Latest news with #FederationofIraqiChambersofCommerce
Asharq Al-Awsat
03-05-2025
- Business
- Asharq Al-Awsat
Second Emirati-Iraqi Business Forum Discusses Enhancing Trade Partnerships
The Federation of UAE Chambers of Commerce and Industry, in cooperation with the Federation of Iraqi Chambers of Commerce, organized the Second Emirati-Iraqi Business Forum this week in Dubai. The event took place on the sidelines of the Iraqi trade delegation's visit to the UAE from May 1st to 2nd. The forum witnessed the participation of more than 170 companies from major institutions and corporations in both countries, state news agency WAM reported. Over 250 bilateral business meetings were held between representatives of various sectors, most notably real estate, contracting, tourism, hospitality, energy, renewable energy, logistics services, healthcare, and artificial intelligence, in addition to bilateral meetings between the chambers of commerce. Abdullah Sultan Al Owais, Vice Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of the Sharjah Chamber of Commerce and Industry, affirmed the keenness of the chambers of commerce and private sector representatives to support and enhance trade and investment cooperation between the UAE and the Republic of Iraq. He pointed out the importance of the "Together for Partnerships" initiative, launched in cooperation between the Federation of UAE Chambers and the International Development Bank - Dubai Branch, which aims to be a link and a bridge for investors and business owners between the two brotherly countries. During the opening session, Dr. Mudhaffar Mustafa Al-Jubouri, the Iraqi Ambassador to the UAE, praised the depth of the brotherly and cooperative relations between Iraq and the UAE. He also emphasized the importance of strengthening economic partnership and expanding the horizons of cooperation in various fields, in a way that achieves sustainable development and economic prosperity for both countries.
Al Etihad
02-05-2025
- Business
- Al Etihad
Second Emirati-Iraqi Business Forum discusses enhancing trade partnerships
2 May 2025 23:54 DUBAI (WAM)The Federation of UAE Chambers of Commerce and Industry, in cooperation with the Federation of Iraqi Chambers of Commerce, organised the Second Emirati-Iraqi Business Forum yesterday in Dubai. This took place on the sidelines of the Iraqi trade delegation's visit to the UAE from May forum witnessed the participation of more than 170 companies from major institutions and corporations in both countries. Over 250 bilateral business meetings were held between representatives of various sectors, most notably real estate, contracting, tourism, hospitality, energy, renewable energy, logistics services, healthcare, and artificial intelligence, in addition to bilateral meetings between the chambers of Sultan Al Owais, Vice Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of the Sharjah Chamber of Commerce and Industry, affirmed the keenness of the chambers of commerce and private sector representatives to support and enhance trade and investment cooperation between the UAE and the Republic of Iraq. He pointed out the importance of the "Together for Partnerships" initiative, launched in cooperation between the Federation of UAE Chambers and the International Development Bank - Dubai Branch, which aims to be a link and a bridge for investors and business owners between the two brotherly the opening session, Dr. Mudhaffar Mustafa Al-Jubouri, the Ambassador of the Republic of Iraq to the UAE, praised the depth of the brotherly and cooperative relations between Iraq and the UAE. He emphasised the importance of strengthening economic partnerships and expanding the horizons of cooperation in various fields, in a way that achieves sustainable development and economic prosperity for both commended the advanced economic environment enjoyed by the UAE and the investment opportunities it offers that can support the development process in Iraq. He stressed that the economic integration between the two countries is based on a comprehensive strategic partnership that relies on empowering the private sector and creating a stimulating legislative and regulatory environment, without direct intervention in commercial reviewed the development of economic relations, noting that the volume of trade exchange between the two countries increased from $28.3 billion in 2023 to $39.3 billion in 2024, achieving a growth rate of 38.6%. He also highlighted the signed bilateral agreements, such as the Avoidance of Double Taxation Agreement of 2017 and the agreement to promote and protect mutual investments in 2021, in addition to the preliminary agreement signed in 2024 between the General Company for Ports of Iraq and Abu Dhabi Ports Group to establish a joint venture for the development of Al-Faw Grand Port.
Iraqi News
21-04-2025
- Business
- Iraqi News
FICC: The visit of American companies resulted in a regulatory work agreement for the private sector
Baghdad-INA The Federation of Iraqi Chambers of Commerce (FICC) affirmed on Monday that the visit of American companies is a message to the world that Iraq is a safe environment. The Federation explained that the visit of American companies resulted in a regulatory framework agreement for the private sector. The President of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, told the Iraqi News Agency (INA): "The visit of American companies to Iraq to invest and work with Iraqi businessmen is a positive and important step for Iraq." He explained that "Iraq is a fertile environment, and the visit of American companies to Iraq is a positive message to all countries of the world that Iraq is a safe environment." Abdul Razzaq Al-Zuhairi added that "American companies have signed numerous agreements with the Iraqi private sector in the fields of electric power and renewable energy the most important memorandum is the signing of a regulatory framework between the Iraqi and American private sectors by the American Chamber of Commerce." He pointed out that "a number of American companies have signed with the private sector, most notably the global company Google, which is seeking to enter Iraq. Its representative came and wrote a positive message about Iraq, stating that Iraq is safe, which is an important message to the world."
