordan and the facilities provided by the Kingdom.

He pointed out that Iraq has begun in recent years to move towards establishing national industries in several sectors, which prompted the government to provide protection for them, indicating that the Iraqi industrial products have begun to maintain presence in the Jordanian market, which is a healthy state for applying the principle of reciprocity.

He stressed that the private sector in Iraq and Jordan has a huge responsibility as to developing, boosting and bridging the two countries economic relations and marking use of all the support provided by governments of both countries, especially the Free Trade Agreement that links them.

He called on the Jordanian companies to apply and benefit from the tenders announced by the Iraqi government through private companies, in addition the promising investment opportunities in many sectors.

He indicated the importance of the presence of the Jordanian private sector in the Economic Conference scheduled to take place in Baghdad mid next April, where 50 investment opportunities will be announced for investment in partnership with the Iraqi government.

For his part, the Chairman of the Board of Commissioners of Aqaba Special Economic Zone, H.E Mr. Nayef Al-Fayez presented the investment opportunities available in Aqaba in many sectors, especially in the tourism, trade, industry and logistics sectors, highlighting the advantages and incentives provided to investors.

H.E Mr. Al-Fayez pointed out the Advanced Ports System that has been completed, and the process of linkage with several ports in the region, which facilitate the flow of goods, noting that there are other major logistic projects that may be implemented in Aqaba.

Mr. Al-Fayez stressed the need for establishing solid economic partnerships between Jordan and Iraq and making use of the trade agreements signed by Jordan with many global economic blocks.

In turn, Governor of the Central Bank of Jordan, H.E Dr. Adel Sharkas, stressed that Jordan maintains strong banking relations with Iraq, and there is continuous communication and coordination with the Central Bank of Iraq through joint Memoranda of Understanding to serve the economic interests of the two countries.

Dr. Sharkas said that the national economy is achieving steady development, despite the challenges and exceptional circumstances facing the region, the latest of which is the Israeli aggression on Gaza Strip, noting that Jordan has maintained growth rates ranging between 2.5% and 2.7% in the recent period, which indicates its success in absorbing the shocks and adapting to them.

He pointed out some strong and positive inputs the banking system in the Kingdom enjoys as it applies the best international standards.  He explained that the volume of deposits in banks has reached 47 billion Dinars, which exceeds the size of national economy, providing credit facilities worth 36 billion Dinars, which affirms its role in supporting the national economy and providing the required financing.

Dr. Sharkas affirmed that Jordan does not impose restrictions on the movement of capital in accordance with the controls of “money laundering”, and the movement of monies between Jordan and Iraq is working smoothly, and that there are Jordanian banks in Iraq with a working capital of 370 million Dinars, noting that that the Central Bank has created s program to guarantee loans and exports, especially to Iraq as a strategic partner.

For his part, Governor of the Central Bank of Iraq, H.E Dr. Ali Al-Allaq, said that banking relations of Iraq and Jordan are strong, advanced and constitute a basic pillar for advancing the desired economic integration

between the two countries, noting that there is continuous communication and coordination with the Central Bank of Jordan to benefit from its experiences and expertise.

Dr. Al-Allaq elaborated that the main challenge facing the world central banks today is represented by the move towards digital economy, which now constitutes 15%  of the global Gross Domestic Product (GDP) and represents 17 trillion Dollars, “which is steadily increasing”.

He indicated that Iraq has no concerns with regard to controlling inflation rates, as it has succeeded “excellently” in this matter during the past three years, decreasing the inflation from 7.5% to 3%, while it is currently witnessing stability.

He further said that the “Iraqi Central Bank” meets the demands of importers, business sector and citizens for foreign currencies at the announced price, in addition to the availability of large reserves of foreign currencies, pointing to the measures it has taken to increase its reliance on a basket of currencies with regard to its banking transactions, including the Jordanian Dinars.

