Jordan, Iraq explore partnerships at investment, renewable energy, finance conference

Jordan Times

16-02-2025

Minister of State for Economic Affairs Muhannad Shehadeh stresses that Jordanian-Iraqi economic integration is not just an option, but a strategic necessity that offers new avenues for prosperity (Petra photo)
AMMAN — The Investment, Renewable Energy and Finance Towards a Sustainable Digital Future conference kicked off in Amman on Sunday.
Organised by the Iraqi Business Council in partnership with the Jordan Chamber of Industry, the Amman Chamber of Industry, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), the event brought together key stakeholders from the region and beyond, the Jordan News Agency, Petra, reported.
Participants included the European Bank for Reconstruction and Development, the Association of Iraqi Private Banks, the Arab Businessmen Association, as well as Iraqi business councils, local and international economic institutions, and a delegation of Libyan business leaders.
The one-day conference focused on investment opportunities, financing and digital transformation, with a special emphasis on promising sectors such as banking and finance, industry and mining, renewable energy and ICT.
Minister of State for Economic Affairs Muhannad Shehadeh, who opened the conference on behalf of the prime minister, stressed that the event is in line with His Majesty King Abdullah's vision to promote economic integration and boost Jordan-Iraq cooperation, especially in the fields of investment, trade and industry.
He stressed the importance of strategic investments and partnerships in promoting sustainable economic development, noting that Jordan remains committed to creating a secure and conducive business environment.
He said that the conference serves as a platform for dialogue between governments, private sector leaders and international institutions, helping to improve the investment climate and drive long-term economic growth.
Shehadeh also highlighted Jordan's key role in regional economic cooperation, pointing to critical sectors such as infrastructure, renewable energy, industry, mining, financial services, telecommunications and transport.
He also stressed that Jordanian-Iraqi economic integration is not just an option, but a strategic necessity that offers both nations new avenues for prosperity.
The Minister highlighted important joint initiatives, including the Jordan-Iraq electricity interconnection project, which is expected to be launched in the second quarter of this year.
He also reiterated Jordan's commitment to supporting Iraq with all available resources to ensure a robust partnership that benefits both countries.
Shehadeh also highlighted the potential of large-scale infrastructure projects such as the Special Economic Zone and the Joint Industrial City, stressing the need to move these initiatives from planning to implementation.
He also recognised Iraq as one of Jordan's most important trading partners, with bilateral trade having grown significantly in recent years.
Chairman of the Iraqi Business Council in Jordan Majid Saadi reiterated the conference's goal of diversifying investment and promoting economic integration between the two countries in the face of regional challenges.
Saadi noted that Iraqi investors have established successful companies in Jordan to serve local and Iraqi markets. He called for more joint investment projects and stronger economic partnerships, noting that Jordanian investments in Iraq include the banking, IT and education sectors.
He also commended the support of King Abdullah and Iraqi Prime Minister Mohammed Al Sudani in facilitating private-sector engagement.
President of the Jordan Chamber of Industry Fathi Jaghbir stressed the need to capitalise on untapped investment opportunities through innovative strategies in line with global economic shifts.
He called for reforming investment mechanisms and leveraging digital transformation to increase business efficiency and enhance production capabilities.
Iraqi Ambassador to Jordan Omar Barzanji reaffirmed Iraq's commitment to facilitating investment and economic reform, noting that streamlining business regulations is key to driving economic progress in both countries.
He highlighted Iraq's 2024-2028 Development Plan, which aims to achieve economic growth of over 4 per cent, increase GDP per capita, diversify revenue streams and attract both domestic and foreign investment.
The plan also aims to reduce poverty to 5 per cent, promote local development, develop the transport sector, improve food security and strengthen environmental protection and international partnerships.