Latest news with #BaghdadChamberofCommerce
Iraq Business
18-03-2025
- Business
- Iraq Business
Amman Chamber to Open Trade Office in Iraq
By John Lee. The Baghdad Chamber of Commerce has welcomed the Amman Chamber of Commerce's plan to establish a trade office in Baghdad, aimed at strengthening economic and trade cooperation between Iraq and Jordan. During a meeting with Raad Bureij, Vice President of the Baghdad Chamber of Commerce, Amman Chamber President Khalil Al-Haj Toufic emphasized the importance of activating the Memorandum of Understanding (MoU) between the two chambers to enhance trade, investment, and partnerships. Al-Haj Toufic announced plans for an economic delegation from Jordan, comprising exporters, investors, and importers, to explore opportunities in the Iraqi market. Discussions also included a proposal to establish a Jordanian trade centre in Baghdad, owned by the Amman Chamber, to facilitate exports to Iraq. Bureij suggested reciprocal visits by Iraqi and Jordanian economic delegations and the development of a sector-specific database to assist businesses in decision-making, investment, and trade. He affirmed Baghdad Chamber's readiness to support the establishment of the new trade office and provide necessary facilities for its success. He also encouraged Jordanian companies to enter the Iraqi market through strategic partnerships in key sectors such as housing, industry, trade, infrastructure, IT, construction, contracting, and transportation. Both chambers anticipate closer cooperation in the coming period to advance shared economic interests. (Source: Amman Chamber of Commerce)
Jordan News
15-03-2025
- Business
- Jordan News
Baghdad Chamber of Commerce Welcomes Opening of Commercial Office for Amman Chamber of Commerce in the Iraqi Capital
Baghdad Chamber of Commerce Welcomes Opening of Commercial Office for Amman Chamber of Commerce in the Iraqi Capital The Chairman of the Amman Chamber of Commerce, Khalil Al-Haj Tofig, emphasized the importance of activating the Memorandum of Understanding (MoU) signed between the Chambers of Amman and Baghdad during his meeting with the Vice President of the Baghdad Chamber of Commerce, Raad Breij. The MoU aims to serve the members of both chambers, enhance trade and investment exchange, and build partnerships. اضافة اعلان Al-Haj Tofig explained that the Amman Chamber of Commerce intends to form an economic delegation from its general members to visit Baghdad, focusing on sectors that have strong potential for entering the Iraqi market, whether as exporters, investors, or even importing from Iraq. According to a statement from the Chamber on Saturday, Al-Haj Tofig and Breij discussed the idea of establishing a Jordanian commercial center owned by the Amman Chamber of Commerce. This center would serve the Chamber's members by facilitating the export of goods and services to the Iraqi market. Breij emphasized that exchanging economic delegations and organizing exhibitions is the best way to enhance trade exchange and increase investment volumes. He stressed the importance of activating the MoU signed between the two chambers. Breij welcomed the economic delegation from the Amman Chamber of Commerce visiting Baghdad, proposing that this should be followed by an Iraqi economic delegation visiting Amman. He suggested that annual delegations from specialized and studied sectors should be exchanged, and a database covering all sectors should be built to assist businessmen in both countries in making informed decisions and creating a clear plan for investment, export, or import operations. Breij also welcomed the decision by the Board of Directors of the Amman Chamber of Commerce to study the possibility of opening a commercial office in Baghdad, which would be owned and managed by the Chamber. He considered this decision a significant step toward strengthening economic and commercial cooperation between the two countries and affirmed that the Baghdad Chamber of Commerce is ready to provide any assistance or facilities to ensure the success of this office. Breij pointed out that this initiative will contribute to strengthening trade relations between Iraq and Jordan, opening new horizons for trade exchange, increasing investments, and developing economic relations between the private sectors of both countries. He encouraged Jordanian companies to enter the Iraqi market through partnerships with Iraqi counterparts, taking advantage of investment opportunities in sectors such as housing, industry, commerce, infrastructure, information technology, construction, contracting, and all forms of transport. Breij concluded that the upcoming period will witness close cooperation and coordination between the two chambers on all issues of importance to traders and business owners.
Iraqi News
06-03-2025
- Business
- Iraqi News
PM issues directives to develop electronic payment systems and enhance digital transactions
Baghdad-INA Prime Minister Mohammed Shia Al-Sudani issued directives today, Thursday, regarding the development of electronic payment systems and the promotion of digital transactions in all government departments. The Prime Minister's Media Office stated in a statement received by the Iraqi News Agency (INA):"In line with the government's administrative and financial reform strategy, as outlined in the government program, and in accordance with Prime Minister Mohammed S. Al-Sudani's vision for facilitating administrative and banking procedures, enhancing electronic payment systems, and promoting digital transactions across all government institutions—including efforts to facilitate company registration procedures to simplify company registration to foster a more business-friendly environment— the government reaffirms its dedication to strengthening the national economy and supporting initiatives, particularly those related to small and medium-sized enterprises (SMEs). Accordingly, the Prime Minister has issued the following directives: 1. Directing the Baghdad Chamber of Commerce, the Federation of Iraqi Chambers of Commerce, and the Iraqi Federation of Industries to collaborate with relevant authorities to facilitate procedures within a six-month timeframe by implementing business process automation and digital transformation in these institutions. This initiative aims to accelerate company registration procedures and strengthen electronic payment systems. 2. Facilitate the authentication process for company contracts, particularly for small and medium-sized enterprises (SMEs), by allowing contracts to be verified through a confirmation letter from a notary public, ensuring swift approval without delays. 3. Explore the possibility of establishing a notary public office within the Baghdad Chamber of Commerce to certify company incorporation contracts and streamline related procedures. 4. Mandating business owners to open a bank account at a licensed Iraqi bank, based on an official endorsement from the Baghdad Chamber of Commerce, as a requirement for completing company registration and obtaining the company ID and incorporation certificate. 5. Enhancing the adoption of electronic transactions and digital payment systems within the modern business environment, in coordination with the Central Bank of Iraq, by issuing a directive to all banks to simplify account opening procedures for small and medium-sized enterprises (SMEs). 6. Coordinate with the Central Bank of Iraq to issue a directive to banks to provide financial incentives and banking facilities for companies, including loans, banking services, electronic transfers, and the adoption of digital payment solutions and financial technology innovations. 7. Launch a public awareness campaign to educate citizens and investors on the new procedures, producing informational content that explains company registration processes, the benefits of digital transformation, and available banking opportunities. 8. Form a specialized committee comprising relevant authorities to oversee the implementation of these measures and submit periodic progress reports on the execution of the recommendations.