For his part, Advisor to the Iraqi Prime Minister, H.E Engr. Mohammad Al-Darraji, reviewed economic guidelines in Iraq, based on the consideration that the private sector is a fundamental pillar in the economic development, organizing industry and providing sovereign guarantees to investors in the industrial sector.

He further pointed out other pillars relating to integration with global economy and building banking capabilities and government administrative apparatus, stressing the need to encourage citizens to invest their money and boost confidence in the banking system.

Engr. Al-Darraji stressed that Iraq is capable of providing the required funding for investment projects, especially projects that are included in  the “development path”, which the country is working on implementing, in addition to the confidence of international institutions in the financial reforms that Iraq has achieved, calling on the Jordanian companies to exploit what he called the “carbon opportunity and moving towards a carbon economy”.

The one-day Conference focused on investment, financing and digital transformation opportunities, highlighting the promising sectors such as the financial and banking, industry and mining, renewable energy, communications and information technology sectors.

First Session:

(Role of Global Financial Institutions & Banks

In Financing Investment Projects)

The Conference witnessed sessions that focused on the “Role of International Financial Institutions and Banks in Financing Investment Projects” moderated by H.E Dr. Ibrahim Saif, with participation of Iraqi banks that took part in the Conference as a strategic partner (Jordan Bank, Arab Bank – Iraq and Bank of Baghdad) and international banking institutions (International Finance Corporation and Multilateral Investment Guarantee Agency affiliated with the World Bank Group and the European Bank for Reconstruction and Development).

Second Session:

(Carbon Bonds & Investment Opportunities

In the Renewable Energy Sector in Iraq)

The second session focused on discussing “Investment in Carbon Bonds and Investment Opportunities in the Renewable Energy Sector in Iraq”.  In a session moderated by the Chairman of the Preparatory Committee of the Conference and Deputy Chairman of the Iraqi Business Council, H.E. Dr. Saad Naji, during which he affirmed the importance of enhancing strategic partnerships between Iraq and Jordan by exploring prospects of joint cooperation and investment.

During the session in which the Advisor to the Deputy of the Iraqi Parliament, H.E Dr. Haider Al-Raji, and the Representative of the Iraqi Ministry of Electricity Dr. Taha Mansour, participated, Dr. Naji stated that the Conference constitutes a platform for direct communication between companies, representatives of strategic projects and financial institutions to provide a valuable opportunity for expanding businesses and expansion in the regional markets.

(Promising Investment Opportunities in Iraq –

Iraq Forum for Investment 2025)

The Conference sessions witnessed presentation of promising investment opportunities in Iraq and Iraq Forum for Investment 2025, during which the Chairman of the Iraqi Economic Council, Mr. Ibrahim Al-Baghdadi, reviewed preparations and investment opportunities that will be presented during the Forum, which will be held in Baghdad next May, it will include 126 investment opportunities in key sectors such as industry, energy, agriculture, tourism, real estate, transportation and communications sectors.

(Role of Banks, Their Services &. Financing Mechanisms

For Investment Projects)

The second session included participation of the Iraqi National Bank and Jordan – Kuwait Bank, sponsors of the Conference activities, during which services rendered by the banks, financing mechanisms and facilities for companies wishing to invest in Iraq and Jordan were discussed.

Third Session:

(Financial Technology FIN TECH) & Digital Transformation:

Innovative Solutions to Support Investment & Develop

Economic Sectors)

In its final session, which was co-organized by Bana Exhibitions and Consulting, Financial Technology and Digital Transformation: the Conference discussed innovative solutions to support investment and develop the economic sectors.  The session was moderated by the CEO of (INTAJ) Association, H.E Nidhal Al-Bitar, and the speakers included H.E Ms. Duha Abdul Khaliq / Executive Partner of Eskedenia Software Company, Mr. Atheer Ghassan Al-Qadi / Amwal Company for Electronic Payment Services and Engr. Rula Ammouri / CEO of Professionals Company for Smart Technology.

