Latest news with #MohammedHanoun
Iraqi News
3 days ago
- Business
- Iraqi News
2nd Iraqi Franchise Exhibition kicks off in Baghdad
Baghdad ( – The second edition of the Iraqi Franchise Exhibition launched at the Baghdad International Fairgrounds on Wednesday (May 28, 2025), attracting significant participation from 11 Arab and foreign countries alongside numerous local and international companies. The event, running until May 30th, is a key platform for the franchising sector in Iraq. Mohammed Hanoun, Deputy Director General of Iraq's General Company for Exhibitions and Commercial Services, described the expo as a 'vital platform for idea exchange and networking between manufacturers, investors, and businessmen.' He emphasized it as a real opportunity to boost partnerships and investment in franchising, a key driver for sustainable economic growth. Supported by the Ministry of Trade, the exhibition aims to introduce leading international and local brands – including popular restaurant chains like 'Mandi wa Tannour' and firms from diverse sectors such as food, apparel, education, and services. Hanoun noted the event helps establish the franchise concept in the Iraqi market, providing a conducive environment for global companies to enter locally and for Iraqi investors to secure exclusive international brand rights. The exhibition is open daily from 10 AM to 6 PM.
Iraqi News
14-05-2025
- Business
- Iraqi News
Iraq ranks as 4th largest Arab economy
Baghdad ( – Iraq has solidified its position as a major economic contributor in the Arab world, ranking as the fourth largest Arab economy (51st globally) for 2025, according to a recent CEOWORLD magazine report. Ministry spokesperson Mohammed Hanoun highlighted this as evidence of Iraq's growing regional and international economic influence. This growing stature is supported by a significant surge in trade. In the first half of 2024, Iraq's trade volume with 11 regional countries reached $65 billion, a 10% year-on-year increase. Bilateral trade with nations like Saudi Arabia (reaching $1.3 billion in 2024) and Jordan (exceeding $1 billion after a 45.6% rise) has seen substantial growth, while UAE exports to Iraq hit $22 billion in 2024. Further bolstering its economic role, Iraq is advancing the $17 billion Development Road project, aiming to become a key regional transport hub. The government is actively pursuing economic diversification to reduce oil dependency, strengthening commercial ties, and has even proposed an Arab council of trade ministers to enhance regional integration. These initiatives underscore Iraq's commitment to contributing significantly to Arab economic development.
Iraqi News
21-04-2025
- Business
- Iraqi News
Ministry of Commerce Reveals Comprehensive Plan to Increase Economic Cooperation with Turkey
The Ministry of Commerce confirmed on Monday the existence of an Iraqi-Turkish desire to increase the volume of trade and economic exchange between the two countries, noting the existence of a integrated plan to develop this cooperation. The official spokesperson for the Ministry of Commerce, Mohammed Hanoun, told the Iraqi News Agency (INA): that "There is an Iraqi-Turkish desire to increase the volume of trade and economic exchange, which has exceeded $14 billion, according to statistics from the Turkish Ministry of Commerce and the International Trade Center." He explained that "the volume of exchange is witnessing steady growth thanks to Turkey's global economic standing." He added that "the Ministry of Commerce, as the head of the Iraqi-Turkish Joint Committee, has worked in coordination with all government sectors and ministries to prepare a comprehensive file that includes mechanisms and the implementation of new procedures that contribute to the development and advancement of relations between the two countries." Hanoun pointed out that "there is a comprehensive plan aimed at strengthening relations to serve Iraq's interests first and foremost. It has been prepared with broad participation from various Iraqi sectors." He expressed hope that the upcoming Iraqi-Turkish meeting in Ankara next May, and next meeting is expected in Baghdad, will constitute a new roadmap that will contribute to the development of bilateral relations and establish a solid foundation for advancing economic and trade cooperation in various fields.
Shafaq News
15-02-2025
- Business
- Shafaq News
Iraq Trade Ministry: Food baskets coming for Ramadan
Shafaq News/ Iraq's Ministry of Trade is taking steps to limit rising food costs ahead of the holy month of Ramadan starting February 20, launching a new distribution of food baskets ensuring that citizens, especially low-income families, have access to essential goods at subsidized prices. "The food basket program has been crucial in achieving food security for vulnerable families," said Ministry Spokesman Mohammed Hanoun in a statement released on Saturday. "By providing essential commodities at affordable prices, we aim to ease the burden on families during this important time." In addition to the food basket program, the ministry is also taking steps to stabilize prices in local markets, including the opening of hypermarkets offering a 20% discount to families enrolled in social welfare programs. Hanoun urged citizens to avoid panic-buying and hoarding goods before Ramadan, assuring that hypermarkets will be well-stocked with all necessary items at subsidized prices. "There is no need to worry," he said. "We are committed to ensuring that everyone has access to affordable food during Ramadan."
