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