Final recommendations for

“Investment, Renewable Energy & Financing

Towards Sustainable Digital Future”

Conference

The Conference was held in the Jordanian capital Amman, organized by the Iraqi Business Council, in partnership with Jordan and Amman Chambers of Industry, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), with wide participation of local and international financial and economic institutions, in addition to businessmen from Iraq, Jordan, Libya and other countries.

The Conference discussed investment and financing opportunities in key sectors such as renewable energy, industry, mining, digital transformation and financial services, and resulted in the following recommendations:-

1. Strengthening Cooperation in Carbon Reduction and Renewable Energy:
2. Expand cooperation between Iraq and Jordan in the field of carbon emissions reduction and benefiting from modern carbon management technology.
3. Develop joint projects in the field of clean energy and enhance usage of renewable energy sources to achieve sustainable development.
4. Support bilateral efforts to establish an integrated industrial zone for green industries in the two countries.

• Recommendation for Organizing a Global Conference on Carbon Levels Reduction
• Urging the Iraqi and Jordan governments to organise an international conference that focuses on reducing carbon emissions and attract investments in sustainable energy.
• Involving international institutions such as the European Bank for Reconstruction and Development and the International Finance Corporation to support efforts exerted to eliminate environmental pollution.

• Simplify Procedures for Establishing and Financing Clean Energy Projects
• Simplify laws and procedures relating to establishing investment projects in the renewable energy sector.
• Establish clear mechanisms to finance these projects through banking facilities and dedicated investment funds.
• Enhance partnerships between the public and private sectors to ensure actual implementation of strategic projects.

• Facilitating Granting of Entry Visas for Trade and Investment Exchange
• Facilitate procedures for granting visas to investors and businessmen in the two countries to boost trade and investment cooperation.
• Adopt the electronic visa system to facilitate rapid movement of experts and investors between Iraq and Jordan.

• Finding a Roadmap for New Projects
• Determining the priorities of the new strategic projects proposed by the Iraqi government with partnership of the Iraqi and Jordanian private sector.
• Accelerate implementation of major projects such as the Joint Economic Zone and Industrial City to contribute to achieving sustainable economic development.
• Developing clear operational plans for the reconstruction projects in Iraq, while benefiting from Jordanian expertise.

• Enhancing the Role of Banks and Financial Institutions in Financing Investment Projects
• Encouraging banks and financial institutions to provide soft loans to startup projects, especially in vital sectors.
• Enhance cooperation between the Iraqi and Jordanian banks and facilitate the financial transactions procedures between the two countries.
• Establish joint investment funds to support the development and economic projects.

• Encourage Financial Technology and Digital Transformation
• Encouraging innovation in the field of Financial Technology (FIN TECH) to develop advanced digital financing and investment tools.
• Enhance the digital infrastructure to encourage entrepreneurs to invest in the information technology sector.
• Organize joint training programs between Iraq and Jordan to develop competencies in the field of digital transformation.

• Developing Economic and Investment Relations between the Two Countries
• Develop economic integration strategies based on exploiting competitive advantages of the two countries in certain sectors such as industry, transportation and energy.
• Support integration efforts between Jordan and Iraq within a tripartite framework with Egypt to encourage joint projects and achieve sustainable development.
• Focus on increasing the volume of trade exchange between the two countries and overcome the obstacles facing investors.

Implementation & Follow Up Mechanisms:

• Forming joint work committees in Iraq and Jordan to follow up implementation of the recommendations and ensure continuity of economic cooperation.
• Organizing periodic meetings between the governments and private sector to strengthen economic integration between the two countries.
• Presentation of a periodic report on the progress made in implementing the recommendations and extent of their impact on the business and investment environment.

The Conference affirms the need to move forward in the implementation of these recommendations to ensure realization of sustainable development and strengthening economic partnership between Iraq and Jordan, which will benefit both countries and the whole region.