Iraq Business
09-04-2025
- Business
- Iraq Business
Despite Tariffs, US brings largest Trade Delegation to Iraq
By John Lee. Prime Minister Mohammed S. Al-Sudani received a delegation from the U.S. Chamber of Commerce on Wednesday, including American investors and corporate executives, accompanied by the U.S. Chargé d'Affaires in Iraq. The meeting focused on strengthening economic ties and promoting Iraq as an attractive destination for foreign investment. The Prime Minister outlined steps taken by the Iraqi government to facilitate business entry, noting the country's broad and diverse market, legal reforms, and investment incentives. He emphasised Iraq's stability, skilled labour force, and ongoing development across various sectors. According to a statement from the US Embassy, almost 60 U.S. companies are part of the delegation, aiming to. " strengthen U.S.-Iraq private sector ties and foster fair and balanced trade between the U.S. and Iraq. " The U.S. Chamber and the Federation of Iraqi Chambers of Commerce earlier signed a memorandum of understanding (MoU) to " strengthen ties between the US and Iraqi private sectors." It added: "This partnership will foster long-term economic collaboration. " Last week, the US imposed additional tariffs of 39 percent on imports from Iraq (excluding oil). Full statement from the Media Office of the Prime Minister: Prime Minister Mohammed S. Al-Sudani Welcomes a Delegation from the U.S. Chamber of Commerce Prime Minister Mohammed S. Al-Sudani welcomed today, Wednesday, a large delegation from the U.S. Chamber of Commerce, which included a number of corporate executives and American investors, in the presence of the U.S. Chargé d'Affaires in Iraq. The Prime Minister reviewed the facilitations and measures taken by the government to support the entry of businesspeople and companies into the Iraqi market, which now holds numerous promising opportunities. He noted that Iraq offers a broad and diversified market for various goods, products, and services. Prime Minister Al-Sudani emphasized that the Iraqi people have made significant achievements in defeating terrorism and laying the foundations for national development. He stressed the importance of maintaining and strengthening bilateral relations with the United States, particularly since Iraq today stands as a distinguished democratic model in the region. Key highlights from the Prime Minister's remarks: Due to the war in the 1980s, the sanctions in the 1990s, and the fight against terrorism over the past two decades, development in Iraq has been delayed across all sectors. Iraq is a fertile ground for investment opportunities in all fields. The country today enjoys political, security, societal, and economic stability, and is witnessing an unprecedented development boom. Iraq has a skilled labor force and promising expertise across various fields. The government has worked to improve the business environment and made serious efforts to reform laws to facilitate company registration and operations. Iraq's investment law offers numerous incentives to investors, and the government is working on a legislative package to further encourage foreign investment. Iraq's trade balance is not in deficit, but structural reforms are needed to reduce reliance on oil. Iraq is an industrial and agricultural nation and represents the shortest commercial route between East and West, connecting to Europe through Türkiye. The Development Road Project will become the shortest and most cost-effective economic corridor linking Asia and Europe. Iraq possesses untapped mineral wealth and ranks first globally in sulfur reserves and second in phosphate reserves. Iraq produces 4 million barrels of oil per day, but flares associated gas while simultaneously importing gas to power electricity stations. The government has set a vision for strategic projects and signed contracts with international companies to stop gas flaring by early 2028. Iraq ranks among the top ten countries in the world in natural gas reserves. Some portray a negative image of Iraq, which is not only unfair but also inaccurate. Iraq has welcomed numerous investment companies to carry out projects in energy, housing, industry, and agriculture, with the total value of investment licenses reaching $88 billion. Sovereign guarantees have been granted to the private sector to support the implementation of projects in various sectors. (Sources: PMO, U.S. Chamber of Commerce, US Embassy in Baghdad) Tags: American Chamber of Commerce, cg, development road project, Donald Trump, featured, Federation of Iraqi Chambers of Commerce, Foreign Direct Investment, gas flaring, Import tariffs, Infrastructure, Tariffs, trade missions, United States, US Chamber of Commerce
Arab News
08-04-2025
- Business
- Arab News
US trade delegation visits Iraq
BAGHDAD: A US trade delegation representing 60 companies was visiting Iraq to sign economic cooperation agreements with the private sector, Washington's embassy in Baghdad said Tuesday. The three-day visit, which began on Monday, comes amid fears of an international recession after US President Donald Trump imposed sweeping tariffs on numerous countries, which included 39 percent duties on Iraqi imports. The US delegation consists of 101 members from 60 companies in the energy, technology and health sectors, who are set to meet with senior Iraqi officials and sign agreements, said an embassy statement. It is the largest US trade mission to Iraq in the more than 100-year history of the US Chamber of Commerce, the embassy added. In a post on X, the US mission said that a 'pivotal memorandum of understanding to strengthen ties between the US and Iraqi private sectors' was signed on Monday between the US Chamber of Commerce and the Federation of Iraqi Chambers of Commerce. 'This partnership will foster long-term economic collaboration,' it said. According to the office of the US trade representative in Iraq, total goods trade with the oil-rich country reached $9.1 billion in 2024, with US exports amounting to $1.7 billion. US goods imports from Iraq totaled $7.4 billion. During the visit, Iraq is expected to sign a 'landmark agreement' with General Electric to develop a high-efficiency power plant, according to Farhad Alaaldin, foreign policy adviser to Iraqi Prime Minister Mohamed Shia Al-Sudani. Last year, during Sudani's visit to Washington, Iraq and the US signed several memoranda of understanding in the energy sector, including one with General Electric to ensure the maintenance of the Iraqi electricity grid. Iraq's power plants are currently highly dependent on gas imported from Iran, which provides about a third of its neighbor's energy needs. But Tehran has often cut supplies, exacerbating regular power outages. Baghdad has repeatedly stressed the need to diversify energy sources to reduce its dependence on Iran. Iraq has been trying to move past decades of war and unrest, including a sectarian struggle after the US-led invasion 2003 toppled dictator Saddam Hussein.
